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New (Temporary) RMD Rules Offer Potential Planning Opportunities – Season 2: Episode 12
Managing Your Financial Future

New (Temporary) RMD Rules Offer Potential Planning Opportunities – Season 2: Episode 12

June 2, 2020

The COVID-19 outbreak has brought with it several changes for people who are facing deadlines, including filing federal and state income taxes. Another big one has to do with Required Minimum Distributions (RMDs) for 2020 – and maybe for 2019 as well. When the SECURE Act passed at the end of 2019, it changed the age at which IRA owners must begin taking RMDs, from 70 ½ to age 72. Several weeks later, in response to the pandemic, Congress made changes again to the RMD rules through the CARES Act, allowing for more flexibility and the potential to skip the distribution for 2020.
A Mortgage Payment Strategy You’ve Never Heard Before- Season 2: Episode 11
Managing Your Financial Future

A Mortgage Payment Strategy You’ve Never Heard Before- Season 2: Episode 11

May 26, 2020

When taking out a mortgage, people often wonder if it’s better to have a 15-year loan instead of a 30-year loan.  They think of all the interest payments they’ll save by shortening the loan period, and the fact that the home would be owned free and clear in half the time. Of course, they have to be able to afford the higher payments of a 15-year loan, which for some people is a deal-breaker.  But there may be a way for you to take the 30-year loan option and still be free of mortgage payments in 15 years.  On today’s podcast, we talk about a strategy to do exactly that.
New Rules for Hardship Retirement Plan Distributions
Articles

New Rules for Hardship Retirement Plan Distributions

May 21, 2020

The recently-enacted CARES Act introduced us to some new rules regarding qualified retirement plans (like a 401-k) and IRAs. These new rules are actually more like temporary “allowances,” as they provide a window of opportunity that may allow you to take advantage of some penalty-free distributions during the pandemic. What’s new is something called a CRD — COVID-Related Distribution — and it’s important that people who need to access their savings during this time of crisis know how they work. If done properly, they may provide some much-needed relief. And while we don’t always recommend that someone take loans or premature distributions from their retirement plans as their first option, this may be the right thing for certain people to consider.
Maintaining Your Confidence in Retirement- Season 2: Episode 10
Managing Your Financial Future

Maintaining Your Confidence in Retirement- Season 2: Episode 10

May 19, 2020

The standard, cookie-cutter portfolio often consists of just three main assets: stocks, bonds and cash.  One may argue that this is not enough diversification, but that discussion aside, some investors seem to find themselves these days replacing some of their “riskier” stock portfolio with the relative safety of US Government bonds. But interest rates are at historic lows, and the reward for owning bonds is minimal, at best.  Are people really satisfied with a 10-year rate of return that’s currently paying less than 1 percent annually?  Maybe: but there may also be some bond alternatives available to you that pay a bit more than that.
Staying Financially Healthy
Articles

Staying Financially Healthy

May 14, 2020

There’s a lot of talk these days, understandably so, about health. This is extremely important, and following proper guidelines may help save your life. But besides personal health, it’s also important to make sure you’re financially healthy as well. Thus, it’s a good idea to do a checkup every so often to assess where you are right now, and decide if you’re prepared for any potential roadblocks that may occur.   So where does financial health start? It begins with the simple things: an emergency fund, one that may cover your basic expenses in case your income is slowed or stops. But there’s more to it. What about debts? Are you taking advantage of any employer matches in your company retirement plan? Have your goals changed in the past few years? If so, are you still set up to get to where you want to be?