While the CARES Act eliminated the requirement for individuals to take required minimum distributions (RMDs) from retirement plans in 2020, those who took their RMD before the Act’s passage found themselves in a sort of limbo solely due to timing. According to existing rules, only those who took a distribution on or after February 1, 2020 could roll the distribution back into a plan or IRA and meet the 60 day rule. Those who took
Join SYM principals and financial advisors Seth Whicker and Rick Harrison as they discuss what makes financial planning for the healthcare professional unique. From student loan debt to ballooning earnings to practice ownership, Rick and Seth explain how to look for and secure a truly trusted financial advisor.
The Michigan Education Savings Plan (MESP) recently announced important enhancements to its 529 College Savings Plans. These changes take effect on June 15, 2020. MESP is expanding the current investment lineup to include underlying investment options from Vanguard, Charles Schwab and iShares while maintaining the existing investment offerings from TIAA-CREF. In conjunction with the new investment offerings, account owners will see more of their 529 contributions put to work with a reduction in overall fees.
Each year the calendar provides a subtle reminder of the benefits of a section 529 college savings plan. These plans offer tax-free growth of invested money as long as the funds are used for qualifying education expenses. In addition, many states offer tax deductions or credits for contributions made to eligible plans. The definition of qualified expenses within 529 plans has been expanded in recent years thanks to three pieces of legislation. All three changes
Carmel Monthly, May 2020
When your employer’s stock accounts for a large portion of your net worth, there are reasons to consider taking some gains. Emotionally, most people struggle to effectively exit a winning position, but doing so is extremely important for capturing reasonable upside while mitigating downside risk. There are many reasons why a single company’s stock price can drop precipitously, even for respected and successful firms. In the unlikely case this would happen to your favorite stock