10 THINGS YOU MUST KNOW BEFORE CONVERTING IN 2020

By Sarah Brenner, JD Director of Retirement Education The clock is ticking if you are considering converting your Traditional IRA to a Roth IRA in 2020. More IRA owners are making this move this year as historically low tax rates and COVID-related income losses have...

November 2020 Market Review and Outlook

-Darren Leavitt, CFA Global markets rallied in November. A historic US election played out as one of Wall Street’s best-case scenarios.  Three effective Covid-19 vaccines were announced over the month, which further stocked investor enthusiasm. Third-quarter earnings...

CAUTION: FOUR TAX BREAK DEADLINES RAPIDLY APPROACHING

By Ian Berger, JD IRA Analyst Thanksgiving is behind us, and the end of the year will be here soon. (Many of us are truly thankful for that!)  This is a good time to remind you of certain tax breaks that will expire before we turn over the calendar to 2021. Many of...

BACK TO THE RIGHT SIDE UP

By Andy Ives, CFP®, AIF® IRA Analyst We have collectively crawled into the hollow of a 2020 tree and found ourselves in the Upside Down. (That is a “Stranger Things” reference, for the uninitiated.) The SECURE Act turned beneficiary options upside down. The CARES Act...

9 Signs You Are Not Financially OK to Retire

And one other reason to keep working Being ready to retire means more than being ready to stop waking up at 6:00 a.m. to put in long hours at a job you’re not thrilled about. If it were that simple, most of us would retire at 25. What it really takes to retire...

IRS ADDS NEW REASON FOR SELF-CERTIFICATION OF LATE ROLLOVERS

By Sarah Brenner, JD Director of Retirement Education The IRS has recently added a new reason for self-certification of late rollovers to its list. Revenue Procedure 2020-46 modifies the list of reasons to include an IRA or company plan distribution made to a state...

WHAT LIMITS APPLY IF I PARTICIPATE IN TWO COMPANY PLANS?

By Ian Berger, JD IRA Analyst We continue to get questions about the limits that apply for folks who participate in multiple company savings plans at the same time or who switch jobs in the middle of the year. What’s confusing is that there are two limits – the...

MILITARY BENEFITS

By Andy Ives, CFP®, AIF® IRA Analyst With Veterans Day being just last week, an overview of two military retirement benefits felt like an all-important and appropriate topic of discussion. One benefit pertains to a penalty exception for accessing retirement dollars...

QCDS AND RMDS UNDER THE CARES ACT: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD Director of Retirement Education Question: Is there any problem with someone who is self-employed and has an active SEP making a deductible SEP contribution and an IRA QCD after age 70 1/2?  In this case, the QCD would come from the IRA while the...

6 WAYS THAT ROTH IRAS AND ROTH 401(K)S ARE DIFFERENT

By Sarah Brenner, JD Director of Retirement Education Both Roth 401(k)s and Roth IRAs offer the ability to make after-tax contributions now in exchange for tax-free earnings down the road if the rules are followed. However, there are some important differences between...

IRS ISSUES NEW RMD TABLES . . . FOR 2022!

By Ian Berger, JD IRA Analyst Good news! You can look forward to somewhat smaller required minimum distributions (RMDs) from your IRA and company retirement savings plan beginning in 2022. That’s because, on November 6, the IRS released new life expectancy tables that...

RMDS UNDER THE CARES ACT: TODAY’S SLOTT REPORT MAILBAG

By Andy Ives, CFP®, AIF® IRA Analyst Question: Great work you all do. Been a reader of Ed for a long time. How would this scenario work? New client of mine’s husband passed away in 2019 and he had not taken his RMD. The plan was to transfer the account to my...

Americans Feel Anxious About Their Retirement Savings Amid Pandemic

Millions of Americans expect their efforts to save for retirement to be derailed, perhaps permanently, by the coronavirus pandemic. That’s the main takeaway from several surveys released in October that begin to create a snapshot of the retirement landscape in the...

10% PENALTY EXCEPTIONS – IRA ONLY!

By Andy Ives, CFP®, AIF® IRA Analyst When a person under the age of 59 ½ takes a withdrawal from their IRA or company plan – like a 401(k) – there is a 10% penalty. However, this penalty can be avoided if the withdrawal qualifies for an exception. Some...

CRDS ARE STILL AVAILABLE

By Sarah Brenner, JD Director of Retirement Education The year 2020 has been a challenging one. With coronavirus cases rising in most of the country and economic relief stalled in Congress, many individuals may be looking to find funds to pay urgent bills. One...

October 2020 Market Review and Outlook

-Darren Leavitt, CFA Global financial markets had mixed performances in October.  Investors were hoping for another tranche of stimulus from Washington, but the politicians were too far apart to get a deal done in the end.  The US Presidential election continued to...