Mar 31, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Purchasing life insurance is a big deal. If you want to be sure your family is covered if something happens to you, choosing the right policy is imperative. Whether you’re looking for the average policy cost or more in-depth knowledge, such as the largest life...
Mar 30, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Most IRA distributions will be taxable. However, if you have ever made nondeductible contributions to your IRA or rolled over after-tax funds from your company plan to your IRA, then the rules can get a little bit...
Mar 28, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst When you file for bankruptcy, one thing you usually don’t have to worry about is protecting your IRA funds from creditors. That’s because, in just about every case, all of your IRA (and Roth IRA) monies are off limits. Under the federal...
Mar 28, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -3/25/2022 -Darren Leavitt, CFA It was a hectic week for investors as US financial markets tried to post a second consecutive week of gains. Geopolitics continued to influence market action. President Biden traveled to Europe to meet with NATO...
Mar 24, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: I established a Roth IRA in 2011 and needed to withdraw $ 30,000 in 2021 to pay for my daughter’s first year of college tuition. I am under 59 1/12 and the 1099-R has a code of J meaning early...
Mar 24, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
It hasn’t been an easy couple of months for savers. At the height of the pandemic in April 2020, Americans’ personal savings rate – the portion of monthly income that households are socking away – hit a record 33.8%. Now that rate hovers around 6.4%, which is below...
Mar 23, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Here we go again. In my March 14 Slott Report entry (“Monitoring Concurrent Life Expectancies? – SMH”), I railed against the IRS for a seemingly pointless rule in the new SECURE Act regulations directed at elderly IRA...
Mar 21, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education It may be hard to believe it but the countdown to the 2021 tax filing deadline is on. The deadline is April 18, 2022, for most filers. That is really only a few weeks away. Time is running out. Is your IRA ready?...
Mar 20, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -3/18/2022 -Darren Leavitt, CFA Global financial markets registered significant gains for the week. Investors continued to watch for any progress on negotiations between Russia and Ukraine. Central bank policy came in as expected, which helped...
Mar 18, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Changes in contribution limits, taxes, Social Security benefits, Medicare premiums and more We all get sentimental from time to time, but unless you hit the lottery or found true love, you probably won’t be looking back on 2021 all too fondly. The COVID-19...
Mar 17, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: Hey Ed- Long time reader and listener of yours…and have bought a few copies of your latest book to share with clients! Prior to us being involved, my client made a Backdoor Roth contribution in 2021. He did this despite...
Mar 16, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst With many 401(k) (and 403(b) and 457(b) plans) offering multiple participant accounts, your plan statement is probably more complicated than ever. Here’s a brief primer to help you understand what each account represents: Pre-tax deferral...
Mar 14, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst I am usually patient with the IRS. I understand the massive workload they have, and there are tax cheats lurking around every corner. The IRS does its best to ensure no loopholes exist for bad actors to circumvent tax laws to avoid...
Mar 14, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -3/11/2022 -Darren Leavitt, CFA Investors started the week facing $130 a barrel crude as the US announced an embargo on Russian oil. Europe also announced that they would begin to taper their dependence on Russian energy, albeit a process...
Mar 10, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
What You Need to Know The government is confusing. Stock market gains are high, for now. The Secure Act is turning employer-sponsored retirement plans into income-planning educators. Have you ever experienced the solution to a problem being in plain sight, only to...
Mar 10, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst Question: Ed, I read your 2/28/22 Slott Report on the updated SECURE Act information for non-eligible designated beneficiaries (non-EDBs) that requires annual RMDs to continue if the original owner was taking them prior to his death and...
Mar 9, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Roth IRAs have always been a great retirement savings tool. While pre-tax retirement accounts allow tax deferred savings, a Roth IRA promises tax-free benefits. They allow you to receive years of earnings in...
Mar 7, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst The part of the new IRS SECURE Act regulations causing the most reaction is the one requiring annual required minimum distributions (RMDs) for some IRA or workplace plan beneficiaries subject to the 10-year payment rule. Under the SECURE...
Mar 7, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -3/4/2022 -Darren Leavitt, CFA Financial markets continued to be volatile as investors assessed the ramifications of the ongoing war in Ukraine. International sanctions roiled the Russian ruble and kept the Russian equity markets closed. ...
Mar 3, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: Hello. I was reading the 2/28/22 edition of the Slott Report and noticed the section titled “Beneficiaries Hit w/Annual RMDs and the 10-Year Rule.” It was my understanding that starting 1/1/20, most...
