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Explore: Key Retirement and Tax Numbers for 2020

Key Retirement and Tax Numbers for 2020

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020.

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The SECURE Act Offers New Opportunities for Individuals and Businesses

The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) is major legislation that was passed by Congress as part of a larger spending bill and signed into law by the president in December. Here are a few provisions that may affect you. Unless otherwise noted, the new rules apply to tax or plan years starting January 1, 2020.

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How Does Your Employer’s Retirement Plan Compare?

How Does Your Employer's Retirement Plan Compare?

Each year, the Plan Sponsor Council of America (PSCA) surveys employers to gauge trends in retirement plan features and participation. Results are used by employers and plan participants to benchmark their plans against overall averages. How does your plan compare to the most recent survey results, released at the end of 2018?1

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Four Tips for Downsizing in Retirement

Downsizing

Going through years of accumulated possessions and memories is probably not how you envisioned spending part of your retirement. It may sound like a daunting and emotionally draining task, but downsizing could be a savvy financial move, especially if you haven’t reached your retirement savings goals.

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Weathering the Storm: Are You Prepared?

Storm

Severe weather can test even the most seasoned homeowners. And while storm hazards such as power outages, downed trees, and flooding can result in costly damage to your home, they can also put your family’s safety at risk. The key to making it through a storm safely is to be prepared.

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Financial Planning for Expectant Parents

Parents

When a couple discovers that they are expecting a child, they are often overwhelmed with feelings of joy…and anxiety. According to recent data from 2015, the USDA estimates that a child of a middle-income married couple will cost $233,610 ($12,980/year) from birth through age 17. Continue reading “Financial Planning for Expectant Parents”

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Estate Tax Versus Inheritance Tax — What’s The Difference?

Inheritance

One of the most important components of financial planning is ensuring a sound plan is in place for the transfer of an individual’s estate upon their passing. Several changes have been (and continue to be) made to federal and state laws that govern the transfer and subsequent taxation of estates in the United States, leaving many people feeling overwhelmed by the sheer complexities that exist. Continue reading “Estate Tax Versus Inheritance Tax — What’s The Difference?”

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Long-Term Care Insurance

Long-term

Individuals often overlook the importance of having a plan in place that will prepare them for a potential loss of independency. While it is true that the elderly are most prone to a decline in the ability to perform the daily functions of life, the chances of any individual (regardless of age) requiring long-term care in their lifetime are higher than you might think. Continue reading “Long-Term Care Insurance”

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