Tag: Retirement

Navigating Your Required Minimum Distributions (RMD)
10 Feb
Posted in Retirement No comments

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.1  Under 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) …

2020 IRA Deadlines Are Approaching
20 Jan
Posted in Retirement No comments

2020 IRA Deadlines Are Approaching

Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines.

April 15, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.

Keep in mind that withdrawals from traditional, SIMPLE, and SEP-IRAs are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty. Read more about 2020 IRA Deadlines Are Approaching …

Your Year-End Financial Checklist
01 Dec
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 […]

2021 Limits for IRAs, 401(k)s and More
10 Nov
Posted in Retirement No comments

2021 Limits for IRAs, 401(k)s and More

On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. 401(k)s. The salary deferral amount for 401(k)s remains the same at $19,500, while the catch-up amount of $6,500 also remains unchanged. However, the overall limit […]

The Social Security Administration Announces 2021 COLA
28 Oct
Posted in Social Security No comments

The Social Security Administration Announces 2021 COLA

On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) […]

Before You Claim Social Security
03 Oct
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Before You Claim Social Security

Determining when to take Social Security benefits is a complicated financial decision. Here are a few things to think about and discuss with your financial professional.

How long do you think you will live? If you have a family history that suggests you might live into your 90s, you may want to consider claiming Social Security later. If you start receiving Social Security benefits at or after full retirement age (FRA, which varies from age 66 to 67 for those born in 1943 or later), your monthly benefit will be larger than if you had claimed at 62.1

What fits best with your financial strategy – more lifetime payments that are smaller versus fewer lifetime payments that are larger? For the record, Social Security’s actuaries project that the average 65-year-old man will live to 84.0 years, and the average 65-year-old woman, 86.5 years.2  Read more about Before You Claim Social Security …

What Makes 2020 A Unique Year For Retirement?
08 Sep
Posted in Life Insurance No comments

What Makes 2020 A Unique Year For Retirement?

Q: What makes 2020 a unique year for retirement?

A: Big changes to retirement account rules.

You can attribute those changes to two major pieces of legislation: the Setting Every Community Up for Retirement Enhancement (SECURE) Act, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

You may not have to withdraw money from your retirement plan this year. In most circumstances, you must make annual withdrawals from traditional IRAs and workplace retirement plans once you turn 72. The CARES Act suspends this requirement for 2020. Read more about What Makes 2020 A Unique Year For Retirement? …

Creating a Retirement Strategy
17 Dec
Posted in Retirement No comments

Creating a Retirement Strategy

Across the country, people are saving for that “someday” called retirement. Someday, their careers will end. Someday, they may live off their savings or investments, plus Social Security. They know this, but many of them do not know when, or how, it will happen. What is missing is a strategy – and a good strategy […]

Diversification, Patience, and Consistency
21 Oct
Posted in Wealth No comments

Diversification, Patience, and Consistency

Regardless of how the markets may perform, consider making the following part of your investment philosophy: Diversification. The saying “don’t put all your eggs in one basket” has real value when it comes to investing. In a bear or bull market, certain asset classes may perform better than others. If your assets are mostly held […]