Category: Retirement

Changes to Retirement Law in 2020

Beginning January 1, 2020, under the Secure Act, beneficiaries who inherit an IRA from someone other than a spouse are no longer able to stretch their distributions out over the lifetime of the oldest beneficiary of the retirement plan. Now, the longest period of time over which a beneficiary may stretch an inherited IRA from [..]

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Children and Parents…The Sandwich Generation

It is well known that children are minors until they reach age eighteen (18). Until that time, the child has no legal ability to hold money or property. If a minor child is named as a beneficiary of a life insurance policy, or if there is a custodial account established for the benefit of the [..]

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Food for Thought on Your Retirement

The Internal Revenue Service (IRS) has adopted rules which allow each of us to set aside part of our wages in tax deferred accounts for our retirement. Once we start withdrawing from the retirement accounts, we will pay income tax on the amount withdrawn. We may also be charge “extra” taxes depending on how much [..]

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