financial planning

When preparing a financial plan for any client, one of our primary goals is to have enough income sources, even if there is a periodic disruption in the investment portfolio. Some fortunate clients have a pension, social security, annuities, bond interest, and/or dividends that will cover their needs.

It has been comforting to me, and I think to our clients, that during the Coronavirus crisis the Retirement and Financial Plans we worked on in prior months and years showed what their real financial position is instead of focusing on only short-term market moves. However, even well-conceived plans encounter challenges when circumstances change in an unexpected way.

On March 27, 2020 President Trump signed into law the Coronavirus Aid Relief and Economic Security Act (CARES Act). The CARES Act is a stimulus bill featuring over $2 trillion in measures designed to make a significant impact on the economy and bring relief to individuals and businesses impacted by COVID-19 or the Coronavirus pandemic.

Is getting your finances in better shape a New Years resolution you are considering? While it’s highly recommended that we use a financial advisor when we start to grow our investment portfolio, there are a lot of things you can do before you ever speak to a financial advisor to grow and maintain your investment portfolio.

Here are some things you might consider before saying goodbye to 2019.  

If you’ve only just begun your career and are starting to collect a decent paycheck, the last thing on your mind is probably retirement planning. When you’re in your twenties and thirties, retirement can feel light years away, but it will get here much quicker than you can imagine. And when it does, you’ll want to be prepared.

A Tax-Optimized Strategy for RMDs  

If you are age 70½ or older, and you have an IRA, 401(k) or other tax-deferred retirement account, government regulations require you to take out a minimum amount of that account each year.

ALL OF THE REQUIRED DISTRIBUTION IS TAXABLE, BUT HERE IS HOW YOU CAN AVOID PAYING TAXES ON ALL OR PART OF IT.

A longer repayment time can be an advantage.

The conventional wisdom about taking a loan from your 401(k) plan is often boiled down to: not unless absolutely necessary. That said, it isn’t always avoidable for everyone or in every situation.

If you’re a beginning investor, it’s likely you’re concentrating on building your portfolio.  But as important as it is to build that portfolio, you should also ensure that it’s diversified.

Avoid these situations, if you can.

Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible.