Effects of the SECURE Act on IRA Accounts
On December 20th the SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law. The passing of the Act will have three major effects on IRA account owners. The highlights of these law changes are highlighted below. First, beginning in 2020 the age for mandatory Required Minimum Distributions (RMD) from IRA and … Continued
All about IRAs
According to a recent survey, Americans are still struggling to save enough for the future: 22% have less than $5,000 in savings for retirement; a startling 46% of respondents say they don’t know how much they have saved for retirement. While many baby boomers (i.e. – those ages 55 to 73) are in or nearing … Continued
Top 10 IRA Rules to Remember
Rule #1: Contributions to a Traditional IRA are Tax-deductible. In general, you don’t have to pay taxes on contributions you make to a traditional IRA. The tax on both your contributions and the growth in the account is deferred until you make withdrawals at some point in the future. Rule #2: Contributions to a Roth … Continued
Remember Your IRA This Tax Season
According to a recent reports, nearly half of American families have no retirement account savings at all, while the median savings of those who do is just $5,000. If you or someone you know is in this situation, think IRA. Individual Retirement Accounts (IRAs) were designed for just that purpose – to help Americans save … Continued
Facts for Life Insurance Awareness Month – September 2016
One of the most important purposes of life insurance is to replace your income for your family when you pass away. Keep in mind that insurance isn’t intended to guarantee that your spouse won’t have to work after you die. It’s to make your family as financially comfortable without you as with you. During September, … Continued
Financial Friday – 401k Tips
Q: What are the 401k contribution limits for 2016? A: For 2016, you can contribute up to $18,000 if under the age of 50, and up to $24,000 if over the age of 50.
Financial Friday – Taxes
Q:When is this years tax deadline for 2016? A: You have 3 extra days to make your annuity or IRA contribution this year. Deadline is April 18, 2016. If you don’t have an annuity or IRA and would like to learn more about saving for retirement, please view our products.