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 …
Continue reading How Will The SECURE ACT Impact Your Estate Plan?
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 …
Continue reading The Secure Act is now law. Will it help your retirement?
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 …
Continue reading A Few Things to Know About Required Minimum Distributions (RMDs)
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 …
Continue reading Beneficiary Designations: 5 Critical Mistakes to Avoid
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 …
Continue reading 7 Reasons Why You Should Fund A Health Savings Account
My Comments: This is post #5 in a series of 6 posts intended to help you better understand the advantages of HSAs. If your circumstances let you qualify for one, it could be a game changer when it comes to paying your bills in retirement. by Adella Cellini Linecker \ November 30, 2018 A health …
Continue reading Health Savings Account Rules: 6 Little-Known HSA Tips That Will Save You Money
If you think your HSA is only good for covering medical expenses, you're overlooking one of its key benefits. My Comments: This is #4 in a series of 6 blog posts intended to help someone not yet retired, and under Medicare age, make an informed decision about their health insurance. There are restrictions on who …
Continue reading Is an HSA a Good Place for My Retirement Savings?
HSAs can help cut your healthcare costs but there are hundreds of options. Here's how to find one that's best for you My Comments: This is the third of six blog posts about Health Savings Accounts and how for some people they can be used to help pay bills in retirement. And since retirement is …
My Comments: Last Friday I introduced the idea of a Health Savings Account or an HSA. For the rest of this week, I’m going to add to your understanding of this potentially useful financial device and it’s favorable tax consequences. The words that follow here may not apply if you are about to sign up …
With all the recent attention from tax changes made by Congress recently, many of us are wondering how it will affect us. Here's something you might find is useful. Just remember I'm not licensed or qualified to give tax advice so this is information only. It comes from an insurance company called Athene. Technically, their …
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