Arizona financial advisor advocates for new income tax law to help retirees

CHANDLER, Ariz., May 1, 2024 /PRNewswire/ -- Sonmore Financial is thrilled to announce that its founder, Matthew Benson, CFP® and long-time advocate with the Greater Phoenix Financial Planning Association, has successfully spearheaded a change to the income tax law, bringing significant benefits to retirees in Arizona.

"We noticed back in April 2023 that the large custodians had stopped allowing state income tax to be withheld from IRA distributions, which for our clients meant that they either had to plan for withholdings somewhere else or make an estimated payment online," explained Benson.

A long-time leader in advocacy with the Financial Planning Association's Phoenix Chapter, Matthew Benson knew that he had established the relationships to be able to tackle this problem. He approached all stakeholders to discuss the issue, and with everyone in agreement that the consequences were unintended, the next step was to draft the new Bill. With the assistance of the Arizona Society of CPA, who reviewed the Bill and requested one minor amendment, it went unopposed through both the Senate and the House before being signed into law by Governor Hobbs in March 2024.

"I'm proud that through the relationships we've built over the last 3-5 years, we were able to bring about a change that benefited retirees in Arizona and the financial advisory industry to better assist their clients," said Benson.

Matthew Benson and his team at Sonmore Financial are dedicated to working with clients in various life stages, from those nearing retirement to those already enjoying it. Their services are designed to help clients achieve financial freedom, whether it's through maximizing financial planning, making tax-smart decisions, or providing guidance on charitable giving strategies. Based in the East Valley, they also cater to the unique financial needs of Arizona's aerospace business executives and technology professionals. 

About Sonmore Financial, LLC
Based in Chandler, Arizona, Sonmore Financial empowers technology, aerospace professionals, families, and couples planning for or already enjoying retirement. Serving as a personal financial concierge, the firm delivers highly individualized financial planning services to help clients achieve financial freedom.

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SOURCE Sonmore Financial