Unique IRA Opportunities for 2020 as a Result of COVID-19

As hard as it has been financially for many individuals, the year has provided some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020.

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The IRS Provides Additional 2020 RMD Rollover Relief

Normally, RMDs are not allowed to be rolled over, but because the CARES Act waives the requirement to take a 2020 distribution, these distributions are not treated as RMDs for 2020, rather are considered distributions that are eligible to be rolled over.

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Smart Money Moves to Make When You Turn 50

Congratulations on making it to half a century! Your fifties can be a time of change. Maybe not having to work anymore sounds like a dream, but you might be concerned you don’t have enough saved for your upcoming retirement. Those concerns definitely aren’t unfounded as 40 million households in America have no retirement savings at all.

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Understanding Your Annual Social Security Letter

If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 have increased by 1.6% as a result of a rise in the cost of living. The letter also lets you know how much will be withheld from your monthly retirement benefit for Medicare Parts B (medical insurance) and D (Prescription Drug Plan).

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Working Past Retirement: How to Maximize Your Benefits

Age 65 has traditionally been when most people retire. In recent years, working past your mid-sixties is becoming more and more common. Working past 65 has many benefits, like continued income and employer-sponsored health insurance, but it could impact your Social Security and Medicare entitlements. If you’re planning on working past retirement, here are some helpful ways to plan so that you can make the most of your federally sponsored benefits.

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How to Talk About Finances with Your Aging Parents

It’s a difficult thing to think about, but one day you could be taking care of an elderly parent who’s in declining physical or mental health. Whether or not you work with your parents in a family business, it’s important to recognize the financial stress and list of “to dos” that come with the emotions of this phase of life. By taking steps to make ensure finances are in order now, you’ll be more prepared to handle those matters down the road. In turn, you’ll have the ability to focus on the health and quality of life of your parents as they age.

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Planning for Your RMDs Before Year End

If you’re about to retire, there are many important financial decisions to be made. Most people will depend on their retirement accounts to provide income for their non-working years, but how much and when you withdraw varies by individual. If you’re delaying your distributions past your retirement to maintain the tax-deferment benefits, there will come a time when you must begin withdrawing funds from your retirement savings accounts.

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Retirement Planning for the Self-Employed: SEP IRAs vs Individual 401(k)s

There are plenty of advantages to self-employment, but there are also a lot of additional responsibilities that aren’t part of the picture when you’re an employee. One of the biggest advantages and drawbacks is the lack of structure for benefit plans. As a self-employed person (with no other employees), you have the freedom to set your own policies, schedule and so forth. So, you may be wondering where to start when it comes to selecting a retirement plan. We’re here to help.

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