If you got a late start on retirement savings, you’re far from alone in wondering if there’s time to catch up on your 401(k) or Individual Retirement Account (IRA) contributions. Scrambling to build retirement savings late in the game is hardly the exception. A U.S. Government Accountability Office (GAO) study released in 2017 showed that [...]
As a result of the COVID-19 pandemic, an increasing number of police officers and deputies have been exposed or tested positive for the coronavirus. Instead of relying on existing resources, gaps in personnel coverage could be filled by easing restrictions on the hiring of retired police officers. Using processes similar to those being implemented for [...]
At 880 pages, the Coronavirus Aid, Relief, and Economic Security (CARES) Act covers a lot of ground, offering COVID-19 relief and benefits to a broad swath of the population. Among its significant provisions are those related to workers’ retirement funds. Specifically, the CARES Act makes employee-favorable changes to existing law regarding: Early Withdrawals; Loans; and Required Mandatory Distributions [...]
Retirement can be scary, no matter who you are. It makes sense that some people are nervous about retirement. How much money do you really need for 20 years? What about 30 years? Will you get bored? Will you be lonely? Planning ahead and predicting the future is extremely difficult. It’s tempting to just make [...]
More than 60% of police officers are feeling the pinch of the Windfall Elimination Provision (WEP). WEP generally affects government workers who qualify for a public pension that didn’t require paying Social Security taxes (a non-covered pension) and who also worked at another job where they did pay Social Security taxes, which qualified them for [...]
The Internal Revenue Service today has clarified that the deadline for making Individual Retirement Account and Health Savings Account contributions for the 2019 tax year has been extended to July 15, 2020. That’s the new deadline for filing and paying taxes for the 2019 tax year, pushed back from April 15, 2020, as COVID-19 continues [...]
Beach chair? Check. Fishing gear? Check. Map of the world with planned travel routes? Check. Retirement should be the reward for a lifetime of hard work and the chance to pursue all the things you’ve always wanted to do. Whether you want to stop working altogether (or just work a little less), you’ll need a [...]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act rolled through Congress and was signed by President Trump this week. While most of the law is devoted to providing economic stimulus for businesses, a few provisions change some of the rules for retirement plans. Required minimum distributions (RMDs) are suspended for 2020. All RMDs are [...]
It might not have made the headlines, but a recently passed piece of legislation could affect the IRAs and 401(k)s of millions of Americans beginning in 2020. So, if you have either of these accounts, or if you run a business, you’ll want to learn more. The new laws, collectively called the Setting Every Community [...]
The world has been in a panic since the outbreak of coronavirus, causing almost unprecedented market volatility. Some have been quick to compare this to the credit crisis of 2008 that lasted five years. Depending on the duration of the health crisis, I foresee it more closely mirroring the financial events that followed the attacks [...]