A 30-second read by the Baron Team: At Baron Financial Group, we are committed to education and further advancing our knowledge of the industry to best serve our clients.
In November 2018, one of our Baron team members, Victoria Cannillo, earned the CFA Institute Investment Foundations® certificate from the CFA (Chartered Financial Analyst®) Institute to help with her role as a financial analyst as well as a member of our internal investment committee. Victoria dedicated approximately four months to learn and study the program material which culminated in a 2-hour exam.
According to the CFA Institute, “The CFA Institute Investment Foundations® Program covers the essentials of finance, ethics, and investment roles, providing a clear understanding of the global investment industry.” To read what the specific topics of the program curriculum are, click here.
To learn more about the CFA Institute and the Investment Foundations program click here. To learn more about Baron Financial Group, contact us at 201-791-6408 or at email@example.com.
A 30-second read by Victoria Cannillo: In a previous post, we provided an overview of myRA, a retirement savings option, backed by the U.S. Treasury, for those who didn’t have access to an employer-sponsored retirement savings plan. The program was introduced in 2014 to enable participants to contribute to a retirement plan with flexible contribution amounts and no fees to open an account. The Treasury Department has recently announced that the myRA program will no longer continue, stating the demand for the program did not warrant the expense.
On the myRA website it states, “The U.S. Department of the Treasury has decided to phase out the myRA® retirement savings program and the program is no longer accepting new enrollments…” According to a July 28, 2017 article in The New York Times by reporter Tara Siegel Bernard, in the few years that the program was in existence, there were roughly thirty thousand participants. Participants of the program have the opportunity to rollover the savings that they accumulated through myRA into a Roth IRA. The myRA website provides participants information about selecting a new Roth IRA provider so that they can continue saving.
Please reach out to your Baron Team for any further questions.
Editor’s Note: As of July, 2017, the Treasury Department has announced that the myRA program will no longer continue. For more information, read our update to this post.
A 45-second read by Victoria Cannillo: You have most likely heard of a Roth IRA or a Traditional IRA, but what about myRA? myRA was introduced in 2014 as an option for people who don’t have access to an employer-sponsored retirement savings plan or other retirement savings options. According to the myRA website, you can contribute up to $5,500/year into the account ($6,500/year for those older than 50). Once the account reaches an account balance of $15,000, or when the account is 30 years old, the savings will be transferred or rolled-over into a private-sector Roth IRA.
For 2016, the maximum income allowable to participate in the program was $132,000 for single-tax filers and $193,000 for couples filing together. Read more specifics about the program, here.
Some pros and cons of myRA to consider:
- No cost to open an account and no fees
- Flexible contribution amounts (a traditional IRA has a $1,000 minimum)
- Investments are backed by the United States Treasury
- Tax benefits are similar to a Roth IRA, such as earning interest tax-free
- There is only one investment option – a treasury bond (accounts are invested solely in Government Savings Bonds)
- Once the account balance reaches $15,000, it stops accumulating interest, so your maximum for savings is limited
- Doesn’t seem to offer many long-term options at this time
Reach out to your Baron team if you want help in understanding what kind of IRA would be best for you.