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Is It Time to Think About Tax-Free Income?

Federal and state governments have spent extraordinary sums in response to the economic toll inflicted by the COVID-19 pandemic. At some point, it is likely that governments will look for ways to increase revenue to compensate for this spending and increase income taxes as a result. That's why it might be a good time to...
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Working in Retirement?

In 2020, 74% of workers said they expected to work for pay after retiring from their regular jobs, but only 27% of retirees said they had actually done so. This large gap between expectation and reality has been fairly consistent in surveys over the past 20 years, and there is no reason to expect it...
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Four Questions on the Roth Five-Year Rule

The Roth "five-year rule" typically refers to when you can take tax-free distributions of earnings from your Roth IRA, Roth 401(k), or other work-based Roth account. The rule states that you must wait five years after making your first contribution, and the distribution must take place after age 59½, when you become disabled, or when...
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Ratings Agency Fitch Cuts Outlook on United States to Negative

At the end of July, the credit rating of the United States has gone to “negative” from “stable” according to rating agency Fitch.  Citing deterioration in the country’s public finances and the absence of a credible fiscal consolidation plan Fitch nevertheless affirmed its “AAA” rating on the country. High fiscal deficits and debt were already...
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Could You Be Responsible for Your Parents’ Nursing Home Bills?

In 26 states (and Puerto Rico), laws generally hold children financially responsible for certain debts of their parents. These laws are referred to as filial responsibility laws (or filial support or filial piety laws). The details of filial responsibility laws vary by state. Most require that a parent must be deemed unable to pay for...
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Four Things to Consider Before Refinancing Your Home

Mortgage refinancing applications surged in the second week of March 2020, jumping by 79% — the largest weekly increase since November 2008. As a result, the Mortgage Bankers Association nearly doubled its 2020 refinance originations forecast to $1.2 trillion, the strongest refinance volume since 2012.¹ Low mortgage interest rates have prompted many homeowners to think...
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Tapping Retirement Savings During the COVID-19 Financial Crisis

As the number of COVID-19 cases began to skyrocket in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation may make it easier for Americans to access money in their retirement plans, temporarily waiving the 10% early-withdrawal penalty and increasing the amount they could borrow. Understanding these new guidelines...
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Social Security and Medicare Face Financial Challenges

Most Americans will receive Social Security and Medicare benefits at some point in their life. Every year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress assessing the health of these important programs.  The newest reports, released April 22, 2020, discuss the current financial condition and ongoing financial challenges...
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$2 Trillion Stimulus Plan Changes For Corporate Plans, Ira’s, Roth’s

The Federal Government’s massive COVID-19 stimulus package covers many areas of relief for businesses and individuals. Below is a summary of how this recent legislation may affect your tax-deferred retirement accounts and withdrawals from those accounts including RMD’s. Relief for Retirement Accounts Buying time: deadline for filing the following has been extended to July 15,...
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