The SECURE act was signed into law on December 20, 2019. There are some key provisions that may have an impact on your retirement strategy. Let’s focus on post 70 ½ IRA Contributions. OLD LAW – An individual who is 70 ½ by the end of the year may not make a non-rollover contribution to… Read More
The SECURE act was signed into law on December 20, 2019. There are some key provisions that may have an impact on your retirement strategy. Let’s focus on the provision of dealing with plan withdrawals for birth or adoption. OLD LAW – Generally, distributions from a qualified retirement plan, 403(b) plan, 457(b) plan, or IRA… Read More
The SECURE act was signed into law on December 20, 2019. There are some key provisions that may have an impact on your retirement strategy. Let’s focus on the increased required beginning date. This applies to Required Minimum Distributions (RMD). OLD LAW – RMDs generally must begin by April 1 of the calendar year following… Read More
The SECURE act was signed into law on December 20, 2019. There are some key provisions that may have an impact on your retirement strategy. Let’s focus on the Required Minimum Distributions, or RMDs, rule for designated beneficiaries. OLD LAW – After death, RMD rules permit the designated beneficiary to draw down the remaining plan… Read More
New year, New you?!? Do bad money habits constrain your financial progress? Many people fall into the same financial behavior patterns, year after year. If you sometimes succumb to these financial tendencies, now is as good a time as any to alter your behavior. Even though you can implement changes at any point in the year,… Read More
When I say Long Term Care, what feelings do you have? If you’ve experienced it with a parent or loved one, no question you’ll feel sadness and anger. Maybe you haven’t experienced it, and you’re confused because you’re not sure what to prepare for? One thing is for sure, Long Term Care can be a… Read More
The word “Audit” is a terrifying word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. According to the I.R.S. 2018 Data Book, the I.R.S. only audited 0.59% of individual tax returns. You can visit IRS.gov and check out statistics or download the… Read More
As technology exponentially grows, so does the chance of being financially exploited. Unfortunately, we are becoming more familiar with the notion of financial abuse targeting elders – scams and other exploitation targeting the savings of people aged 60 and older. We like to think “it won’t happen to my family” or “my relative is too… Read More
As you near retirement age, there are many variables that you need to consider when calculating your expenses. Will you still have a mortgage, will travel expenses go up, etc. One of the biggest wildcards is Medicare and how the premiums will affect your wallet. Medicare is a very specialized topic, so before we start… Read More
If you’ve heard of an Individual Retirement Account (IRA), you probably have heard of a Roth IRA. When someone is ready to begin contributing to a retirement account, we’ll frequently get asked about the difference between the two accounts. But what if you already have a traditional IRA? Do you know there is an option… Read More