Retirement Planning
Appealing a 2021 IRMAA Medicare Part B Premium Surcharge Notice
The monthly premiums that Medicare Part B enrollees will pay during 2021 has been recently announced by the Centers for Medicare and Medicaid Services (CMS). As explained below, the amount of the Part B monthly premiums that an enrollee will pay during 2021 depends on the enrollee’s 2019 modified adjusted gross income (MAGI), as calculated…
Read More5 Ways Gen X Can Catch Up on Retirement Savings
Caught between two iconic generations, Baby Boomers and Millennials, the older side of Generation X quietly slips toward retirement age. Most, however, are not on track to meet their retirement goals. In fact, nearly 9 in 10 Gen Xers are falling short. Perhaps relying on pensions, the promises of social security, or a near-future raise,…
Read MoreRollover Deadline for 2020 RMDs Extended by IRS to August 31, 2020
Once again, the deadline has been extended for rolling over an unwanted required minimum distribution (RMD) taken from an IRA or company plan in 2020. On June 23, 2020, the IRS issued Notice 2020-51 which stated that any unwanted RMDs already taken during 2020 could be repaid via a “rollover” or “repayment” back to an…
Read MoreThe House Passes Spending Bill that Includes SECURE Act
On Tuesday, December 17, 2019, the House of Representatives passed a $1.4 trillion spending bill that included the SECURE Act (Setting Every Community Up for Retirement Enhancement). The Bill now heads to the Senate where approval is expected and then on to President Trump who is expected to sign the legislation into law. If enacted,…
Read MoreRetirement Plan Review – 401(k) for Your Company
It is safe to say that we now live in the “fiduciary era” when talking about company 401(k) retirement plans. If you are a business owner who sponsors a 401(k) plan, you have the fiduciary responsibility for all aspects of your retirement plan. Plan sponsors have seen an increase in lawsuits for a variety of…
Read MoreWhat is the Appropriate Asset Allocation for Your Investment Portfolio?
According to many studies published over the past 25 years, a significant portion of investment returns are determined by how investors allocate their assets versus security selection, market timing, and other factors, including style within asset classes (value vs. growth), and fees. Therefore, how an investor allocates their investment portfolio among stocks, bonds, and cash…
Read MoreIRA Contributions
In an era where pensions are few and far between, and future Social Security benefits are in question, it’s important for individuals and their families to save for their own retirement savings. A great and simple way to save for your retirement (with potential tax savings) is through an Individual Retirement Account (IRA). Traditional VS.…
Read MoreWhen Should I Switch from Managing My Own Investments to Utilizing the Services of a Financial Advisor?
Not every investor feels like they need a professional financial advisor. Many investors feel that they have the knowledge to manage their investments on their own. In addition, some people just don’t want to pay the fees of a financial advisor for something they feel they can do themselves. When it comes to investing, a…
Read MoreAvoid Medicare Premiums with Retirement Planning Strategies
When planning for their clients’ retirement, most financial advisors tell their clients to utilize 401(k) accounts and IRAs to accumulate as much as possible in these tax-deferred accounts. Allowing these accounts to grow tax-deferred is a great way to save for a person’s secure retirement. However, accumulating a large 401(k) or IRA can come along…
Read MoreRetirement on the Horizon: A Financial Planning Checklist
Retirement is one of the biggest events you will experience in your lifetime and requires you to have a retirement checklist to plan your finances correctly. Starting that next phase of life brings about significant changes, both personally and financially. Financial freedom and security in retirement does not just happen. Retirement planning takes time, carefully…
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