(Part one of a two-part series.) Your financial legacy includes what you have taught your family about how to view money, earn money, save money, build wealth, and give back. Start talking with children about the value of money at an early age. Here are five suggestions.
As our economy navigates the COVID-19 crisis, federal stimulus programs are releasing new information regarding financial assistance programs for small businesses. There are currently two options for low-interest loans or loans that don’t need to be repaid that might help you weather the economic fallout of the COVID-19 crisis.
After the longest bull market and economic expansion in history, we have entered an economic and market downturn. The recent, worldwide turmoil concerning COVID-19 has had a significant impact on the national economy, and many investors are nervously checking their investments, unsure of how to proceed.
In response to a wave of volatility in financial markets, and drastic changes in employment for many Americans in the last forty days, Congress and the House have passed a $2 trillion package designed to give a jolt to the economy. Here’s how that package will affect your families, your portfolio, and your small business.
Are you considering converting your IRA to a Roth IRA? Having your retirement savings in a Roth account can be extremely beneficial if you wish to avoid Required Minimum Distributions (RMDs), want your money to grow tax-free, or if you plan to leave the account to your heirs. While traditional IRAs are subject to a ten-year withdrawal schedule at ordinary income tax rates when the IRA owner dies, Roth accounts pass to heirs tax-free. Additionally, the new SECURE act allows for Roth accounts to continue growing tax-free for up to 10 years after the death of the account holder.
As financial advisors, one of the most vital aspects of our job is to stand between our clients and bad investment decisions. This becomes especially important during market downturns, when investors are most likely to react emotionally to the market. During unstable market conditions, it is our job to be the voice of reason.
If your partner isn’t currently employed, together you may be able to capitalize on a tax planning opportunity. TrueNorth Wealth, your local finance firm offering the leading retirement and social security planning services, is advising couples to consider a Spousal IRA. A Spousal IRA is a less known way for a spouse who doesn’t currently work for a paycheck to save toward retirement. It is also another method for couples (joint filers) to receive increased tax advantaged savings, including Roth account benefits, simultaneously lowering their taxable income.
While in the trenches of your 9-5, you may dream of a stress-free retirement with no obligations or to-dos. After all, you’ve worked hard your whole life; you deserve some relaxation! While this may be true, we often find that retirees feel unfulfilled during retirement, often experiencing decreased life satisfaction. The feelings of being needed, respected, and valued at your profession are now gone, and they can often be replaced with feelings of discontentment or depression.
As the tax year draws to an end, you may start to ask yourself the question, “should I itemize or take the standard deduction?” Because of the recent changes to the Tax Law, more and more people are choosing to take the standard deduction. However, itemizing can have large benefits, so the decision can be complex.