2020 Tax Saving Strategies

January 29, 2020

With the start of a new year and the 2020 tax season, let’s revisit some tax-saving strategies that can help you save on your taxes this year. Below are some tax tips that will be useful whether you are trying to maximize your refund or minimize what you owe.

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Breaking Down the Secure Act

January 7, 2020

The Setting Every Community Up for Retirement Enhancement Act went into effect on Jan. 1, 2020, and there have been a lot of questions about what impact the new law will have on employees and their retirement plans.

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Financial New Year’s Resolutions for 2020

January 1, 2020

Making New Year’s resolutions is a great way to plan to be better in the new year. Unfortunately, sticking with those resolutions isn’t as easy as setting them. Whatever is on your list for the upcoming year, whether it is to get in shape, spend more time with family and friends, or save more and spend less, setting definable and realistic goals is a key to success.

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Should I Take My Pension as a Lump Sum or an Annuity?

November 12, 2019

You are getting ready to retire, and you have a defined benefit pension that will kick in once you stop working. You may have the option of taking the pension in the form of a one-time lump sum distribution or as lifetime monthly payments. So, which should you pick?

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The Fed’s Role in Determining Interest Rates

October 4, 2019

Interest rates have been in the news recently due to the Federal Reserve’s decision last month to cut the target for its benchmark interest rate level by .25% to a range of 1.75% to 2%. This cut on Sept. 19 (announced Sept. 18) was the second time the Fed cut rates in 2019.

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Understanding the Required Minimum Distribution

May 6, 2019

In an effort to encourage workers to save for retirement, the United States government allows individuals to save part of their income tax-deferred into retirement accounts. Workers do not have to pay taxes on these funds or on the investment gains until the money is withdrawn from the account as income, usually during retirement.

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Tips to Help Protect Yourself From Scams This Tax Season

March 18, 2019

The 2019 tax filing season is here, and as millions of Americans prepare to file their 2018 returns, the Internal Revenue Service (IRS) is reminding consumers to protect themselves against the many tax scams thieves often employ in an attempt to steal money and personal information from unsuspecting victims. Read more

Discussing the In-Service Rollover

February 20, 2019

A 401(k) plan is a great vehicle for employees to save for retirement. The money invested into this employer-sponsored retirement plan is saved pre-tax and grows on a tax-deferred basis. Taxes on this deferred income are not paid until the money is withdrawn from the plan, usually in retirement. Read more

Activating Your Social Security

October 30, 2018

When planning for retirement, it is important to figure out what income you will need and where that income will come from once you leave the workforce.  For most American retirees, Social Security benefits will provide an important source of income in retirement, but many people aren’t sure when they should start taking the benefits. The answer to this question will depend on your individual situation and your immediate and long-term financial needs.  Read more