Client Success Stories: Spousal IRA Contributions for a Larger Tax Refund

One day, a client started working with the CayDen Wealth Management team in hopes of maximizing their tax refund, while positioning their finances to also maximize wealth growth. They didn’t owe anything in taxes, but they wanted to see if there was a way to increase their refund... After Shane Dennehy, CFP®, ChFC® and I carefully analyzed their tax situation, we noticed something that could work in their favor—the wife didn’t have access to a 401(k) through her work.

We suggested making a spousal contribution to an IRA in her name. With this strategy, they could claim an additional deduction, which would increase their refund. We implemented the recommendation, and the results were impressive—their refund grew significantly. Not only did they get more money back, but they also took another step toward securing their financial future by boosting their retirement savings.

The clients were thrilled. It was a simple solution that had a meaningful impact, and it reminded me just how powerful good planning can be for both the present and the future!

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Who helps you review your taxes and financial plan to maximize your financial situation? #Plan, #Save, and #Invest for financial success and your own version of #FinancialFreedom with CayDen Wealth Management. Schedule your free review, today, at www.caydenwm.com.

Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

Meet CayDen's Newest Financial Services Intern, Boden Munger

Boden Munger

We are pleased to announce our newest CayDen Financial Associate intern, Boden Munger.

Boden comes to us a Junior from the University of Colorado Boulder where he studies Finance and Personal Financial Planning. We are excited to have him join the team.

Get to know Boden:

Q: What is the biggest investment you have made in yourself?

A: Once I found out that I got into my desired school, the University of Colorado, like many students facing the high costs of college, I had a choice to make... Either take on student loans to afford CU, or go to community college for two years to save money and then transfer. I knew either way I would study and work hard to get the education and skill I need to be successful, but I decided to bet on myself and invest in my education at the University of Colorado Boulder, because I was confident the return on investment was worth the risk. I think it's the best investment I have ever made!

Q: What does Financial Freedom mean to you?

A: Financial freedom to me is having enough income/investments in order to live the life I desire without the burden of debt or being dependent on a regular paycheck. The overall goal is to have financial security with the ability to have flexibility within my life choices

Q: Why Financial Planning as a career?

A: I was immediately drawn to Financial Planning as a career because it allows me to use my skills with numbers, build meaningful relationship with people, and provide others assistance in reaching their financial goals, while also working towards achieving my own financial freedom.

------------------------ Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services. Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

At CayDen Your Goals Become Our Mission; The CayDen Financial Planning Process

You and your household's financial goals are unique. At CayDen, we provide professional financial planning, advice, tax services, and investment management to partner with you and your family to help you achieve your unique financial goals, along with your own version of financial freedom, while building wealth along the way.

How?... The CayDen Financial Planning Process is how...

The CayDen Financial Planning process prioritizes proactive planning, thorough financial analysis, and consistent action. In effect, your goals become our mission.

The CayDen Wealth Management team takes the time to understand your unique financial situation, thoroughly assessing your household financial big-picture, and then formalizing and prioritizing your goals; creating custom systems, processes, and automations to systematize achieving your goals, building wealth, and realizing your own version of financial freedom.

We don't just advise our clients what to do, we help them implement it too. Because advice is not helpful if it is not actionable, and faithfully executed. Through proactive, goals and resource driven planning, periodic meetings and consistent financial action planning; it is hard not to make consistent progress towards your goals.

CayDen President, Shane Dennehy, CFP® and Sr. Financial Planner lays out the CayDen Financial Planning process clearly, below. Shane says, "A clear plan with prioritization of goals, an understanding of available resources, a sound process identified, and an action plan outlined, is the recipe for long term financial success."

1. We start by assessing your current financial situation, we bring further organization and clarity to the financial big-picture by aggregating your financial data, and benchmarking your net worth for future comparison (Assets - Liabilities).

2. Second, we gain an understanding of your financial goals and priorities through discussion. Formalizing your financial goals based upon your household values and financial priorities.

3. Third, we review your resources. What cash flow is available? We help you analyze your cash flow to understand where it is coming from and where it is going to. Then we can identify your nominal living expenses, lifestyle expenses, and surplus or deficit. Understanding living expenses also helps us dial in the appropriate nominal level for your emergency fund.

4. Then, we assess your risk tolerance, timeframe for each respective goal, savings needs, and appropriate investment strategy; providing recommendations for how to efficiently and effectively reach each goal.

5. Once the goals and priorities are agreed upon, we establish a baseline Financial Action Plan to set recurring savings, investments, processes, and automations to begin making consistent progress towards achieving your goals.

6. Ongoing Periodic Action Planning, Review, Assessment, & Reiteration Of The Action Plan, as well at Net Worth updates.
   

CFO to You Being CEO of Your Household: Year-Round Financial Support

We're also here for when financial events inevitably come up. Because the reality of life is that it is not a matter of if you will experience a financial ermegency, but when. So planning ahead, and always having a smart place to access money from when you need it most is a necessary step to achieving financial stability and realizing financial freedom. And when that times comes, we want to be your first call. We're happy to help.

We are the CFO to you being CEO of your household. We not only provide advice and white-glove implementation assistance, but we also are here to provide counseling and consulting, answering any financial questions you or your family may have.

We help you make consistent, confident, financial decisions that align with your long term goals.

Annual Review, Net Worth Update, Assessment Of What Worked, & Refocusing Goals

The CayDen financial planning process is an iterative and reiterative process. We help you make consistent progress, year in and year out, through proactive planning and impactful changes that compound over time. Your Net Worth is updated annually in our New Year review meeting where we discuss what went well, discuss any changes to your goals, and plan implementation of the changes that should be made moving forward.

Achieving Financial Goals, Building Wealth, & Refining Your Version of Financial Freedom along the way.

The CayDen Financial planning process makes building wealth and achieving your financial goals simple; systematizing and automating the savings, investing, and wealth building process. Partner with your CayDen Wealth Management team of advisors to confidently plan, save, and invest for your financial goals, and create your own unique version of financial freedom.

Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services. Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.