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Saving for College

There’s no denying the benefits of a college education: the ability to compete in today’s competitive job market, increased earning power, and expanded horizons. But these advantages come at a price–college is expensive. And yet, year after year, thousands of students graduate from college. So,  …read more »

In-Service Withdrawals from 401(k) Plans

You may be familiar with the rules for putting money into a 401(k) plan. But are you familiar with the rules for taking your money out? Federal law limits the withdrawal options that a 401(k) plan can offer. But a 401(k) plan may offer fewer  …read more »

IRA and Retirement Plan Limits for 2012

The maximum amount you can contribute to a traditional IRA or Roth IRA in 2012 remains at $5,000 (or 100% of your earned income, if less), unchanged from 2011. The maximum catch-up contribution for those age 50 or older remains at $1,000. (You can contribute  …read more »

Tips to Boost Your Kids’ College Funds

Establish a goal. If you specify a savings goal, you’ll be able to measure your progress.  We can advise you to the dollar, how much money you need to save monthly, quarterly or annually to meet your goals.  Save regularly. Set up automatic withdrawals from your paycheck  …read more »

Stock Market Volatility Keeping You Up?

Long-term investing goals and financial plans will help you avoid impulsive moves. Once again, we are seeing a lot of volatility in the market. Times like these indicate your tolerance for volatility. Unfortunately, further market volatility is inevitable.  So to protect your portfolio during these  …read more »

GAO Report Suggests Annuities as Retirement Income Option

The U.S. Government Accountability Office (GAO) reports that financial experts typically recommend that middle-net-worth retirees use a portion of their savings to buy an income annuity (immediate annuity) to help meet necessary retirement expenses. The report, Ensuring Income throughout Retirement Requires Difficult Choices, finds that  …read more »

Deadline Approaching for Undoing a 2010 Roth IRA Conversion

If you converted a traditional IRA to a Roth IRA in 2010, and your Roth IRA has sustained losses as a result of the recent market downturn, you may want to consider whether it makes sense to undo recharacterize your conversion. You have until October  …read more »

Should I contribute to a 401(k)?

Unless you absolutely cannot afford to set aside any dollars whatsoever, you should contribute to your employer’s 401(k) plan. A 401(k) plan is one of the most powerful tools you can use to save for your retirement. The first benefit is that your contributions to  …read more »

New Social Security Figures — Fall 2010

The Social Security Administration recently announced changes for 2011, including: Beneficiaries will not receive a cost-of-living adjustment (COLA) for 2011 because there was no increase in the Consumer Price Index (CPI-W) from the third quarter of 2008 to the third quarter of 2010. This is  …read more »

Tax-Free Charitable Contributions – IRAs

The Pension Protection Act of 2006 first allowed taxpayers age 70½ or older to exclude from gross income otherwise taxable distributions (“qualified charitable distributions,” or QCDs) from their IRA that were paid directly to a qualified charity. Taxpayers were able to exclude up to $100,000  …read more »