In the past few weeks, our children’s lives have been turned upside down. From school closings, performance and sport cancellations, postponed traditions such as prom and graduation, to no more playdates, the way our kids interact with the world is evolving minute by minute. However, in the midst of these social losses, there’s an abundance of opportunities for children to give to and help people and organizations in need, nationally and within their local community.Read More
While financial downturns are not pleasant, nor welcome, they can present some financial opportunities that are worthy of consideration. We review a few financial strategies that could be beneficial to you, your family and loved ones during these challenging times.Read More
The outbreak of the coronavirus is gripping the world. It has infected more than 80,000, has killed more than 2,700 and is directly impacting the daily lives of millions of people. It simply is the top headline around the globe. The potential future effects of the virus sent shockwaves through the financial markets this week, with stocks falling several percentage points in a matter of days. We feel it’s important to address this number one topic and the potential impacts to your portfolio.Read More
Required Minimum Distributions (RMDs) are an important part of your financial landscape in retirement. Most people must start taking RMDs from qualified retirement accounts at age 72 (previously 70 ½). Here’s what you need to know about RMDs: what RMDs are, accounts subject to RMDs, important deadlines, and more. Understanding RMDs will help avoid penalties and optimize your distributions for tax purposes.Read More
If you’re approaching age 65, now’s the time to consider your Medicare enrollment. Medicare is the Federal health insurance program for those aged 65 and older (plus other eligible adults). With healthcare costs listed as one of the top three financial worries for most Americans , familiarizing yourself with the Medicare program can help maximize your entitlements. SageVest Wealth Management outlines the basics of Medicare enrollment at age 65.Read More
Congratulations on celebrating your 72nd birthday! Age 72 is the age at which most people must begin taking Required Minimum Distributions (RMDs) from Traditional IRA and other qualified retirement plans. SageVest Wealth Management discusses the various factors to consider about RMDs at age 72 here.Read More
Congratulations on your milestone birthday! Age 70 is Social Security’s maximum retirement age. Once you reach age 70, there’s no further advantage to delaying your Social Security retirement benefit claim. SageVest Wealth Management discusses maximum Social Security benefits here.Read More
You can claim Social Security retirement benefits as early as age 62. Many Americans do so, especially women . However, claiming early means that your monthly benefit checks and, potentially, your overall lifetime payout amount, will be lower than if you wait until full retirement age for Social Security. Full Retirement Age is the age at which you become eligible to receive non-reduced benefits and, if you’re still working, are no longer subject to the earnings limit. In short, Full Retirement Age means full Social Security.Read More
Age 62 is the earliest age at which you can start receiving Social Security retirement benefits. It’s also the most popular age to claim benefits , especially for women. Deciding whether to claim now or wait until Full Retirement Age is an important decision. Claiming early Social Security retirement benefits can make sense for some people. However, it permanently reduces your monthly payment amounts and can impact total lifetime benefits. Here’s what to consider before claiming early Social Security retirement benefits at age 62.Read More
The SECURE Act of 2019 imposes significant changes for inherited IRAs received from an account owner who dies post December 31, 2019.
The law previously allowed beneficiaries of inherited IRAs the ability to ‘stretch’ IRA distributions over their lifetime. This helped to reduce the tax burden of inherited IRA distributions by potentially extending distributions over many years, particularly for younger individuals.
The passing of the SECURE Act dramatically limits the ability to defer distributions from inherited IRAs received from a decedent who dies as of January 1, 2020 or later. The new law requires all inherited IRA assets to be distributed within 10 years of the IRA owner’s death, with a few exceptions, including for minor children.Read More