Clients often ask, “Am I going to run out of money?”
It’s a valid question that’s sometimes posed out of curiosity, but usually caused by concern over recent life events. You may be considering an unexpected buyout package, or otherwise facing an unplanned retirement, and you want to know what happens when the paychecks stop.
To help address these questions, we take a hands-on approach to financial planning that focuses on you. We explore all of your questions and address each of your unique concerns. Plus, your financial plan isn’t set in stone: it adapts with you, as your situation changes.
The Internal Revenue Service announced on June 23 (through IRS Notice 2020-51) that anyone who has already taken a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account by August 31, 2020, following the CARES Act RMD waiver for 2020.
One of the primary goals of estate planning is to maximize the assets that will pass to your heirs while minimizing the tax liability of your estate. One particularly effective strategy for working toward that goal is referred to as an estate freeze technique.
If you are receiving Social Security benefits or planning to claim benefits in the near future, you should be aware of the following guidelines for claiming strategies, which were enacted as part of the Bipartisan Budget Act of 2015.