In recognition of Women’s History Month in March, and International Women's Day on March 8th, we felt it was important and timely to share this article on women and money, to reinforce the importance of women taking control of their finances. “Women and Money: Why It’s Important to Take Control of Your Finances” by Carrie Schwab-Pomerantz, was originally posted on March 4, 2020 on Schwab.com.
Congress passed new laws in the SECURE 2.0 Act of 2022, changing the age requirements for taking Required Minimum Distributions (RMDs) from retirement accounts, as well as increasing the catch-up contribution levels. As of January 1, 2023, individuals must begin taking required minimum distributions (RMDs)...
On October 21, 2022, the IRS announced that the contribution limit for 401(k), 403(b), many 457 plans, and the federal government’s Thrift Savings Plan has increased to $22,500 for 2023. Below is a summary of the upcoming 2023 changes to retirement plan contribution limits...
Many clients have been asking us about Series I Savings Bonds. Here are some details that you need to know to determine if I Bonds are right for you - they are typically best for someone who has additional savings, which they feel they may not need for the next 1-5 years.
James Suazo, ChFC®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “We sold our stocks. What should we do with the money?”, originally published on September 7, 2022. Without knowing your full financial situation, we recommend answering the following questions to help you make an informed decision.
Many clients have been asking us about Series I Savings Bonds. Here are some details that you need to know to determine if I Bonds are right for you - they are typically best for someone who has additional savings, which they feel they may not need for the next 1-5 years.
James Suazo, ChFC®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I have an inherited IRA. How soon do I have to take distributions?”, originally published on November 30, 2021. If your inherited IRA falls under the 10-year rule, the IRS has clarified the rule in their publication 590-B...
Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 Trillion economic stimulus package from the U.S. Government. It addresses the economic impacts of the COVID-19 (coronavirus) outbreak, providing help for both individuals and businesses. The CARES Act provides:
If you are like many working Americans, you are in the middle stages of your journey towards financial independence. This is the time to redefine your financial path to ensure the steps you are taking are leading towards your desired destination. Although you may have several more years to go, it's time to begin coming up with specific and measurable retirement goals.
The penalty for not taking one’s Required Minimum Distribution (RMD) from an IRA, according to the IRS, can be 50% of the amount that was not distributed. For example, if one is required to take $1,000 of RMD this year, failing to do so may cause a $500 tax bill.
If you began taking Social Security before full-retirement age and are looking to postpone payments until a later time, there is a solution: the 1-year payback rule.
Whether you are making a plan to travel or planning for retirement, determining an appropriate strategy ahead of time will provide guidance for a path to success and for actions to take when things might not go as smoothly as expected.