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financial advisor. Read it carefully before you invest.
5. Are you being smart about taxes?
With accounts such as 401(k)s and traditional IRAs,
money has the potential to grow tax-deferred. That
means you pay taxes on the funds when you withdraw
them during retirement. But with choices such as Roth
IRAs or Roth 401(k)s, you pay taxes on the money
at the start but then don’t pay taxes when you take
qualified withdrawals. (Other specialized accounts,
such as Health Savings Accounts and Flexible Spending
Accounts, may also provide tax advantages.)
It really boils down to not putting all your eggs in
one tax basket. Putting most of your wealth in tax-
Christopher J. Carbone
deferred savings accounts means when you withdraw
your money, you may potentially incur a large tax
bill. Diversification with taxes in mind can give you
Financial Wellness Check: options to help you manage the tax efficiency of your
Are you Staying Fiscally Fit? withdrawals.

Understanding the current health of your finances 6. Are you getting advice from a professional advisor
starts with having a solid plan in place, but it depends on a regular basis?
on following the plan to help you stay on track and Having a financial wellness checkup with a financial
continue working toward your financial goals. That’s advisor and other professionals is like getting health
where a financial wellness check can be useful. It can input from a doctor. Your financial professionals can
help you make sure you’re hitting the right milestones evaluate your situation by taking measurements on
in your plan — and help you confirm that your plan is a regular basis or whenever a significant life event
working for you. happens, such as a job change, marriage, or divorce.
Where to start? Here are six questions that can help This can help determine where you stand and what
set up your financial wellness check: actions to consider. It’s like your financial professionals
1. Are you adding to your investment accounts on a are getting necessary information and then prescribing
what may help improve your financial well-being.
regular schedule?
Saving often and early is rule No. 1 because of the power Trust services are available through Wells Fargo Bank,
of compounding. When you leave any investment gains N.A. and Wells Fargo Delaware Trust Company, N.A.
in your account rather than taking them out, those Traditional 401(k) withdrawals are subject to ordinary
gains can start earning returns as well. income tax and may be subject to an IRS 10% additional
Taking full advantage of your employer’s retirement tax for early or pre-59½ distributions.
plan — typically a 401(k) — can be a good place to start. Traditional IRA distributions are taxed as ordinary
That includes contributing enough to qualify for any income. Qualified Roth IRA distributions are federally
potential company match. If the company is going to tax-free provided it has been more than five years since
match you up to a certain percentage, consider putting the Roth IRA was funded AND the owner is at least
in at least the percentage that your company will match. age 59 ½ or disabled, or using the first-time homebuyer
Those nearing retirement may want to explore “catch exception, or taken by their beneficiaries due to their
up” contributions that let you add more to certain death. Qualified Roth IRA distributions are not subject
retirement accounts. to state and local taxation in most states. Distributions LIONS Club News
2. Are your estate planning documents up to date? from Traditional and Roth IRAs may be subject to an
IRS 10% additional tax if distributions are taken prior
The New Hartford/NY Mills/Whitestown recently
Estate planning documents should generally include to age 59 ½. hosted Rich Synek representing Feed Our Vets and Bill
a will, revocable trust, health care power of attorney Insurance products are offered through nonbank Gagnon representing Sleep in Heavenly Peace at our
(POA), durable POA for financial matters, and a list of insurance agency affiliates of Wells Fargo & Company monthly meetings. Our club is honored to support each
your accounts and their respective contacts and account and underwritten by non-affiliated insurance of these important organizations. Pictured above are
access information. You might also consider including companies. Guarantees are based on the claims-paying Rich Synek, Lions Club President Geraldine Schisler
a net worth statement, life insurance policies, property and treasurer Nick Montesano. Also pictured are Bill
deeds, and a list of assets for your children. ability of the issuing insurance company. Gagnon with Geraldine and Nick. The New Hartford/
Talking to loved ones can be an essential part of estate Asset allocation and diversification are investment NY Mills/Whites town Lions Club meets on the second
planning. Having those discussions, writing down methods used to help manage risk. They do not Tuesday of each month at 5:30 pm at Sloppy Joe's Pizza
guarantee investment returns or eliminate risk of loss
your wishes, and then formalizing that through official including in a declining market. in the New Hartford Shopping Center. Visitors are
documents can be key. always welcome.
Wells Fargo & Company and its affiliates do not
3. Do you have an emergency fund? provide tax or legal advice. This communication cannot
Unplanned expenses, health events, or loss of income be relied upon to avoid tax penalties. Please consult
can disrupt the best of plans. A good rule of thumb is your tax and legal advisors to determine how this
to have six months’ worth of expenses in an emergency information may apply to your own situation. Whether
fund. any planned tax result is realized by you depends on the
You might need your emergency fund even when an specific facts of your own situation at the time your tax
event is covered by an insurance policy. If a natural return is filed.
disaster such as a hurricane does significant property This article was written by/for Wells Fargo Advisors
damage, it takes a while for the and provided courtesy of Christopher J. Carbone, CFP®,
insurance money to become available. And it could AWMA®, LUTCF® First Vice President - Investment
take a while for your employer to reopen so you can Officer - Financial Advisor in New Hartford, NY at
resume working. (315) 723-7386
4. Do you have a plan for paying for your child’s Investment and Insurance Products are: • Not Insured
college education? by the FDIC or Any Federal Government Agency • Not
If you’re thinking about paying for your child’s or a Deposit or Other Obligation of, or Guaranteed by,
grandchild’s college education, consider starting to save the Bank or Any Bank Affiliate • Subject to Investment
soon after they’re born. Think about making college Risks, Including Possible Loss of the Principal Amount
savings a part of your monthly budget just like your Invested
retirement savings. 529 plans and other college savings Wells Fargo Advisors is a trade name used by Wells
vehicles are worth considering. Fargo Clearing Services, LLC, Member SIPC, a
Please consider the investment objectives, risks, registered broker-dealer and non-bank affiliate of Wells
charges, and expenses carefully before investing in a 529 Fargo & Company.
savings plan. The official statement, which contains this ©2022 – 2025 Wells Fargo Clearing Services, LLC. All
and other information, can be obtained by calling your rights reserved. PM-07212026-7425974.1.14