The Markets (as of market close July 24, 2020) Last week started off on a high note as stocks reached levels not seen since February. The Nasdaq gained 2.5% last Monday, led by a surging Amazon and Zoom Technologies soared to a record high following the publication of positive COVID-19 vaccine results. Investors were encouraged …
The Markets (as of market close June 5, 2020) Despite nationwide protests and U.S.-China tensions, stocks rose to start the week. Apparently, investors focused on progress toward economic recovery instead of other pressing issues. Of the benchmarks listed here, the small caps of the Russell 2000 and the tech-heavy Nasdaq led the way, each gaining …
The Markets (as of market close April 24, 2020) The week started with stock indexes falling sharply on the heels of an historic plunge of crude oil into negative territory. The Dow dropped nearly 600 points and more than 2.4% by Monday’s close. Minimal demand sent the prices for crude oil (CL=F) to -22.02 per …
While the major changes resulting from the SECURE Act’s annuities, RMD and open MEPs provisions—plus the elimination of the “Stretch” IRA—have grabbed most of the headlines since the Act became the “law of the land” as of Jan. 1, 2020, there are a number of other 401k-impacting provisions that need to be on the radar …
6 Lesser-Known SECURE Act Provisions Impacting 401ks Read More »
When you determine how much income you’ll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won’t be enough to meet your needs. If you find yourself in …
A NON-TECHNICAL REVIEW OF QUALIFIED RETIREMENT PLAN LEGISLATIVE AND ADMINISTRATIVE ISSUES ON DECEMBER 20, 2019, THE SETTING EVERY COMMUNITY UP FOR RETIREMENT ENHANCEMENT (SECURE) ACT WAS SIGNED INTO LAW. The SECURE Act represents some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006, over thirteen …
Winter 2020 Update: How the Secure Act is Changing Retirement Read More »
Employer-sponsored qualified retirement plans such as 401(k)s are some of the most powerful retirement savings tools available. If your employer offers such a plan and you’re not participating in it, you should be. Once you’re participating in a plan, try to take full advantage of it. Understand your employer-sponsored plan Before you can take advantage …
Taking Advantage of Employer-Sponsored Retirement Plans Read More »
If you have a 401(k) plan at work and need some cash, you might be tempted to borrow or withdraw money from it. But keep in mind that the purpose of a 401(k) is to save for retirement. Take money out of it now, and you’ll risk running out of money during retirement. You may …
Borrowing or Withdrawing Money from Your 401(k) Plan Read More »
Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Although taxes shouldn’t be the sole determining factor in naming your beneficiaries, ignoring the impact …
As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed a deduction for contributions you make to an employer-sponsored retirement plan. In return, however, you’re required to include certain employees in the plan, and to give a portion of the contributions you make to those participating …