Mar 2, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst The 275 pages of proposed SECURE Act regulations, released by the IRS on February 23, are chock full of little details. Each of these tidbits will have some impact on particular IRA owners and retirement account participants. One...
Mar 2, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
As volatility creeps back into the marketplace the need for the guarantees that only annuities provide is only going to increase. Retire with $500,000 but Spend Like a Millionaire Inflation (CPI) went up 7 percent in 2021, the highest annual inflation increase since...
Feb 28, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -2/25/2022 -Darren Leavitt, CFA The uncertainty of the ramifications of a Russian-induced war led to massive swings in the global financial markets. Generally speaking, markets do not like uncertainty. While Russia’s move into Ukraine was well...
Feb 28, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education On February 23, 2022, the IRS released the long-awaited proposed SECURE Act regulations. The new regulations clock in at 275 pages and offer guidance on many SECURE Act rules. They also include a few surprises....
Feb 25, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
New full retirement age is 67 for anyone born after 1960 There is good and bad news for older Americans: The Social Security full retirement age increased again in 2022 for some individuals – but it marks the last year that the age will change. The full retirement age...
Feb 24, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: If an 80-year-old converts his IRA to a Roth account and dies the following year, when can the beneficiaries begin withdrawing money tax-free from the Roth? Do the beneficiaries have to wait for the expiration of the...
Feb 23, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst The amount of annual pre-tax deferrals and Roth contributions you can make to a 401(k) plan is limited by the tax code. If you exceeded that limit in 2021, time is of the essence to correct the error. If you don’t act quickly, the tax...
Feb 21, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -2/18/2022 -Darren Leavitt, CFA Global financial markets traded lower for the week as Russian-Ukraine tensions dominated headlines. The Federal Reserve’s policy rate path continued to be debated off the back of another hot inflation print of...
Feb 21, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
As we head toward 2022 and see more Americans reaching their mid- to late 60s, it is a great time to revisit how annuity products can be used to meet consumer financial challenges. In anticipation of the new year, here are 22 ideas on how consumers can use annuity...
Feb 21, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst The federal ERISA law gives spouses of plan participants in ERISA-covered plans certain rights to the participant’s account. There are two types of ERISA financial protection for spouses. Spouses of IRA owners usually don’t have similar...
Feb 17, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst Question: I am 66 years old and live on Social Security and other retirement income. Additionally, I have about a half million dollars in pre-tax 457(b) funds that I do not need for current expenses. Are these funds in the pre-tax...
Feb 16, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education The pandemic has upended the workforce. Many workers lost jobs. Some workers resigned by choice. Others were forced to leave jobs due to childcare issues. If you are not working outside the home, you may believe...
Feb 14, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -2/11/2022 -Darren Leavitt, CFA US equity markets struggled to gain any footing as concerns regarding record inflation along with worries about an imminent Russian invasion of Ukraine kept a lid on investor sentiment. Fourth-quarter earnings...
Feb 14, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst Towards the end of each year, the IRS announces cost-of-living increases for several retirement-related dollar limits that will become effective for the next year. For example, last November, the IRS said that the limit on employee...
Feb 10, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: I turn 72 this year. I am getting notices from my many IRA custodians that they want a waiver on file if I am NOT using my account for the RMD (i.e., I am taking it somewhere else). They make it sound...
Feb 10, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Eliminating these expenses means substantial savings in retirement. Lower your expenses. Many retirees are tempted to spend more money on leisure activities in retirement. Health care costs also tend to increase as people age. But there are many costs that decline in...
Feb 9, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst For IRA owners and retirement plan participants who are under age 59 ½, taking a distribution from a retirement account is typically off limits. The distribution will most likely be taxable, and there is a good chance that a 10%...
Feb 7, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education If you are under age 59 ½ and you converted your traditional IRA to a Roth IRA, you will need to watch out for the five-year rule for penalty-free distributions of converted funds. Not understanding how the rule...
Feb 7, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary -2/4/2022 -Darren Leavitt, CFA Global markets continued to be volatile but managed to post nice gains in the first week of February. Month-end rebalancing coupled with oversold conditions helped the S&P 500 maintain support at its 200 day...
Feb 4, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Starting the new year off with a strong, strategic financial plan to kickstart your financial goals for the next 12 months can have a lasting impact on your future beyond 2022. This, of course, includes the ever-important consideration of retirement planning. Luckily,...
Feb 1, 2022 | Market Review and Outlook
Monthly Market Recap for January 2022 -Darren Leavitt, CFA It was not a pleasant start to 2022 for investors as global financial markets took a few steps back. Increasing inflation concerns and the prospect for higher interest rates dampened sentiment. The Omicron...
Jan 31, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst The “Martin Scenario”: Martin, age 40, has never done an IRA rollover before. He took a distribution from his traditional IRA in December 2021 for $10,000 and deposited it into his checking account. Martin took another distribution...
Jan 31, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 1/28/2022 -Darren Leavitt, CFA A hectic week on Wall Street featured the Federal Open Market Committee meeting statement, more fourth-quarter corporate earnings reports, and increased geopolitical tensions with Russia. The Federal...
Jan 28, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Social Security survivors benefits are paid to widows, widowers, and dependents of eligible workers. This benefit is particularly important for young families with children. This page provides detailed information about survivors benefits and can help you understand...
Jan 27, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst Question: My question relates to an IRA withdrawal that is then deposited as a Roth conversion. Will this withdrawal count as a once-per-year IRA rollover? Thanks in advance for your wonderful advice. Regards, Peter Answer: Hi Peter,...
Jan 26, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education The rollover rules can be especially challenging at the end of the calendar year. If you took a distribution from your IRA at end of 2021 and are considering a rollover in 2022, here is what you need to know....
Jan 24, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst 72(t) payments have suddenly become a better deal for IRA owners and company plan participants. Also known as “substantially equal periodic payments,” 72(t) payments are advantageous because they are exempt from the 10% early distribution...
Jan 23, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 1/21/2022 -Darren Leavitt, CFA It was another brutal week for investors as global markets continued to sell-off. Concerns regarding the path of global central bank policy and a lackluster start of fourth-quarter earnings weighed on...
Jan 21, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Harry N. Stout, author and podcast host at the FinancialVerse says that 2022 will be the year that consumers proactively reach out for information and advice to explore the solutions that annuity products can provide to address some of their financial challenges. Here...
Jan 20, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: Hello. Thanks in advance for fielding my question. My mother died in 2021 in her 90’s. She was using $100,000 of her traditional IRA RMD as a QCD. In order to fulfill her 2021 charitable...
Jan 19, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst A person is allowed only one IRA-to-IRA or Roth-IRA-to-Roth-IRA 60-day rollover per year. This 12-month period is a full 12 months – it is not a calendar year. Accordingly, we refer to this as the “once-per-year rule.” For example,...
Jan 17, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Did you take your RMD from your IRA for 2021? Hopefully, the answer is yes because for most IRA owners and beneficiaries the deadline for taking a 2021 RMD was December 31, 2021. There is an exception. If you...
Jan 17, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 1/14/2022 -Darren Leavitt, CFA US Financial markets fell across the board as investors got a full dose of Federal Reserve rhetoric and were underwhelmed by the start of fourth-quarter earnings. The S&P 500 was also unable to bounce...
Jan 13, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi, I turn 72 this year and have to take my first required minimum distribution (RMD). I am also in the process of converting most of my IRA into a Roth IRA. I know I have to take my RMD first before the conversion. Since...
Jan 12, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
The end of the year provides a good opportunity for reflection. The past 12 months brought plenty of opportunities to make financial strides — and plenty of potholes and challenges. A lot of Americans struggled with money issues, but others flourished. Whether your...
Jan 12, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst As we move into 2022, small business owners may be wondering whether they still have time to establish a new retirement plan for 2021. The short answer is: “It depends.” There are several retirement plan options especially designed for...
Jan 10, 2022 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Less than two weeks into the new year seems like a good time to provide a few reminders and warnings when it comes to Qualified Charitable Distributions (QCDs). As a quick refresher, remember these QCD facts: Only available to IRA...
Jan 9, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 1/7/2022 -Darren Leavitt, CFA US financial markets fell in the first week of 2022 after the S&P 500 hit an all-time high on Monday. The release of the December Federal Open Market Committee minutes revealed a much more hawkish Fed....
Jan 7, 2022 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Understanding the various types of annuities and how they work If you are considering buying an annuity to provide steady income during retirement, it’s important to understand the different types and how they work. Here’s a look at the fundamentals of...
