As part of the CARES Act, some of the rules about taking money out of your 401(k) are being temporarily lifted to help people affected by the coronavirus pandemic. While the added flexibility may help some ride out the crisis, there is some concern that some might be tempted to take out huge sums now—and,…
The $2 trillion economic relief plan impacts almost every layer of American life, including your retirement plan. Here are some important components all workers currently saving for retirement and retirees need to know. Required Minimum Distributions are suspended for 2020 for IRA’s and workplace plans. The formulas for these distributions were calculated on 12/31 when…
The recent stimulus package recently passed by Congress gives most federal student loan borrowers a six-month break from payments. It comes after a series of announcements by the U.S. Department of Education meant to alleviate student loan stress. The new law takes that relief even further. The biggest break is that you can stop making…
On March 27, 2020, the White House and Congress came to an agreement and passed the largest relief package in recent United States history, called the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Spreading $2 trillion amongst businesses, hospitals, families and individuals, this economic stimulus package is designed to bring relief to those experiencing the…
To help prevent further spread of COVID-19, there’s a consensus that Americans need to stay home and adhere to social distancing practices. This is especially recommended if one feels sick or has a suspected or confirmed case of the virus. As directed by the Centers for Disease Control and Prevention (CDC), it’s important to self-quarantine…
Tax season is upon us and, unfortunately, with that comes a variety of tax fraud. These scams often involve phone calls, phishing, identity theft and fraudulent accountants. Phone scams are one of the most prevalent forms of fraud and have cost victims more than $72 million since October 2013. The good news is that data…
Great news for savers! The IRS announced today that taxpayers will be able to contribute $19,500 for employees who participate in 401(k), 403(b), most 457 plans and the Federal Government’s Thrift Savings Plan, up from $19,000 in 2019. The catchup contribution limit for employees age 50 and over who participate in these plans has increased…
As the United States continues to offer more and more financial education in schools, colleges, workplaces, non-profits and government agencies, only ⅓ of states actually require students to take a personal finance course in high school. Even more alarming is the fact that less than ⅓ of adults understand three basic financial literacy topics by…
According to a recent survey, over 80% of Americans never updated their W-4 after the 2018 TJCA, which made sweeping changes to the tax rates. Those that never changed their withholdings may now be in a position of currently owing the IRS additional amounts, plus possible interest and penalties. In order to ensure that you…