Jun 23, 2021 | IRA Blog
Sarah Brenner, JD Director of Retirement Education The pandemic has upended the workplace and caused many people to rethink their career path. For some older workers this may mean considering early retirement. For those workers, access to retirement savings can be...
Jun 21, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
-Darren Leavitt, CFA US equity indices fell across the board for the week on a more hawkish than expected statement from the Federal Reserve’s Open Market committee meeting. In the Q&A after the release of the FOMC statement, Fed Chairman Jerome Powell...
Jun 21, 2021 | IRA Blog
Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport In the June 16, 2021 Slott Report, we discussed how an in-service distribution made in the year of separation from service can inadvertently create an excess IRA contribution if that distribution is...
Jun 17, 2021 | IRA Blog
Sarah Brenner, JD Director of Retirement Education Question: A client of mine born in 1952 passed away in March 2021 and the IRA passed to her mother who is 91 years old. So, the 10 year rule applies to liquidate the IRA as she is not an eligible designated...
Jun 16, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst A required minimum distribution (RMD) from a 401(k) (or other employer plan) must be taken prior to rolling remaining plan dollars to an IRA. An RMD cannot be rolled over, so it must be withdrawn before any rollover is completed....
Jun 16, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Workers want to retire at 55, but are they positioned to successfully do so? The category of “pre-retirees” is being redefined as more than one-third of workers younger than 54 saying they aspire to retire by age 55. In 2020, more consumers (39 percent)...
Jun 14, 2021 | IRA Blog
Sarah Brenner, JD Director of Retirement Edcuation June is PRIDE Month. This June also marks the sixth anniversary of the landmark Supreme Court case Obergefell v. Hodges, which legalized same-sex marriage. In the wake of this decision, millions of same-sex couples...
Jun 14, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Like previous pandemics, COVID-19 has touched off profound changes for our societies, economies, workforces, and overall life models, not least of which are people’s shifting expectations for later-life work, purpose, health, and finances. Bank of America’s Lorna...
Jun 12, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 6/11/2021 -Darren Leavitt, CFA The S&P 500 hit all-time highs on the week in very tight market action. Cyclicals and US Treasury yields fell throughout the week on the notion that the economy has seen peak growth and peak...
Jun 10, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: How can the beneficiaries of an estate roll a 401(k) paid to the estate to a Roth IRA? What steps must be taken? Bob Answer: Bob, Inherited IRAs cannot be converted to inherited Roth IRAs, but inherited 401(k) plans can...
Jun 9, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst On April 14, we reported that the IRS was apparently interpreting the SECURE Act’s 10-year payout rule in a surprising way – to require annual required minimum distributions (RMDs). Now, the IRS has made it clear (without actually...
Jun 7, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst With the passage of the SECURE Act, once common IRA beneficiary planning strategies have been upended. For example, no longer can just anyone stretch payments on an inherited IRA. You must qualify as an “eligible designated...
Jun 4, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Retirement planning is a multistep process that evolves over time. To have a comfortable, secure—and fun—retirement, you need to build the financial cushion that will fund it all. The fun part is why it makes sense to pay attention to the serious and perhaps boring...
Jun 3, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: Hi! I attended the February 2021 IRA seminar and had a question re: Roth conversions. The seminar discussed rolling over assets held in a company plan into a Roth IRA. I’m dealing with a client that wants to roll over a lump...
Jun 2, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education It has been well over a year since the SECURE Act became a reality, transforming the rules for inherited IRAs and doing away with the stretch IRA for most beneficiaries. While the SECURE Act statute gave us...
May 31, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 5/28/2021 -Darren Leavitt, CFA Financial markets moved higher throughout the week as the inflation debate continued on Wall Street. A full economic calendar was headlined by the PCE Price Index, the Federal Reserve’s preferred measure...
May 27, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: We have a client that owns two substantial IRA accounts plus a smaller beneficiary IRA. Does the beneficiary IRA have its own RMD rules (the client has owned it for 10 years and has been taking RMD’s...
May 26, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst One of the cardinal sins you can commit with an IRA rollover is to run afoul of the IRS “once-per-year” rollover rule. Violating that rule triggers a taxable distribution and the 10% early distribution penalty if you are under age 59 ½....
May 24, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst An IRA owner can contribute only so much to a Traditional and/or Roth IRA annually. The IRA owner must also have earned income. The contribution limit for 2021 is $6,000, with a catch-up provision of another $1,000 for those age 50...
May 23, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 5/21/2021 -Darren Leavitt, CFA The financial markets were in consolidation mode as a volatile risk-off trade in cryptocurrencies exacerbated concerns about inflation and valuations. A sell-off in commodities curbed investors’...
