$5,000 Penalty Free Distribution From An IRA or 401(k) After The Birth Of A Child or Adoption
New parents have even more to be excited about in 2020. On December 19, 2019, Congress passed the SECURE Act, which now allows parents to withdraw up to $5,000 out of their IRA’s or 401(k) plans following the birth of their child without having to pay the 10%...
IRA RMD Start Date Changed From Age 70 ½ to Age 72 Starting In 2020
The SECURE Act was passed into law on December 19, 2019 and with it came some big changes to the required minimum distribution (“RMD”) requirements from IRA’s and retirement plans. Prior to December 31, 2019, individuals were required to begin taking mandatory...
New Rules For Non Spouse Beneficiaries Of Retirement Accounts Starting In 2020
The SECURE Act was signed into law on December 19, 2019 and with it comes some very important changes to the options that are available to non-spouse beneficiaries of IRA’s, 401(k), 403(b), and other types of retirement accounts starting in 2020. ...
Understanding FAFSA & How To Qualify For More College Financial Aid
As the cost of college continues to rise, so does the financial stress that it puts on families trying to determine the optimal solution to pay for college. It’s never been more important for parents and family members of these students to understand: ...
Medicare #1: Introduction To Medicare
As you approach age 65, there are very important decisions that you will have to make regarding your Medicare coverage. Whether you decide to retire prior to age 65, continue to work past age 65, or have retiree health benefits, you will have to make decisions...
Manufacturing Is Contracting: Another Economic Indicator Flashes Red
Yet another important economic indicator rolled over this week which has triggered a sell-off in the U.S. equity markets. Each month the Institute of Supply Management (“ISM”) issues two reports: Manufacturing ISM Report Non-Manufacturing ISM Report...
4 Things That Elite Millennials Do To Fast Track Their Careers
As a young professional, your most valuable asset is your career. While you can watch endless videos on the benefits of making Roth IRA contributions or owning real estate, at the end of the day if you're making $400,000 instead of $70,000 before reaching the...
What Is An Inverted Yield Curve?
Today, August 14, 2019, the main part of the yield curve inverted. This is an important event because an inverted yield curve has historically been a very good predictor of a coming recession. In this article we will review What the yield curve isWhat it means when...
Should I Payoff My Mortgage Early?
As a financial planner, clients will frequently ask me the following question, “Should I apply extra money toward my mortgage and pay it off early?”. The answer depends on several factors such as: The status of your other financial goals Interest rate...
Understanding Required Minimum Distributions & Advanced Tax Strategies For RMD’s
Understanding Required Minimum Distributions & Advanced Tax Strategies For RMD’s A required minimum distribution (RMD) is the amount that the IRS requires you to take out of your retirement account each year when you hit a certain age or when you...
