There’s been a lot of talk over the past few weeks about how the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has provisions impacting IRAs (no RMDs for 2020) and other retirement accounts (waives early distribution penalties for multiple, common retirement accounts). However, there’s been little talk about how the legislation may impact Qualified Charitable Distributions (QCDs). Why is that? Well, it’s because the CARES Act doesn’t impact QCDs. Yes, that’s right; QCDs will work the same this year as they did in previous years. So if you were thinking about making a charitable contribution from one of Continue reading Feeling Charitable? QCDs are Still a Thing in 2020
Health Savings Accounts (HSA)–often coupled with a high-deductible plan–have become quite popular with employers in recent years. In many places they’ve replaced traditional employer insurance offerings as they pass more healthcare costs on to the employee. They can be beneficial to the employees to as they can take the HSA with them if they leave for a new job and can use it as a place to save money for health expenses as retirement. In fact, if you start saving in an HSA early in your career and invest properly (yes, you can invest a chunk of your HSA) you Continue reading The CARES Act and Your HSA
It’s tough times out there for many Americans. We’re seeing record numbers of people filing for unemployment. For those who have lost jobs, it can be scary to think about where the finances will come from to continue paying things such as rent, mortgages, grocery bills, etc. Thus, during these times, it can be tempting to tap into retirement savings, especially if you have managed to build up a decent-sized nest egg. While I strongly, strongly discourage you from using your retirement savings to get you through these tough times, I realize that it may really be the only option Continue reading To Tap or Not to Tap Your Retirement Savings?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27. It’s a massive relief package designed to help Americans get through these difficult economic and financial times. Yes, this is the legislation that also includes the one-time payments from the government for those below a certain annual salary. While most of the reporting on the CARES Act tends to focus on helping those of working age who find themselves without a job, it does have some advantages for retirees. First off, many retirees will be eligible to receive the highlight of the legislation–those Continue reading Retirement Accounts and Government Coronavirus Relief