May 20, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
How to Retire in 2021 When you are ready to retire, there are certain basic things you should do before you leave the comfort and security of your old job. You need to make final adjustments to your financial plan and make important decisions about Social Security and...
May 20, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: Dear Mr. Slott, I really enjoy your publications, website and educational programming on Public Television. You provide a tremendous service and information for investors and advisors alike. My questions pertains to...
May 19, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education The SECURE Act may have upended the rules for inherited IRAs, but the rules for spouse beneficiaries remain as advantageous as ever. In fact, naming a spouse as an IRA beneficiary is a better option than ever...
May 17, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Rules governing defined benefit (DB) plans are typically more complicated than defined contribution (DC) plan rules. But required minimum distributions (RMDs) are one area where the DB plan requirements are easier to understand. If you’re...
May 16, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 5/14/2021 -Darren Leavitt, CFA It was a volatile week on Wall Street that saw the major US equity indices fall across the board. Inflation fears were stoked by a hot Consumer Price Index reading and surging gas prices caused by a...
May 13, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: Good afternoon. We have a client who was 19 years younger than her spouse. He passed away this year. We are planning to keep this as an inherited IRA for now. Can we move the assets to her own IRA at any time? Thank you, stay...
May 13, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
New rules for savers, beneficiaries and taxpayers Most people will miss 2020 about as much as they miss mosquito season. For many retirees and retirement savers, the year had a few benefits, such as some COVID-19 relief measures. Even without those, however, most of...
May 12, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst As we inch toward the extended 2020 tax deadline of May 17, many filers are still laboring over their returns. Some are completing the final return for a loved one lost in what was a brutal year. As is human nature, most taxpayers...
May 10, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education On May 5, the House Ways and Means Committee unanimously passed the Securing a Strong Retirement Act of 2021. According to lawmakers, the proposal is designed to pick up where the SECURE Act of 2019 left off and...
May 9, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 5/7/2021 -Darren Leavitt, CFA US equity indices finished the week mixed as a strong rotational trade into cyclicals and out of high growth technology issues reappeared. The S&P 500 and Dow forged new all-time highs as the...
May 7, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
The pandemic may have hit your wallet hard. Here are some lessons we can learn from this unprecedented time. he reverberations of the COVID-19 global pandemic have been a wake-up call for many of us as we scratch our heads over our finances: Are our wallets in...
May 6, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: I am 83 years old with an IRA rollover account, regular IRA account and a small Roth IRA. If I convert a portion of either the rollover or regular IRA to a Roth IRA and die before 5 years after the...
May 3, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst When visiting the doctor, does he or she ask foundational questions to help determine your medical condition? Of course. “How are you feeling?” “Are you a smoker?” “What hurts?” Does the doctor take some basic measurements –...
May 2, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 4/30/2021 -Darren Leavitt, CFA It was a hectic week on Wall Street highlighted by large-cap technology Q1 earnings, the April Federal Reserve Open Market Committee, and a busy economic data calendar. Trading was mixed throughout the...
May 1, 2021 | Market Review and Outlook
-Darren Leavitt, CFA Financial Markets ended the month of May with mixed results. A prominent rotational trade was again present throughout the month. Inflation was top of mind and debated by investors as some economic data fueled concerns of a systemic increase in...
Apr 29, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Good news for retirement savers! There is more time to make your 2020 IRA contribution. On March 17, 2020, the IRS extended the 2020 federal income tax-filing deadline to May 17, 2021. The extension also extends...
Apr 28, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Pandemic-related job losses forced many older Americans out of the workplace in the past year, perhaps permanently. But the COVID-19 crisis also seems to have delayed some retirements. Remote work eliminated commutes and often allowed more flexible schedules with...
Apr 26, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst If you sponsor a solo 401(k) plan, beware! The IRS recently announced that it is targeting several employer plan areas for stepped-up auditing. One of those areas is solo 401(k) plans. The fact that solo plans made the list is a signal...
Apr 25, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
-Darren Leavitt, CFA US equity markets finished mixed on the week as Q1 earnings continued to surprise to the upside. Markets pulled back sharply on Thursday on reports that the Biden administration will propose increasing the capital gains tax, and economic data...
Apr 22, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: Your newsletter is so helpful, and your book was a great resource to me when my mom passed away 5 years ago and I inherited her IRA. I am 76 and have not taken my RMD for 2021. Should I pass away and my wife age 69 transfers my...
