Long-established retirement account rules change. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is now law. With it, comes some of the biggest changes to retirement savings law in recent years. While the new rules don’t appear to amount to a massive upheaval, the SECURE Act will require a change in strategy for many Americans. For others, it may r … [Read more...] about The SECURE Act
In this month’s recap: As 2019 ends, the U.S. and China agree to a phase-one trade deal, and stocks, gold, and oil all advance. THE MONTH IN BRIEF Stocks rallied in December, closing out a decidedly positive year on Wall Street. The S&P 500 added another 2.86% last month, rising 28.88% for 2019. What helped the market? The trade dispute between the U.S. and China c … [Read more...] about Market Update (January 2020)
Changes for 2020. The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes. *Next year, you can put up to $6,000 in any type of IRA. The limit is $7,000 if you will be 50 or older at any time in 2020.1,2 *Annual contribution limits for 401(k)s, 403(b)s, the … [Read more...] about New I.R.S. Contribution Limits
What you should know about naming an IRA beneficiary. Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA. The trust would inherit the IRA upon your passing, and your beneficiaries would then have access to the funds, … [Read more...] about Can You Put Your IRA into a Trust?
In this month’s recap: stocks stay in rally mode, helped by hints that the U.S. and China may be closing in on a phase-one trade deal; hiring bounces back; key real estate indicators look stronger. THE MONTH IN BRIEF The S&P 500 rose 3.4% in November and attained a series of record closes in the process. Earnings results helped stocks, as did intermittent signals t … [Read more...] about Market Update (December 4th, 2019)
Most people just invest for the future. You have a chance to do more. 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 … [Read more...] about Creating a Retirement Strategy
What steps might help you sustain and grow your retirement savings? “What is your greatest retirement fear?” If you ask any group of retirees and pre-retirees this question, “outliving my money” will likely be one of the top answers. In fact, 51% of investors surveyed for a 2019 AIG retirement study ranked outliving their money as their top anxiety.1 Retirees face grea … [Read more...] about Reducing the Risk of Outliving Your Money
What the I.R.S. looks for and why. “Audit” is a word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. In 2017, the most recent statistics available, show the I.R.S. audited 0.5% of all individual tax returns.¹ Being audited does not necessarily imply that the I.R.S. suspects wrongdoing. Th … [Read more...] about What if You Get Audited?