An Overview of Roth IRAs for 2020

My Comments: The recently enacted SECURE Act did not fundamentally change the set of rules about accumulating money for retirement. But it did change the landscape for many people. For years, the Roth IRA has seemed like an exotic step-child in the financial planning world. I think this happened because contributions to Roth IRAs generally …

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Problems Created by The SECURE Act

The SECURE Act, signed into law last December, brings important benefits for Americans, both retired and not yet retired. The Act will influence how you save money for retirement and how you withdraw money from retirement accounts in the future. It also includes rule changes that will cause distress for some. Given that none of …

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How Will The SECURE ACT Impact Your Estate Plan?

My Comments: This Act, signed by President Trump this past December, included several important additions and modifications to existing retirement planning code sections. For example, it changed the age when you MUST start taking money out of your income tax deferred retirement accounts. It gave retirement plan providers the opportunity to include annuities in their …

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The Secure Act is now law. Will it help your retirement?

I last wrote about the Secure Act back on July 18th of this year. The name is an acronym for Setting Every Community Up for Retirement Enhancement. As I mentioned then, someone stayed up late one night coming up with that to reflect the message of security. The idea behind any effort that allows people …

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A Few Things to Know About Required Minimum Distributions (RMDs)

According the AARP, about 10,000 Americans turn 70½ every day of the year. If you’re in that group, and have money parked somewhere that you’ve identified as a retirement account, chances are you’ll have to start taking a RMD soon. First, a little background info. We’ve agreed that the Internal Revenue Service (IRS) is responsible …

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Beneficiary Designations: 5 Critical Mistakes to Avoid

My Comments: First, a disclaimer: I’m not an attorney. Second, in my 43 years as a financial planner and investment advisor, I’ve run across more than a few beneficiary mistakes that have been problematical. With all of us having a finite time on this earth, the issue of what happens to our stuff when we …

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7 Reasons Why You Should Fund A Health Savings Account

My Comments: This is #6 in a series of 6 blog posts about Heath Savings Accounts, or HSAs. They are a potential game changer for those of you who qualify in that they have tax advantages and can suplement whatever else you are doing to set aside money for retirement. The writer of the article …

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