Apr 21, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
For many Americans, retirement may look different in 2021 than it has in years past. The severe economic impact of the Covid-19 pandemic could push many people to consider retiring early, with less saved than they may need. Whether or not your retirement plans are...
Apr 21, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst This question (or a derivation of it) has been popular as of late: “I only participated in my 401(k) for a couple of months in 2020 before I was laid off. Does that still make me a ‘covered’ employee, and can I contribute to my...
Apr 19, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
-Darren Leavitt, CFA US equity indices hit another set of all-time highs in what was a very busy week on Wall Street. First-quarter earnings season kicked off, with US Banks showing impressive results. Markets were well bid throughout the week and moved higher...
Apr 19, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education The IRS has delayed the deadline for filing federal income taxes until May 17, 2021. This also extends the deadline for making a 2020 Roth IRA contribution. A Roth IRA offers the promise of tax-free withdrawals in...
Apr 15, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst With all the recent changes to IRAs under the SECURE Act [i.e., required minimum distribution (RMD) age raised to 72, new rules for beneficiaries, etc.], combined with the CARES Act waiver of RMDs last year, it comes as no surprise...
Apr 14, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
The 401(k) has become the go-to retirement plan for many Americans and continues to gain traction. The flexibility, tax savings and scale of 401(k) plans have made it attractive to employers and employees alike. But A 401(k) plan doesn’t need to be just for large...
Apr 14, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: A new customer came to me asking for help with an IRA. Unfortunately, he had already accepted a check from the 401(k) plan made out to him personally. He sat on the check for 5 months and deposited it...
Apr 13, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Just a few weeks after the start of the baseball season, the IRS has thrown us a curveball by apparently interpreting the SECURE Act 10-year payout rule in a totally-unexpected way. We say “apparently” because the IRS explanation isn’t...
Apr 11, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
-Darren Leavitt, CFA Markets continued to rally, but the advance came on quiet trading volume. Robust economic data coupled with a solid economic outlook from JP Morgan’s CEO Jamie Diamond catalyzed buying. First-quarter earnings start in earnest in the coming week,...
Apr 9, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
The Covid-19 recession, like all recessions, threatens the wealth and retirement security of millions of workers. Job loss prompts people to stop saving, raid their nest eggs or go into debt by falling behind on their rent and mortgage payments. Most workers nearing...
Apr 8, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi, I inherited my husband’s 401(k) when he died last year. I kept the assets with the 401(k) administrator, believing I had to do that to take distributions without 10% penalty. (I am under 59 ½ years old). If I...
Apr 7, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Required minimum distributions (RMDs) were waived for 2020 but they are back now for 2021. This includes the RMD for the year of death of the IRA owner. The rules for this RMD can be tricky. One question that comes...
Apr 5, 2021 | IRA Blog
George Nichols III is the 10th President and Chief Executive Officer in The American College of Financial Services’ storied history. He continues to take motivation from founder Solomon Huebner’s pioneering vision in 1927, while empowering The College to usher in the...
Apr 5, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
You now have an extra month to lower your tax bill with contributions to your individual retirement account (IRA). Just like last year, the IRS has extended the 2020 tax filing deadline to May 17, allowing Americans an extra month to make IRA contributions that can...
Apr 1, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: Hi, Ed, I am hoping I get to attend one or more of your events IN PERSON this year! If you have time for a refresher . . . . Jon’s 2021 RMD is $200k. He takes $100k as a distribution to himself in February and later, he decides...
Apr 1, 2021 | Market Review and Outlook
-Darren Leavitt, CFA A prominent rotational trade out of mega-cap growth stocks into value-oriented cyclical issues extended US equity indices gains in March. Covid-19 inoculations continued to ramp up in the US as broader segments of the population became eligible...
Mar 31, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst In my blog entry from March 22, I discussed the formula for calculating the amount of a direct Roth IRA contribution when your income falls within the Roth phaseout limits. Another common phaseout covers how much of a Traditional...
Mar 27, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 3/26/2021 -Darren Leavitt, CFA It was a mixed week on Wall Street that saw continued quarter-end rebalancing that supported pro-cyclical issues and hindered mega-cap growth issues. For the week, the S&P 500 gained 1.6%, the Dow...
Mar 25, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: Has the deadline to make an IRA contribution for 2020 been extended since the 2020 tax filing date has been extended to May 17, 2021? Robert Answer: Hi Robert, Yes. The 2020 IRA contribution deadline is...
Mar 25, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
A year has come and gone since the beginning of the Covid-19 pandemic in the United States in March 2020, upending all of our lives. Hundreds of thousands of Americans have lost their lives, millions have lost their jobs and practically every kid (and parent) in...
