finance Archives - Retirement Income Solutions

14 Dec

Damian Sylvia Posted in General No comments

Managing Money as a Couple

When you marry or simply share a household with someone, your financial life changes—and your approach to managing your money may change as well. The good news is that it is usually not so difficult.

At some point, you will have to ask yourselves some money questions—questions that pertain not only to your shared finances but also to your individual finances. Waiting too long to ask (or answer) those questions might carry a price. In the 2019 TD Bank Love & Money survey of consumers who said they were in relationships, 40% of younger couples described having weekly arguments about their finances.¹

Navigating Your Required Minimum Distributions (RMD)

As much as you would like to, you can’t keep your money in your retirement account forever.

These investment vehicles include 401(k)s, IRAs, and similar retirement accounts.¹Under the SECURE Act, once you reach age 72, you must begin taking required minimum distributions from your 401(k), IRAs, or other defined contribution plans in most circumstances. Withdrawals from your 401(k) or other defined contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Read more about Navigating Your Required Minimum Distributions (RMD) …

01 Dec

Damian Sylvia Posted in Health No comments

Your Year-End Financial Checklist

The end of the year can help remind us of last-minute things we need to address and the goals we want to accomplish. To that end, here are some aspects of your financial life to think about as this year leads into the next. Keep in mind, this article is for informational purposes only and […]

19 Feb

Damian Sylvia Posted in Wealth No comments

Do Fixed-Income Investments Belong in Your Portfolio?

When stocks soar, fixed-income investments have comparatively little allure. Investors hungry for double-digit returns may regard them as bland, vanilla securities saddled with an opportunity cost, geared to risk-averse retirees who are “playing not to lose.” An investment earning a consistent rate of return on a fixed schedule is not a negative. Fixed-income investments […]

18 May

Damian Sylvia Posted in Wealth No comments

Financing a College Education

A university education can often require financing and assuming debt. If your student fills out the Free Application for Federal Student Aid (FAFSA) and does not qualify for a Pell Grant or other kinds of help, and has no scholarship offers, what do you do? You probably search for a student loan. A federal […]

27 Mar

Damian Sylvia Posted in Wealth No comments

Less SALT for Taxpayers to Subtract

Have you routinely itemized your federal tax deductions? In 2018, you may decide to take the standard deduction instead. One possible reason: the new limit on state and local tax deductions set by the federal government. The SALT deduction is now capped at $10,000. The standard deduction is now $12,000 ($24,000 for a married […]