What is a fiduciary?

If you are working with a financial professional it is important to know what it means to be a fiduciary.  Not all financial professionals are the same.  Not all financial professionals put their clients’ interests first.  We do.

Watch our 80-second video to learn about what it means to be a fiduciary.

Contact the Baron Financial Team to learn more about how we put client interests above our own.

New Investor Blog Series from BFG – IRA Basics

Baron Financial Group’s New Investor Blog Series will consist of monthly blog posts that provide general information on a range of investment topics. The series aims to provide new investors with basic investment information.

*This blog post is the first in the series*

 A 60-second read by the Baron Team:  What is an IRA? An IRA is an Individual Retirement Account. There are two types of IRAs – Traditional and Roth. 

Traditional IRA:

  • Who is eligible? Anyone can invest in an IRA if they are under the age of 70 ½ and are still working
  • How much can you contribute? For 2019, you can contribute up to $6,000 per year based on your earned income (or $7,000 if you are over the age of 50)
  • What are the tax implications? Investment income and growth is tax-deferred until you begin to make withdrawals
  • Are contributions tax-deductible? Yes (In most Cases)
  • Are there withdrawal penalties? Yes, withdrawals made before age 59 ½ are subject to a 10% penalty (There are exceptions)
  • What are the distribution rules? Withdrawal is mandatory starting at age 70 ½

Roth IRA:

  • Who is eligible? Working taxpayers with gross income below $137,00  or $203,000 for married couples for 2019 tax year (Phaseouts apply)
  • How much can you contribute? For 2019, you can contribute up to $6,000 per year based on your earned income (or $7,000 if you are over the age of 50)
  • What are the tax implications? With Roth IRAs you pay taxes upfront, so withdrawals made upon retirement are tax-free
  • Are contributions tax deductible? No
  • Are there withdrawal penalties? None, if a qualified distribution
  • What are the distribution rules? No requirement to make withdrawals by age 70 ½

What are the main differences between the two?

Continue reading “New Investor Blog Series from BFG – IRA Basics”

Good Cheer and the Spirit of the Season

In the spirit of the season, a donation has been made to the Fair Lawn Food Pantry in Fair Lawn, New Jersey and to the All Faiths Food Bank in Sarasota, Florida.

With these donations, we honor Baron Financial Group clients and friends and continue our commitment to making the community a better place.

We wish everyone a happy, healthy and prosperous New Year!