Jan 6, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst Question: Has the IRS clarified the 10-year rule on inherited IRAs? Do you have to take RMDs each year or can you wait until the 10th year? Also, does this rule apply to inherited Roth IRAs? Thanks, Daniel Answer: Hi Daniel, Yes, the IRS...
Jan 5, 2022 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education The IRS has released new life expectancy tables for calculating required minimum distributions (RMDs) for 2022. The most commonly used tables are the Uniform Lifetime and the Single Life Expectancy Tables. The...
Jan 3, 2022 | IRA Blog
By Ian Berger, JD IRA Analyst Welcome to 2022! One of the big changes in the retirement account world this year will be the calculation of required minimum distributions (RMDs). RMDs for IRA owners and plan participants are calculated using life expectancies from IRS...
Jan 1, 2022 | Market Review and Outlook
-Darren Leavitt, CFA US financial markets rallied in December in volatile trade. It seemed markets would take two steps forward in one week only to give up a step in the following week. The emergence of the Omicron variant rattled markets initially, but investors were...
Jan 1, 2022 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 12/31/2021 -Darren Leavitt, CFA Financial market action in the final week of the year was relatively muted. A mild Santa Clause rally did ensue as seasonal factors such as rebalancing and window dressing kicked in. Investors got a...
Dec 31, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
KEY POINTS The Covid-19 pandemic has prompted people to rethink both big and small life goals. For 2022, it’s “super important” that everyone redo their financial plans, advisors say. These tips can help you make sure you’re on track and turn uncertainty into...
Dec 30, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: Ed, Since the Build Back Better bill is still in legislative limbo, does that mean that backdoor Roth IRA contributions are still available for 2022? If so, what do you suggest if someone makes a backdoor...
Dec 29, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst SCENARIO: Teddy, age 60, has an existing Traditional IRA with a current balance of $93,000. This is all deductible, pre-tax money. Teddy would like to contribute to a Roth IRA, but his income level exceeds the Roth IRA income...
Dec 29, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst In 2021, the Slott Report produced roughly 100 diverse retirement-related articles and answered approximately 100 reader questions in our weekly Mailbag. We do our best to present topical IRA and retirement plan issues in the most...
Dec 27, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Pop the champagne! It is almost time to turn the page on the calendar to a new year. What will 2022 mean for your retirement accounts? All signs point to a very busy year ahead. Here is what we may expect for...
Dec 24, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Thanksgiving 2021 is upon us. This is the time of the year when we gather together and express our gratitude. When it comes to our retirement accounts, we often complain about the negatives. There are restrictions...
Dec 24, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 12/23/2021 -Darren Leavitt, CFA The holiday-shortened week produced another all-time high for the S&P 500 as investors looked past the ramifications of the Omicron variant and bought last week’s market dip. Technically, the...
Dec 23, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi Mr. Slott: I enjoy your website’s very helpful information! I know that the IRS rules limit us to one indirect (60-day) IRA rollover every 12-month period. Are Health Savings Account (HSA) indirect rollovers...
Dec 22, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst As 2021 draws to a close, many of us will naturally look back and try to make some sense of the past year. On the whole, it would be hard to classify 2021 as an “uneventful” year. But in the world of IRAs and workplace plans, it actually...
Dec 22, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Inflation is here. The most recent Consumer Price Index (CPI) inflation report showed that prices rose across the board in November. By a lot. Overall, prices climbed 6.8% year-over-year, the largest increase since June 1982, and rose 0.8% over the past month. Higher...
Dec 20, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst A “life hack” is any trick, shortcut or simple and clever technique for accomplishing a familiar task more easily and efficiently, in all walks of life. For example, tie a colorful ribbon to your luggage to make it more easily...
Dec 17, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
-Darren Leavitt, CFA US equity markets fell across the board as global central banks moved to decrease their quantitative easing initiatives. In the US, the Federal Reserve announced that it would double the pace of its taper to $30 billion a month and conclude its...
Dec 16, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: I have a client, age 65, who passed away and left her IRA to her estate. Two nephews and a niece are beneficiaries of the estate. Is there a way to add beneficiaries after her passing? I spoke with a financial company, and they...
Dec 16, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
What to do now, as the pandemic surges yet again in the U.S. COVID-19 is still raging throughout the U.S., and in much of the world it has never stopped doing so. Safe and highly effective vaccines are available, but not everywhere, and even where they are, not...
Dec 15, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Tis the season. Yes, it is the holiday season, and it is also the season to take RMDs. RMDs are back for 2021 after being waived by the CARES Act for 2020. With the return of RMDs come questions. One question we...
