Aaron Cahill, MBA, CRPC at Voya Financial Advisors

Due to rising inflation, beneficiaries are to get their biggest raise in over a decade. Social Security checks will be going up (COLA) by 6% to 6.1% in 2022. Log into your Social Security account, bring up your benefit verification letter, multiply the gross amount of your benefit before deductions by 1.06. Claiming your online "My Social Security Account!" is important no matter what age you are. I’m 31 and have my account.... ssa.gov/myaccount #1 CONCERN you (OR SOMEONE ELSE) can do with a my Social Security account! You can request a replacement Social Security card. This would be of great help to an identity thief. It could serve as a form of identification. It only takes a few minutes. I promise. I did it myself. Claim your account and advise your elder parents, friends and family members to claim theirs ASAP.

Last year I had the great opportunity to present the third-place prize ($7,000) to a teacher in the north country of NY. Link in comments below Are you or a teacher you know looking for grant funding? Voya Financial awards grants to K-12 educators nationwide to honor innovative teaching methods, creative educational projects and ability to positively influence the children you teach. Voya Financial runs a yearly campaign called Unsung Heroes. You do not have to be a client... of Voya to participate or be awarded. Voya Unsung Heroes award applications deadline to be announced shortly. Educators have an opportunity to be awarded grant funding towards a creative, unique educational program that is helping students reach new heights; $2,000, $5,000, $10,000, and $25,000 financial awards are available. If you would like to learn more about this program, please contact me today.

Essentials of Special Needs Planning Join us on Wednesday, September 22nd at 6 PM via Webinar! An entire family can be impacted when a loved one has special needs or disabilities. Knowing where to start can be the hardest part. We’ll help guide the way so you can focus on what matters most. Attend our educational workshop and learn how to get started and feel ready for your financial future.... Registration link below in comments This discussion will cover four key areas: family assets and planning, government benefits, employer benefits and legal strategies Presented by your local Voya Financial Advisors Representative Aaron Cahill, MBA, CRPC and Sr. Special Needs Financial Consultant, Voya Cares Matt Stagner, CFP, ChSNC, CPFA, AIF, ChFC Voya’s mission is to make a secure financial future possible one person, one family, one institution at a time. *Please feel free to forward this invite to anyone in your network who may be facing the unique financial planning needs of caring for a loved one with special needs. All are welcome to this session that we hope is helpful and instructive. *Neither Voya Financial Advisors nor its representatives offer tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation. Voya Financial Advisors is not affiliated with GiGi's Playhouse Inc.- Down Syndrome Achievement Centers.

Voya Cares announced that it supports and encourages Congress to pass the ABLE Employment Flexibility Act bill. The bill will make ABLE accounts more accessible to employees with disabilities and remove a barrier to competitive integrative employment. https://www.voya.com//voya-financial-strongly-supports-abl

Is there a reason to use an ABLE account and a Special Needs Trust? A special needs trust (SNT) can be a valuable legal tool for preserving government benefits while putting aside money (and other assets) for any supplemental needs for you or your loved one. An ABLE account, funded by cash only, can be a great compliment to a SNT, but with tax advantages and convenient access to funds. Beneficiaries can contribute their earnings to their own accounts if they or their employe...r are not contributing to a retirement plan. Generally, an ABLE account is easier and cheaper to establish than a trust. Trust are not designed to have any unique tax benefits. ABLE accounts investment earnings are generally tax-exempt, distributions, if properly spent, are generally tax free to the beneficiary. Social Security Administration will reduce a beneficiary’s monthly SSI payment if distributions are made from a special needs trust for in-kind support and maintenance (e.g., food, mortgage, property taxes, rent, heating fuel, gas, electricity, water, sewer, and garbage removal). In contrast, ABLE accounts can be used for most in-kind support and maintenance expenses. An ABLE account is a useful tool, but it should not replace use of SNT or trust planning. Inheritance, litigation settlements, major gifts should go to special needs trust. #FinancialPlanning #SpecialNeedsPlanning #Investing #VoyaFinancial

Looking forward to the event! Registration is required. If you know someone who may be interested, please feel free to share. Thank you

Twenty years later, we mourn the loss of so many lives. We honor all of the victims and those who bravely responded. And we remember that there is far more that unites us than divides us. #NeverForget

Voya Cares applauds the Department of Education for announced automatic total and permanent disability (TPD) student loan discharge. Join Voya Cares to continue to raise awareness, not only about what relief is available but also about what still needs to be done to ensure full inclusion of people with disabilities into our society. Learn more: https://blog.voya.com//biden-automatically-cancel-58-billi

