Andrea Donaldson, Vice President of Retirement Plans, Henry+Horne Wealth Management walks you through the latest updates to retirement plan regulations. Watch video
COVID has changed our everyday lives – employment, education, healthcare, transportation, entertainment/sports, family/friendship gatherings have all been affected. Likewise, investment portfolios and retirement accounts were not immune to COVID. Don’t miss: Planning for retirement The stock market, as a whole, hit fresh highs in mid-February. By March 23, 2020, the market recorded the swiftest and sharpest […]
One avenue is to take a loan from their retirement accounts. But should you? This question suggests a multitude of responses and is one of the most frequently asked questions by retirement participants. Let’s take a deep dive and review the pros and cons, but we’ll start with the basics. Your retirement plan provides a powerful savings […]
First, we need to understand who is eligible to receive financial relief under the CARES Act. A retirement plan participant diagnosed with either the SARS-CoV-2 or COVID-19 virus (as confirmed by a test approved by the Centers for Disease Control). Whose spouse or dependent has been diagnosed? Due to the pandemic, a participant who has suffered financial distress due […]
Can I make withdrawals from my retirement funds to pay for COVID-19 related expenses? Yes, if your plan allows, you can withdraw up to $100,000 without paying a penalty if you make your withdrawal between January 1 to December 31, 2020. Who is eligible to make COVID-19 related withdrawals? You, your spouse or dependent must […]
So how will the SECURE Act effect your retirement savings? Below are a few of the major provisions and how they might affect you. Don’t Miss: Retirement planning is more than saving No Age Restrictions on IRA Contributions Currently, contributions to a traditional IRA are not allowed if you are a working taxpayer over the age […]
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