Dec 13, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst During 2021, Congress has taken up a number of different retirement proposals, and it’s been difficult to keep track of them. Here’s an update of how things stand at the moment. Of course, new developments could occur at any time, so stay...
Dec 13, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 12/10/2021 -Darren Leavitt, CFA US equity markets rebounded nicely over the week as fears of the Omicron variant subsided. It appears the variant, while more contagious, is less severe. Sentiment was also bolstered by Pfizer’s...
Dec 9, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: If the owner of an inherited IRA was required to take RMDs from the IRA prior to his death, can a beneficiary who is younger than age 70 1/2 request QCDs from the inherited IRA? Note: We understand the...
Dec 9, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
There’s still time to give your savings a good boost before you retire If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money...
Dec 8, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst My November 29 Slott Report entry was titled “The Pro-Rata Rule Explained – You are Not Getting Taxed Twice.” I closed that article by stating there are exceptions to the pro-rata rule and ways to clean up an IRA that contains a...
Dec 6, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education In volatile times like these, when inflation is looming, retirement savers may look to invest their IRAs in gold. Advertisements on the internet and cable tv make it look easy, but that is not the full story. The...
Dec 6, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 12/3/2021 -Darren Leavitt, CFA Markets continued to be volatile in the first week of December. Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen struck a more hawkish tone during their semiannual testimony in front of...
Dec 2, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: Good afternoon, Mr. Slott. I am trying to complete my taxes for last year, and the tax agent is stating that, because I had two 401(k) rollovers (each from a different employer), that I would be charged a penalty for one...
Dec 2, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Different phases call for different strategies If you’re physically healthy and financially prepared, your retirement could last for decades. During that time, it may go through several distinct phases, with changing levels of income and expenses that require...
Dec 1, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Many sections of the tax code are confusing, but section 457(b) is one of the major offenders. Within that section are the rules for two different types of company retirement plans — governmental plans, and “top hat” plans for...
Nov 28, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Staggering your retirement date from your spouse may benefit you both Many working couples dream of the day when they can retire and sail off into the sunset together. However, couples should consider whether retiring at the same time is the wise choice. There are...
Nov 28, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 11/26/2021 -Darren Leavitt, CFA The holiday-shortened week turned into a wild ride for investors as a new variant of Covid upended the reflation trade, which sent volatility through the roof. The new variant called Omicron was first...
Nov 22, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Are you considering opening up a new solo 401(k) and looking to maximize your 2021 contribution? If so, you may need to act quickly. There is a December 31, 2021 deadline for establishing a new plan if you want to make 2021 elective...
Nov 21, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 11/19/2021 -Darren Leavitt, CFA US financial markets ended the week mixed. Mega-cap Growth stocks pushed the S&P 500 and Nasdaq to another set of all-time highs while cyclical issues and small caps lagged, hindering the Dow and...
Nov 18, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: Can someone take an in-service withdrawal from their 401(k) and directly transfer it to their IRA, then take a QCD from the IRA to satisfy the RMD amount attributed to the 401(k)? I am 72 years old and I...
Nov 18, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
The income ranges, adjusted annually for inflation, determine which tax rates apply to you You may be making plans for filing your 2021 income taxes, but in a few short weeks you’ll be living in tax year 2022, and tax year 2022 will differ substantially from...
Nov 17, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst As we careen into the holiday season, there remains a deceitful underbelly of dirtbags operating their typical scams. Giant inflatable Christmas decorations in front of your home or a menorah in the window will not dissuade...
Nov 15, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education The IRS has released the cost-of-living adjustments (COLAs) for retirement accounts for 2022. As expected, due to inflation in the economy, many of the dollar limit restrictions on retirement accounts will increase...
Nov 14, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 11/12/2021 -Darren Leavitt, CFA US financial markets fell from record-high levels as increases in inflation continued to weigh on investor sentiment. The tape was full of corporate news highlighted by the break-ups of General Electric...
Nov 11, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Planning ahead is one of the best ways to prepare for a comfortable retirement. From keeping track of your savings to adopting strategies for generating income, a thoughtful approach can help you sustain your lifestyle as you move into the next phase of your life....
Nov 11, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: When calculating my required minimum distribution (RMD) amount, is my Roth IRA balance added to my traditional IRA balance? I understand I don’t have to withdraw from my Roth – just want to know how RMD’s...