Investing 101+ for Business Owners - SEP IRA SEP IRA - Simplified Employee Pension Individual Retirement Account. Small business owners have an all-consuming endeavor to run the business. Choosing a retirement strategy for your business could evoke worries about complicated reporting and administration. If your a sole proprietor, partnership, and corporations, including an S corporation you may want to consider whether a SEP IRA may be right for you and your business.... Flexibility to vary employer contributions each year from 0% up to a max 25% of compensation, with max dollar contribution of $58k in 2021. These accounts give sole proprietors the highest contribution limits than other IRAs. Must contribute the same for all employees who are age 21 or older who have worked for you in three of the last five years and earned at least $650 in 2021. Employees are immediately 100% vested. This point and the point above could be a draw back as your business grows and team size increases. Contributions are tax-deductible. Reducing taxable income while contributing to your and your employees’ retirement accounts. Growth is tax deferred. But, employees cannot contribute more if they want to save on their own, they would need to open an IRA or another type of savings account. No plan filings with IRS. Only need to complete Form 5305 SEP and retain for your records. Rules governing regular IRAs apply; RMD 72, withdrawals taxed as ordinary income, if taken before 59 and a half may be subject to 10% federal income tax penalty. Time and money to open and maintain an account are relatively low and simplified. An attractive choice for business owners looking to maximize contributions while minimizing their administrative responsibilities all for planning a more comfortable retirement. #FinancialPlanning #WealthManagement #Investing #VoyaFinancial

Investing 101 - 529 Savings Account From 2012 to 2021, student loan debt ballooned by 70% to $1.7 trillion, according to estimates by the Federal Reserve, and, in the same period, the cost of attending a private college was up by 17% to $37,650 a year. According to March 2021 data from Institutional Shareholder Services (ISS)’s Market Intelligence division, only 20% of parents say they have saved or are planning to save for their children’s education in a 529 plan. Instead, ...40% are using a personal savings account for this purpose, 23% are relying on scholarships and 22% are turning to federal or state financial aid. A 529 is an education savings tool. These tax-advantaged investment accounts are designed to encourage saving for higher education (undergrad and graduate), vocational, and trade school tuition and fees. These accounts have been expanded to K-12 private education and student loan debt. Majority of these accounts invest in mutual funds. In NY there is a triple tax advantage; contributions are tax deductible, earnings growth is tax deferred, and withdraws are tax free as long as they are used for qualified educational expenses. Keep in mind beneficiaries can be changed. For example, let’s say you have two children and one gets a full scholarship and doesn’t need the savings built for them, those funds can then be used for the benefit of your other child without tax consequences. As of 2021, individuals can contribute up to $15,000 per beneficiary per year ($30,000 for gifts from married couples) without using up part of their lifetime gift tax exemption or having to pay gift taxes. A lump-sum contribution to a 529 plan of up to five times the annual gift tax exclusion ($75,000 in 2021), elect to spread the gift evenly over five years, and completely avoid federal gift tax, provided no other gifts are made to the same beneficiary during the five-year period. #FinancialPlanning #WealthManagement #Investing #VoyaFinancial

Thank you Heather Rodriguez for all your help and GiGi's Playhouse-Syracuse for allowing us to share more on the Essentials of Special Needs Planning. Join us on Wednesday, September 22nd at 6 PM via Webinar! An entire family can be impacted when a loved one has special needs or disabilities. Knowing where to start can be the hardest part. We’ll help guide the way so you can focus on what matters most. Attend our educational workshop and learn how to get started and feel read...y for your financial future. Registration link below in comments This discussion will cover four key areas: family assets and planning, government benefits, employer benefits and legal strategies Presented by your local Voya Financial Advisors Representative Aaron Cahill, MBA, CRPC and Sr. Special Needs Financial Consultant, Voya Cares Matt Stagner, CFP, ChSNC, CPFA, AIF, ChFC Voya’s mission is to make a secure financial future possible one person, one family, one institution at a time. * Please feel free to forward this invite to anyone in your network who may be facing the unique financial planning needs of caring for a loved one with special needs. All are welcome to this session that we hope is helpful and instructive. * Neither Voya Financial Advisors nor its representatives offer tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation. Voya Financial Advisors is not affiliated with GiGi's Playhouse Inc.- Down Syndrome Achievement Centers.

Thank you teachers and staff for making a difference and ensuring the success of students. Wishing everyone the best with back-to-school!