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Financial lessons learned from COVID-19

The pandemic may have hit your wallet hard. Here are some lessons we can learn from this unprecedented time. he reverberations of the COVID-19 global pandemic have been a wake-up call for many of us as we scratch our heads over our finances: Are our wallets in...

THE ROTH CONVERSION CONVERSATION: A MUST-HAVE!

By Andy Ives, CFP®, AIF® IRA Analyst When visiting the doctor, does he or she ask foundational questions to help determine your medical condition? Of course. “How are you feeling?” “Are you a smoker?” “What hurts?” Does the doctor take some basic measurements –...

Weekly Market Commentary

Weekly Market Commentary – 4/30/2021 -Darren Leavitt, CFA It was a hectic week on Wall Street highlighted by large-cap technology Q1 earnings, the April Federal Reserve Open Market Committee, and a busy economic data calendar.  Trading was mixed throughout the...

2020 IRA CONTRIBUTION DEADLINE EXTENDED TO MAY 17

By Sarah Brenner, JD Director of Retirement Education Good news for retirement savers! There is more time to make your 2020 IRA contribution. On March 17, 2020, the IRS extended the 2020 federal income tax-filing deadline to May 17, 2021. The extension also extends...

How the pandemic has shaken up retirement

Pandemic-related job losses forced many older Americans out of the workplace in the past year, perhaps permanently. But the COVID-19 crisis also seems to have delayed some retirements. Remote work eliminated commutes and often allowed more flexible schedules with...

THE IRS MAY BE COMING AFTER YOUR SOLO 401(K) PLAN

By Ian Berger, JD IRA Analyst If you sponsor a solo 401(k) plan, beware! The IRS recently announced that it is targeting several employer plan areas for stepped-up auditing. One of those areas is solo 401(k) plans. The fact that solo plans made the list is a signal...

Weekly Market Commentary

-Darren Leavitt, CFA US equity markets finished mixed on the week as Q1 earnings continued to surprise to the upside.  Markets pulled back sharply on Thursday on reports that the Biden administration will propose increasing the capital gains tax, and economic data...

Top 10 Retirement Tips For 2021

For many Americans, retirement may look different in 2021 than it has in years past. The severe economic impact of the Covid-19 pandemic could push many people to consider retiring early, with less saved than they may need. Whether or not your retirement plans are...

ACTIVE PARTICIPATION AND IRA DEDUCTIBILITY

By Andy Ives, CFP®, AIF® IRA Analyst This question (or a derivation of it) has been popular as of late: “I only participated in my 401(k) for a couple of months in 2020 before I was laid off. Does that still make me a ‘covered’ employee, and can I contribute to my...

Weekly Market Commentary

-Darren Leavitt, CFA US equity indices hit another set of all-time highs in what was a very busy week on Wall Street.  First-quarter earnings season kicked off, with US Banks showing impressive results.  Markets were well bid throughout the week and moved higher...

MAKING A 2020 ROTH IRA CONTRIBUTION

By Sarah Brenner, JD Director of Retirement Education The IRS has delayed the deadline for filing federal income taxes until May 17, 2021. This also extends the deadline for making a 2020 Roth IRA contribution. A Roth IRA offers the promise of tax-free withdrawals in...

IRA RUMORS AND CONSPIRACY THEORIES

By Andy Ives, CFP®, AIF® IRA Analyst With all the recent changes to IRAs under the SECURE Act [i.e., required minimum distribution (RMD) age raised to 72, new rules for beneficiaries, etc.], combined with the CARES Act waiver of RMDs last year, it comes as no surprise...

The How-Tos And Benefits Of A Minor Participating In 401(k)s

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 A 401(k) plan doesn’t need to be just for large...

Weekly Market Commentary

-Darren Leavitt, CFA Markets continued to rally, but the advance came on quiet trading volume. Robust economic data coupled with a solid economic outlook from JP Morgan’s CEO Jamie Diamond catalyzed buying.  First-quarter earnings start in earnest in the coming week,...

Covid-19 Is Most Certainly A Retirement Story

The Covid-19 recession, like all recessions, threatens the wealth and retirement security of millions of workers. Job loss prompts people to stop saving, raid their nest eggs or go into debt by falling behind on their rent and mortgage payments. Most workers nearing...

INHERITED IRA & 401(K) ACCOUNTS: TODAY’S SLOTT REPORT MAILBAG

By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi, I inherited my husband’s 401(k) when he died last year. I kept the assets with the 401(k) administrator, believing I had to do that to take distributions without 10% penalty. (I am under 59 ½ years old). If I...