In a companion post, I discussed four major changes resulting from the passage of the SECURE Act and strategies to manage them (Top 4 SECURE Act Changes That May Impact You and How To Plan For Them found here). In this post, I will discuss the new class of retirement plan beneficiaries called Eligible Designated […]

By now you’ve probably heard of the SECURE Act and its impact on retirement plans. The purpose of the SECURE Act, which became law in late 2019, was to increase Americans’ access to retirement savings plans, but you may be directly impacted in other ways. Here are the top four changes that will affect most […]

The newly enacted CARES Act has suspended Required Minimum Distributions (RMDs) from retirement accounts for 2020, including inherited retirement accounts. This measure will provide some financial relief to those who do not need to take withdrawals from retirement accounts while the account values are low. RMDs are calculated using the account holder’s life expectancy and […]

Are you one of the almost 30 million taxpayers that can no longer itemize deductions? “Bunching” your charitable contributions may help take it back. The Tax Cuts and Jobs Act of 2017 increased the standard deduction from $12,700 in 2017 to $24,400 in 2019 for Married Filing Jointly (MFJ). The number of filers who itemize […]

In my last post, I reviewed some of the key differences between a SEP IRA and a Solo 401(k) for business owners with no employees (if you have 1099 income from a side gig, this includes you). In some cases, a SIMPLE IRA may be a better option than a SEP IRA and a Solo […]

If you and/or your spouse own a business and you are the only employees, or you have 1099 income and want to maximize your retirement savings, you should consider contributing to a SEP IRA or an Individual/Solo 401(k) Plan. Which plan is right for you? Here are some highlights of each plan. SEP IRA-Simplified Employee […]

Have you ever wondered what happens to your non-qualified deferred compensation plan (NQDC) when you leave your employer?  As a reminder, NQDC plans allow executives and other employees to defer a portion of their compensation, as well as the income taxes due, until the balance in the plan is paid. When you leave your employer, […]

Do you want to stay in your home for the rest of your life?  If you answered yes, you are in good company.  A recent National Council of Aging study showed that 75% of people over the age of 60 would prefer to remain in their own home as they age.¹   If your wish is […]

Do you ever wonder where your money goes each month? Does it seem like you’re never able to get ahead? If so, you may want to establish a budget to help you keep track of how you spend your money and help you reach your financial goals. Examine your financial goals Before you establish a […]

Disability insurance pays benefits when you are unable to earn a living because you are sick or injured. Most disability policies pay you a benefit that replaces a percentage of your earned income when you can’t work. Why would you need disability insurance? Your chances of being disabled for longer than three months are much […]