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Congress Just Passed the Biggest Bill in a Decade – The SECURE Act: 7 Things You Need to Know

On December 19th, the Senate passed the most sweeping retirement bill since the Pension Protection Act of 2006. The SECURE Act, whose progress had stalled until lawmakers tacked it onto a spending bill to keep the country running, aims to make saving easier amongst a bevy of changing rules. The House already passed the legislation, and President Donald Trump is expected to sign the bill into law. So, how does that impact you, your money, and how you will be able to save money for the future?  Does it mean you will pay more taxes?  Here are seven things you need to know about the Secure Act. (some excerpts are from Yahoo Finance) SECURE Act #1:  RMD’s Are Changing Starting January 1, 2020, the new bill pushes the age at which you need to start withdrawing money from your traditional retirement accounts from age 70½ to age 72. These required minimum distributions, as they’re called, are Uncle Sam’s way of ...

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The Biggest Changes To The U.S. Retirement System In 10 Years

This hasn’t become law yet, but in a sweeping house bill known as SECURE (Setting Every Community Up For Retirement), new legislation is coming that will be the most sweeping changes we have ever had to our retirement system in more than a decade.  The house passed the vote recently 417-3, and it doesn’t look like there is much impeding the process from the Senate or even President Trump.  So, what do these changes mean to your wallet? Annuities May Hit Your 401(k) Soon Over the past 25 years, we’ve seen pensions offered by companies dwindle down to a microscopic level.   While more and more baby boomers and Gen X’ers worry about saving enough for retirement, there is no real great option in 401(k)’s to guarantee someone a lifetime income.  Target funds were designed to help make it easier to choose simple investments in your 401(k), but this legislation would now allow 401(k) providers to offer an annuity as an ...

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The Biggest Financial Mistake People Make During Divorce

Divorce can often bring about tumultuous times for a family. Sometimes they can go very smooth and others can literally be the ‘War Of The Roses’. In the midst of being between the lawyers, couples often make financial mistakes that can lead to problems down the road. The number one mistake that I have seen amongst divorcing couples is their lack of consideration around liquidity of assets. It’s pretty common after a separation that one spouse will end up with the primary residence and in turn the other spouse may wind up with a commensurate amount of assets between brokerage accounts, retirement accounts, and savings accounts. While the math may show a true 50/50 split of the overall net worth of the couple, the reality is that one of the spouses will be stuck with a paper asset that could be tough to dispose of if cash flow becomes an issue. This can also occur when one spouse is the ...

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The Biggest Investment Mistake You Make Every Year

We all know that investments can be for short term, medium term, or long term.   Investments are often thought of in terms of stocks, bonds, mutual funds, real estate, etc.    Some people invest their money in private ventures and some in public companies.   Business owners will almost always tell you the best investment is their business.   In my opinion, the biggest investment mistake each and every person makes on a yearly basis is not setting aside enough of their personal income to invest in themselves.   Investing in yourself can be personally, professionally, and financially rewarding.   Here are my top five ways to invest in YOU! Advance Your Education- There are so many outlets today to gain extra knowledge and education.  It doesn’t have to be done necessarily by going back to school full time.   You could do a three day executive course or just sign up for one night class.  You could take an online course on a site like ...

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