Mar 24, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Fewer and fewer workers are participating in defined benefit pension (DB) plans these days. The high cost of maintaining those plans has led many employers to terminate existing plans and dissuaded many others from setting up new plans in...
Mar 22, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst When it comes to contributing directly to a Roth IRA, an individual must have modified adjusted gross income below a certain level. This income level cutoff is not a “cliff,” meaning if you go one dollar over the level, you do...
Mar 20, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 3/19/2021 -Darren Leavitt, CFA It was a hectic week on Wall Street that saw the major US equity indices fall as interest rates continued to rise. All eyes were on the Federal Reserve’s two-day FOMC meeting that concluded on...
Mar 18, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
See how the benefits of a fixed index annuity work together to keep retirement income planning on track. We look at six top fixed index annuity benefits: principal protection, tax deferral, growth opportunities, liquidity, guaranteed income and beneficiary payments....
Mar 18, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi, I found you by searching to find out if we can offer two SIMPLE IRA options for our employees. I don’t know if that is something permitted. The idea is to have a cryptocurrency option set up as a SIMPLE in...
Mar 17, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education The CARES Act waived required minimum distributions (RMDs) for 2020, but they are back for 2021. The return of RMDs for this year has raised questions about how these distributions should be calculated. Here is...
Mar 15, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst We’ve been getting a number of questions lately about whether it’s too late to set up a new solo 401(k) plan for 2020. The answer is “sort of.” Business owners with no employees (other than a spouse) can contribute to a solo 401(k) plan....
Mar 14, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 3/12/2021 -Darren Leavitt, CFA The S&P 500, Dow, and Russell 2000 equity indices made fresh all-time highs for the week while the NASDAQ rebounded from its sell-off over the last couple of weeks. President Biden signed the 1.9...
Mar 11, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: I have self-directed traditional and Roth accounts at an SDIRA Custodian. Can I do a Roth conversion of an illiquid asset from the traditional to the Roth account? The investment I want to convert is a debt-only asset (no...
Mar 10, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Casinos have house rules. These rules dictate what patrons can and cannot do. They are often written down, posted, and there is no debating the validity of said guidelines. House rules govern...
Mar 10, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Figuring out if you can retire securely can sometimes feel like the most complicated math problem ever. Just figuring out which retirement number to worry about can be perplexing. And then there is the further complication of knowing how they all fit together. Here...
Mar 8, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport For those just starting out, saving for retirement can be challenging. For young workers, paying the rent and buying the week’s groceries may take priority and there is only so...
Mar 7, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary – 3/5/2021 -Darren Leavitt, CFA US financial markets finished the week with mixed results as another spike in interest rates induced a sharp sell-off in growth stocks. Inflation concerns were heightened on commentary from Federal...
Mar 4, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Question: I am 75 years old and am planning to retire this year. I have a 401(k) plan with my employer and, I assume, need to roll it over into an IRA. In this case do I need to take a 2021 RMD? If so, how is it...
Mar 3, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
his story is part of a series in support of America Saves Week 2021. Since 2007, this initiative has provided a call to action for U.S. consumers to save intentionally. Today’s theme is: Save to Retire. Once you reach a certain age, nearly every dinner party you...
Mar 3, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst For an area as highly regulated as IRAs and company plans, it’s not surprising that there’s a ton of abbreviated terms to keep track of. Here’s 18 common ones that you should know: CARES Act. The Coronavirus Aid, Relief, and Economic...
Feb 28, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary 2/26/2021 -Darren Leavitt, CFA A continued steepening of the yield curve induced selling of all asset classes throughout the week. Economic growth expectations have stoked inflation fears, sending the 10-year note yield fifty-two basis points...
Feb 25, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
These changes in Social Security taxes and benefits take effect Jan. 1 Every October, the Social Security Administration (SSA) announces its annual changes to the Social Security program for the coming year. Here are the Social Security changes that were announced in...
Feb 25, 2021 | IRA Blog
Thursday, February 25, 2021 A Preview of Ed Slott’s New Book: The New Retirement Savings Time Bomb By Ed Slott, CPA If you’re a dedicated Ed Slott and Company fan, at this point, you’ve likely heard about my upcoming new book, The New Retirement Savings Time...
Feb 24, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Have you contributed to a Roth IRA for 2020? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For...
Feb 22, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary 2/19/2021 -Darren Leavitt, CFA Markets sold off a bit last week in a rotational trade into pro-cyclical sectors and out of growth stocks. Fourth-quarter earnings continued to come in better than expected while economic data for the week was...
