That’s right folks, our elected officials got something done in 2022 that has bearing on your everyday life. The passage of the SECURE Act 2.0 brings up some interesting planning opportunities for your finances. Since the name of my blog game is short-and-sweet, I’ll just hit a few highlights. Click on the article below for…
Many of you have done all the right things for your health and can look forward to a long and healthy retirement. Bad news for your financial planner! Why would I say such a horrible thing? Longevity means the nest egg needs to last longer. That could mean spending less each year and worries…
Yes, 2022 is quickly drawing to a close, but it’s not too late to help those non-profit organizations you love. Here are three quick tips for making the most of your charitable gifts for taxes. If you are age 70 ½ or older, you can take advantage of Qualified Charitable Distributions from your traditional IRA.…
Yep, your investments are down and so are your spirits. Those looking for a silver lining may be talking about tax loss harvesting. What does that even mean? Warning, if your money is all in retirement accounts (IRAs, Roth IRAs, 401(k)s, 403(b)s, this concept doesn’t apply. Tax loss harvesting is only for accounts where capital…
The IRS has done it again. Taken an already unfortunate new rule about inheriting IRAs and made it even worse. To recap, if you inherited IRA/Roth IRA/Workplace Retirement Account money from someone who died in 2020 or after, the SECURE Act states that you must take that money out of the account within 10…
To find it? Recently I read an article about the U.S. Will Registry. It’s a free website where you can upload either the will/trust documents themselves or just say where you have your estate plan stashed. And who is allowed to see it. This seems like a great idea just in case: Your will…
Pumpkins, pumpkin spice, pumpkin decorations…it’s October and pumpkins are pervasive. There is even a business book about pumpkins by Mike Michalowicz called The Pumpkin Plan. Since many of my readers are business owners or operate as such within a larger company, here are three quick ideas from this very popular book. To grow…
What is the Inflation Reduction Act of 2022? Is it just a lesson on being more careful when naming laws? Is it an inflation law, a climate law, or an insurance law? As with all laws, it’s complicated so here are three things you may find helpful in the new regulations. Drug costs for…
Ugh, September is one of those months with FIVE Thursdays. That’s a lot of blogs to write so I’m taking a breather this week and re-running a Blog from July 2022 about risk tolerance and stock market drops. The financial services industry has for years been collectively handwringing about how to measure clients’ real…
You may have heard of Bill Bengen’s 4% rule for retirement withdrawal. Through back testing and calculating and thinking really hard, Mr. Bengen concluded that a retiree could start taking 4% out of investments and have his/her nest egg last through a 25-year retirement. This assumes the retiree will need to increase withdrawals over time…
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