Can a Minor Participate in a 401K?

If you are a small business owner, this week’s article might be of interest to you. It mentions that “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 it goes on to tell us that “a common misunderstanding with 401(k)s is that there’s a minimum age of 21. The minimum-participation rules state that a plan must not impose a minimum age condition beyond 21, and nothing in federal law precludes setting a plan’s minimum age at a younger age. These choices are ultimately up to the plan’s sponsor.” It’s never too soon to start to save for retirement. Call us if you’d like more ideas on how to do just that. We’re always here to help.

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Did you know?

Did you know that the National Institute on Retirement Security, “Examining the Nest Egg: The Sources of Retirement Income for Older Americans,” January 2020 reports that 40.2% of older Americans only receive income from Social Security? We believe in supplementing that retirement income with additional income you can’t outlive. Call us if you are interested in hearing more about a product that provides this, and also protects your principle from market losses. We’re always here to help.

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What’s the Right Strategy for You?

This week’s article confirms an announcement recently made by the IRS. “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 potentially ease their IOU to Uncle Sam while also helping them save for retirement.” Do you need help deciding what is the right strategy for you with your retirement contribution? Call us. We’re always here to help.

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What’s the Right Strategy for You?

This week’s article confirms an announcement recently made by the IRS. “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 potentially ease their IOU to Uncle Sam while also helping them save for retirement.” Do you need help deciding what is the right strategy for you with your retirement contribution? Call us. We’re always here to help.

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Keeping it Simple

This week’s article provides an easy answer to the question ‘What is an Indexed Annuity’? “An indexed annuity is a type of annuity contract that pays an interest rate based on the performance of a specified market index, such as the S&P 500. It differs from fixed annuities, which pay a fixed rate of interest, and variable annuities, which base their interest rate on a portfolio of securities chosen by the annuity owner. Indexed annuities are sometimes referred to as equity-indexed or fixed-indexed annuities.” If you are interested in learning more, or have any questions, call us. We’re always here to help.

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Retirement Accounts

With deadlines for filing tax returns approaching we are beginning to remind people that the deadline for making their permitted annual deposits into their retirement accounts is also approaching. Even if you have a Roth IRA you may want to consider the different options you have to both accumulate wealth for retirement, or if you are already retired and taking income from you savings, to obtain growth potential without being vulnerable to major long-term downturns in the market. Call us, we’re happy to explain some choices you have and discuss how they may fit into whatever stage of retirement planning you are in. We’re always here to help.

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Do Beneficiaries Pay Taxes on Life Insurance

Lately we’re being asked about taxes and life insurance, and whether or not beneficiaries of a life insurance policy have to pay income taxes on that money, or whether the estate has to pay taxes on it. The simple answer is, usually, no. But because there can be nuances involved depending on how the life policy is owned, or how the beneficiary is identified we thought to share with you this week’s article. Take a look, and then call us if you have any questions. We’re always here to help.

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A simple cure for that risk

A simple cure for that risk

This week’s article tells us “experts want you to start saving as soon as possible, no matter what amount you can afford to put away.” The first goal being to simply get into the habit of saving for the future because the future comes sooner than you think, and “the second is to take advantage of as many compounding returns as you can: The longer your money is invested in the market—even if it’s a smaller amount—the longer it has to grow and generate increasingly larger returns.” The article also tells us “this turns most of us into market watchers. The more gray hairs on your head and the fewer years left on the job, the more you may find yourself fixating on the stock market and praying for good fortune when it comes time to hang up your spurs. The obsession with markets is understandable, but it distracts retirement savers from what they should really be worrying about: outliving their money. And there’s a simple cure for that risk”. Reach out to us if you’d like to talk about a financial product that does not invest in the stock market, but which gets stock market type gains with no stock market losses or risk of the market causing your redemptions to be less than the original amount you set aside. And, which also provides an income you can’t outlive. Call us, we can tell you all about it. We’re always here to help.

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Evolves over time

This week I thought to refer you to an article that begins with the simple but universal statement “Retirement planning is a multistep process that evolves over time.” The reason we like this statement is because it relates to each of us, regardless of our age. Whether you are at the beginning stages of thinking about your retirement goals and how long you have to meet them, or you are about to begin to withdraw from your savings, planning is needed every step of the way. Call us if you’d like to review your plan, we may have some suggestions you haven’t thought of, or options you are unaware of. We’re always here to help.

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Women and Retirement

Commentary:

“At a time when COVID-19 is generating massive financial uncertainty for individuals, companies, and societies, an important new report from Bank of America examines the unique saving and investing challenges facing women. It marks the launch of a new research series that applies a gender lens to financial behaviors”. Call us if you would like to discuss the financial behaviors that you have become comfortable with, but which may perhaps no longer create the best savings strategy for you. We have some ideas that may be of interest to you. And we’re always here to help.

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