Feb 22, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst When we think of rollovers, we normally think of moving funds from a 401(k) (or other company plan) to an IRA. But it sometimes makes sense to consider a “reverse rollover” – from an IRA to a 401(k). Unfortunately, although 401(k) plans...
Feb 18, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: Hi, I have a client that took a $14k IRA distribution on 1/10/2021 and another $14k distribution on 2/10/2021. He wants to replace all $28k using the 60 day rollover as funds are no longer needed. Does the 60 day rollover rule...
Feb 17, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Surprisingly, the rules governing what happens when an ex-spouse acquires a Roth IRA after divorce are unclear. There are no specific directions in the Tax Code or in the regulations. However, there is definitive guidance for a...
Feb 17, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
CORONAVIRUS Reactions to COVID-19 and the impact on consumer confidence is prompting many consumers to reassess their retirement and financial plans. A majority of today’s workers and retirees range from feeling cautious to pessimistic about the economic outlook for...
Feb 15, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education Whenever there is a new administration there is a lot of uncertainty about what the change will mean for retirement accounts. In 2021, this change is happening in the middle of a pandemic that has upended the lives...
Feb 15, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary 2/12/2021 -Darren Leavitt, CFA Markets rallied to all-time highs on continued positive sentiment surrounding the reopening of global economies and on the fear of missing out on further gains. Markets opened the week on a strong note with...
Feb 12, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Question: I am going to turn 72 in December of 2021. When I take my RMD, what is the dollar amount I use to calculate my RMD? Is it the account value ending December 31, 2020, or December 31, 2021? Thank you for any clarification....
Feb 11, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
FERS INFORMATION Eligibility is determined by your age and number of years of creditable service. In some cases, you must have reached the Minimum Retirement Age (MRA) to receive retirement benefits. Use the following chart to figure your Minimum Retirement Age....
Feb 10, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst One of the many unfortunate effects of the coronavirus pandemic is the number of folks who have lost their jobs. Besides the loss of income, many of these individuals also face unexpected and unpleasant tax consequences if they have an...
Feb 9, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Educations Question: Hi! I am over 60 and have had a self-directed Roth IRA for the past 15 years. I would like to roll some of it over to another self-directed Roth where I could invest in crypto-currency. Is this possible?...
Feb 9, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary 2/5/2021 -Darren Leavitt, CFA Markets rebounded strongly in the first week of February. Fourth-quarter earnings continued to beat expectations, vaccines continued to go into arms, and economic data continued to be mixed, which fostered more...
Feb 8, 2021 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst It is early 2021 and two ingredients mix again: retirement money in motion, and required minimum distributions (RMDs). This may not appear to be a dangerous concoction, but when improperly combined, the results can be a bitter...
Feb 5, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Your Social Security benefit may be taxable. Try these strategies to reduce your tax bill in retirement. MOST WORKERS PAY INTO the Social Security program throughout their career. Many people also pay taxes on part of their Social Security payments in retirement....
Feb 3, 2021 | IRA Blog
By Sarah Brenner, JD Director of Retirement Education A Simplified Employee Pension (SEP) is a popular choice for many small employers. Although these plans are in fact designed to be less complex than other types of retirement plans, there are many ways to go wrong...
Feb 1, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst The Internal Revenue Code is over 4,000 pages of often unintelligible tax jargon. So, it shouldn’t surprise anyone that the law contains more than its share of baffling and inconsistent provisions. Here are four examples pertaining to...
Feb 1, 2021 | Weekly Market Commentarfy, Weekly Market Commentary
Weekly Market Commentary 1/29/2021 -Darren Leavitt, CFA Markets sold off in volatile trade as retail investors wreaked havoc in heavily shorted companies. The fourth-quarter earnings season continued to produce better than expected results, although it appears stock...
Feb 1, 2021 | Market Review and Outlook
-Darren Leavitt, CFA Financial markets started 2021 in strong form but lost some ground in the final week of trade. Covid-19 vaccines continued to be developed, and inoculations continued to be administered to front line workers and the elderly. A light at the end...
Jan 29, 2021 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Why you should look for other solutions first More than 4 of 10 jobs lost during the pandemic may never come back, the Becker Friedman Institute for Economics at the University of Chicago predicts. That grim statistic means many pre-retirees may not find work again....
Jan 28, 2021 | IRA Blog
By Ian Berger, JD IRA Analyst Question: I hope you can help me with this, as I cannot find the answer anywhere or from anyone. In 2019, my client Frank, passed away. His cousin, Lisa, inherited his IRA. In 2020, Lisa passed away. Her husband, Rob, inherited the IRA....
