What you need to know. When you are in your seventies, Internal Revenue Service rules say that you must start making withdrawals from your traditional IRA(s). In I.R.S. terminology, these withdrawals are called Required Minimum Distributions (RMDs).1 Generally, these distributions from traditional IRAs must begin once you reach age 72. The money distributed to you […]
What younger investors need to know. The SECURE Act passed into law in late 2019 and changed several aspects of retirement investing. These modifications included modifying the ability to stretch an Individual Retirement Account (IRA) and changing the age when IRA holders must start taking requirement minimum distributions to 72-years-old.1,2 While those provisions grabbed the […]
Are you aware of these potential tax breaks and tax-saving opportunities? The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive. At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers […]
Why do so many people choose them over traditional IRAs? The IRA that changed the whole retirement savings perspective. Since the Roth IRA was introduced in 1998, its popularity has soared. It has become a fixture in many retirement planning strategies because it offers savers so many potential advantages. The key argument for going Roth […]
Do you know the difference? Traditional Individual Retirement Accounts (IRA), which were created in 1974, are owned by roughly 33.2 million U.S. households. Roth IRAs, however, were created as part of the Taxpayer Relief Act in 1997, are owned by nearly 22.5 million households.1 Both are IRAs. And yet, each is quite different. Know the […]
The earlier you start pursuing financial goals, the better your outcome may be. As a young investor, you have a powerful ally on your side: time. When you start investing in your twenties or thirties for retirement, you can put it to work for you. The effect of compounding is huge. Many people underestimate it, […]
Prepare now to better protect your business in the future.Prepare now to better protect your business in the future. As a business owner, you’ve worked hard for your success. The long hours, the difficult decisions, and the sacrifices you have made have led to where you are today. The last thing you want is to […]
Confidence can quickly erode, but it can also quickly emerge. Undeniably, spring 2020 has tried the patience of investors. An 11-year bull market ended. Key economic indicators went haywire. Household confidence was shaken. The Standard & Poor’s 500, the equity benchmark often used as shorthand for the broad stock market, settled at 2,237.40 on March […]
The I.R.S. is giving you three additional months to file and pay. The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes […]
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