Required Minimum Distributions What changed: Perhaps the biggest retirement-related change the CARES Act made was suspending all required minimum distributions (RMDs) from retirement accounts for 2020. These accounts include 401(k)s, inherited retirement accounts, 403(b)s and 457(b)s. The provision is very broad and is not a push off to 2021 – you will not have to take [...]
The CARES Act and 401(k) loans (and other defined contribution plans) What changed: Many 401(k)s and other defined contribution plans allow participants to take out a plan loan of up to $50,000 or half of their own vested account balance. Typically, loans are then repaid over a five-year period through payroll deductions. The CARES Act made [...]
THE CARES ACT - "Coronavirus Aid, Relief, and. Economic Security Act" offers relief for many Americans. Here are some highlights of the act. In upcoming weeks, I will send specifics on the key laws may be able to help you. Click this link to read more: CARES Act Stimulus Package Highlights I will be available [...]
As an investment advisor representative with Brookstone, I am confident with our investment team to be doing everything they feel is appropriate for the current stock market volatility. Mark DiOrio, CFA, Chief Investment Officer of Brookstone Capital Management, shares an important message to help us with the fears of uncertainty. brookstone client approve covid update [...]
NEW YEAR COMES WITH NEW LAWS! Yes, over 250 new laws were added/changed in Illinois for 2020. Here is a highlight of some of the changes that could impact you: ALMOST ALL OF US ARE IMPACTED - Vehicle License Plates Renewal fees – Increased from $101 to $151 on a passenger vehicle for 2020 Thinking of buying a [...]
2020 brings a change to the form used by employers to withhold your Federal taxes, form W-4. With the tax law changes of 2018, many found they were not withholding enough tax. This redesign should help with making sure you are having enough tax taken from your paycheck. Who should be concerned? For the most [...]
The SECURE Act is now in place - With Senate's passing and President Trump's signing, certain key law changes MAY IMPACT YOU RETIREMENT starting January 1, 2020. SECURE is an acronym for Setting Every Community Up For Retirement Enhancement. This is the biggest change to retirement legislation in 13 years. Those nearing retirement or in [...]
Things to know this year... 1. If you are paying alimony we will need the date of your separation/ divorce agreement, the recieving party's scoial security number, and the amount you are paying. 2. If you are recieving alimony we will need the date of your separation/ divorce agreement and the amount recieving. 3. There [...]
It’s that time of year when taxpayers are thinking about how they want to give back, and many taxpayers will want to donate to a charity that means something to them. The IRS has a tool that may help them make sure their donations are as beneficial as possible. Tax Exempt Organization Search on IRS.gov [...]
A 2018 study found that about half of Millennials are under-saving for their retirement, and will have to work into their 60s and 70s as a result. There are misconceptions among young professionals that deter them from contributing more towards their financial futures, at different stages of their careers. When starting your career "My retirement [...]
