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The SECURE Act is by far the biggest retirement-oriented legislation to be enacted in over a decade. Many Americans are left wondering, “What does this mean for me?” Here’s what you need to know. If you have any questions or if I can do anything for you please do not hesitate to email me at email@example.com or call me at (734) 272-4322! I recently did three webinar workshops covering the SECURE Act and what it means for our clients. Click on the video link below to watch the full webinar workshop! The SECURE Act, passed in late 2019, is by far the biggest retirement-oriented legislation to be enacted in over a decade. The new law is a very good thing for some retirees and not such a good thing for others. Barely half of the workforce is covered by a retirement savings plan through their employer, and the SECURE Act is meant to address this issue, among other things. Here are some key provisions in the Act that may affect your retirement plans. 1. Required minimum distrib
Have you or someone you know been "LAID OFF" recently? If so, you/they may find the video I made below useful. You this as an opportunity to grow! Please let me know if I can help you in any way! A plan participant leaving an employer typically has four options (and may engage in a combination of these options), each choice offering advantages and disadvantages. For balance, please update your material to include each option below: Leave the money in his/her former employer’s plan, if permitted; Roll over the assets to his/her new employer’s plan, if one is available and rollovers are permitted; • Roll over to an IRA; or Cash out the account value. The opinions voiced in this material are for general information only are not intended to provide specific advice or recommendations for any individual securities offered through LPL Financial. Member FINRA/SIPC. Investment advisory services offered through Four Financial Management a registered investment advisor & separate
Do you know how the SECURE act legislation will affect your retirement plan this year? IF NOT I would like to invite you to a very special event: "New Retirement Rules Understanding SECURE Act 2.0” At this one-hour workshop you will learn: • Why your 401(k) plans will look different in the future. • New age requirements for taking distributions from your retirement accounts. • “The Death of the Stretch IRA” and what it means for your family. • How 529 plan funds can jump start retirement savings. • One way young professionals can save for retirement and pay student loan debt. • The importance of planning and managing your taxes. • How small businesses can benefit from starting a retirement plan. You will also receive a copy of SECURE Act 2.0 Highlights —a comprehensive reference addressing he major changes in legislation and giving practical action steps. We all need to understand the new retirement-related legislation because the changes are far-reaching, subject
By Debra Taylor, CPA/PFS, JD, CDFA If you are wealthy and reaching your distribution phase, your high-balance retirement accounts can create some burdensome tax situations, particularly when it comes to legacy planning. Here are five potential pitfalls you should be aware of. Most people are very proud of their wealth. And why shouldn’t you be? You’ve worked your entire life to build your investment accounts and often sacrificed a great deal. However, once you hit the retirement “spending” phase, the government changes the rules on you, and you could essentially be punished for decades of following the rules and scrupulously saving. The saddest part is that most people don’t know what awaits them, as they have never retired before and they aren’t aware of the potential pitfalls that their accumulated retirement accounts can cause. WHO IS MOST AT RISK? Those with traditional IRAs of about $2M face significant tax planning challenges, when you consider how much an account that size cou