Creekmur Staff

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Should You Care What the Financial Markets Do Each Day?

Posted by Creekmur Staff on 11:30 AM on April 16, 2020

tax-stratBOX

Focusing on Your Strategy During Turbulent Times.

Investors are people, and people are often impatient. No one likes to wait in line or wait longer than they have to for something, especially today when so much is just a click or two away.

 

This impatience also manifests itself in the financial markets. When stocks slip, for example, some investors grow uneasy. Their impulse is to sell, get out, and get back in later. If they give in to that impulse, they may effectively pay a price.

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Topics: Financial Planning, Investing, Stock Market

Where $100k will last the longest in Retirement

Posted by Creekmur Staff on 8:30 AM on March 26, 2020

How much should you really be saving for the retirement future you envision?

Making sure you have enough money saved for retirement is one of the top concerns for those of us not independently wealthy. In a perfect world, we will figure out how much we need to live on by calculating our monthly and yearly retirement expenses, factoring in inflation, and computing any additional income like Social Security.

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Topics: Wealth Management, Financial Planning, Investments and risk, market risks, Retirement

New IRS Contribution Limits

Posted by Creekmur Staff on 12:45 PM on March 5, 2020

Changes for 2020

The I.R.S. increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes.

*As of January 1st, 2020, you can put up to $6,000 in any type of IRA, for both tax years 2019 and 2020. The limit is $7,000 if you will be 50 or older at any time in 2020.1,2

*Annual contribution limits for 401(k)s, 403(b)s, the federal Thrift Savings Plan, and most 457 plans also get a $500 boost for tax years 2019 and 2020. The new annual limit on contributions is $19,500. If you are 50 or older at any time in 2020, your yearly contribution limit for one of these accounts is $26,000.1,2

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Topics: 401ks, 403(b), Roth IRAs, Simple Retirement

Diversificaton, Patience, and Consistency

Posted by Creekmur Staff on 11:30 AM on February 20, 2020

Three important factors when it comes to your financial life.

 

Regardless of how the markets may perform, consider making the following part of your investment philosophy:

 

Diversification. The saying “don’t put all your eggs in one basket” has real value when it comes to investing. In a bear or bull market, certain asset classes may perform better than others. If your assets are mostly held in one kind of investment (say, mostly in mutual funds or mostly in CDs or money market accounts), you could be hit hard by stock market losses, or alternately, lose out on potential gains that other kinds of investments may be experiencing. There is an opportunity cost as well as risk.1


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A Retirement Fact Sheet

Posted by Creekmur Staff on 11:45 AM on January 30, 2020

Some specifics about the "second act."

Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. 

Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states currently levy taxes on some or all Social Security retirement benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. (West Virginia, incidentally, is phasing out such taxation.)1

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Topics: Wealth Management, Financial Planning, IRA, Retirement, Saving, Social Security, Tax on Social Security Income, Taxes in Retirment

401K Loan Repayment

Posted by Creekmur Staff on 3:57 PM on January 2, 2020

A longer repayment time can be an advantage.

The conventional wisdom about taking a loan from your 401(k) plan is often boiled down to: not unless absolutely necessary. That said, it isn’t always avoidable for everyone or in every situation. In a true emergency, if you had no alternative, the rules do allow for a loan, but they also require a fast repayment if your employment were to end. Recent changes have changed that deadline, offering some flexibility to those taking the loan. (Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions.)

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Small Business Owners: The Future Might Not Be All That Uncertain

Posted by Creekmur Staff on 7:15 AM on November 14, 2019

Do you find it difficult to plan as a small business owner?


If you are like most small business owners, you find it difficult to plan because your future has more unknowns than your non-business-owning counterparts. You might not know how much your business is worth, when you should sell, where to find the right buyer, how to fetch the best price, or even how much insurance to carry. If you have a family business or operate with a partner, you also have additional layers of both complexity and ambiguity.


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Topics: Financial Planning, Planning, small business owner, small business

That First RMD from Your IRA

Posted by Creekmur Staff on 12:30 PM on October 22, 2019

What you need to know.

When you reach age 70½, the Internal Revenue Service instructs you to start making withdrawals from your traditional IRA(s).These withdrawals are also called Required Minimum Distributions (RMDs). You will make them, annually, from now on.1

If you fail to take your annual RMD or take out less than the required amount, the I.R.S. will notice. You will not only owe income taxes on the amount not withdrawn, you will owe 50% more. (The 50% penalty can be waived if you can show the I.R.S. that the shortfall resulted from a “reasonable error” instead of negligence.)1

Many IRA owners have questions about the rules related to their initial RMDs, so let’s answer a few.

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Topics: Wealth Management, Roth IRA, Taxes and retirees, taxes

The Gift Tax

Posted by Creekmur Staff on 10:00 AM on October 17, 2019

Not all gifts are taxable.

 

I’d like for you to meet my friend, Hugh. He’s a retired film stuntman who, after a long career, is enjoying his retirement. Some of what he’s enjoying about his retirement is sharing part of his accumulated wealth with his family, specifically his wife and two sons. Like many Americans, Hugh likes to make sure that, when he’s sharing that wealth, he isn’t giving the I.R.S. any overtime.

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Understanding Long-Term Care

Posted by Creekmur Staff on 10:00 AM on October 10, 2019

The important question: Are you prepared?


Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy.

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