With the holiday season officially upon us, many of you are probably looking for a gift that could make a difference for a loved one or wondering what you can do to help your community. A monetary gift is a great way to help a family member or friend, or aid a charitable organization in achieving a goal. But before you open your checkbook, it’s important to keep in mind how gifting can fit into your larger financial plan.
If you’re not already aware, healthcare planning is a big factor in retirement planning. Every year, Medicare recipients have the opportunity during the Medicare Open Enrollment Period to change their coverage options to better meet their health and financial needs.
Last week, the Internal Revenue Service raised the cap on the limits that individuals will be able to contribute to their retirement accounts for the 2019 tax year. The limit for participant elective deferrals to 401(k)s and 403(b)s has been raised to $19,000, up $500 from the 2018 limit of $18,500.
We’ve been riding the wave of what is, by most definitions, the longest running bull market for stocks in U.S. history. But on October 10, the Dow Jones Industrial Average—one of the most closely-monitored stock indices—plunged 832 points on the day.
The week began as a national effort to raise public awareness about the importance of saving for retirement and working toward life savings goals. At Sacks & Associates Wealth Management our goal is to help our clients with their financial security leading up to and throughout retirement, so that they can make the most of their golden years.
October has been designated “Financial Planning Month.” And for very good reason. For many people, it marks yet another quarter that has passed without much thought about the status of your financial future.
As we’ve grown with our client base, we’ve found that more and more of you are asking for our “take” on important issues related to your finances and financial futures.
There are more than 2,700 rules that govern Social Security. A typical married couple has more than 500 possible ways in which to file for their Social Security Retirement Benefits. If you are divorced or widowed, the filing rules can be even more complex. Agents at the Social Security Administration (SSA) are prohibited from providing
What Happens If I Withdraw Money from My Tax-Deferred Investments Before Age 59½? Withdrawing funds from a tax-deferred retirement account before age 59½ generally triggers a 10% federal income tax penalty; all distributions are subject to ordinary income tax. However, there are certain situations in which you are allowed to make early withdrawals from a
What Is Tax Deferral? “Tax deferral” is a method of postponing the payment of income tax on currently earned investment income until the investor withdraws funds from the account. Tax deferral is encouraged by the government to stimulate long-term saving and investment, especially for retirement. Only investment vehicles designated as “tax deferred,” such as IRAs,
