The “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) waives required minimum distributions (RMDs) for 2020. This waiver applies to company savings plans and IRAs, including both inherited traditional and inherited Roth IRAs. While that sounds like a straightforward announcement, the RMD waiver has generated a landslide of inquiries […]
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IRAs are supposed to be for saving for retirement but in challenging economic times like these many individuals may be forced to take distributions before retirement age. Be careful! If you tap your IRA before reaching age 59 ½, the bad news is that you run the risk of being […]
Exceptions to the 10% Early Distribution Penalty for IRAs
Be alert to fraudulent emails, text messages, and phone callsFraudsters are on the attack, using malicious email, text messages, and telephone scams designed to steal tax refunds and government stimulus checks being distributed to eligible individuals. Don’t fall for common scams: Internal Revenue Service (IRS) ChecksNo business/service can get you […]
New IRS Government Stimulus Check Fraudulent Scams
When should you begin to withdraw your Social Security benefits? It will depend largely on your current and future financial situation. The earliest you can begin drawing your benefits is at age 62, but it is important to know that you will only be getting 75% of your total benefits if […]
How can you maximize your Social Security benefits?
The Health Insurance Subsidy (HIS) is a subsidy payment to retired members or a qualified beneficiary to assist in the payment of health insurance cost. Eligible retirees or beneficiaries will receive $5 per month for each year of service credit earned. The payment is at least $30 but not more […]