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Archive for December 2019

10 Ways to Reduce Your 401(k) Taxes

How the pros help clients minimize their tax burden If you have a traditional 401(k), you will have to pay taxes when you take distributions. Unfortunately, that 401(k) money is subject to the worst kind of taxes—ordinary income taxes. The amount you pay is based on your tax bracket, and if you’re younger than 59½, add 10% (for early withdrawal) in…

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Gregory Ricks & Associates Year In Review 2019

Year in Review We have successfully completed another exciting year at Gregory Ricks & Associates. In 2019 we were able to create a strong team and positive culture at our office. This, of course, would not be possible without our loyal clients. As we move into 2020, we commit to continue to provide our clients…

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How Do You Define Retirement?

For my parent’s generation, who worked diligently after World War II, defining “retirement” was easy. You simply stopped working altogether and devoted most of your time to leisure pursuits. Bolstered by fixed, defined-benefit pensions and Medicare, the “Greatest Generation” often had the luxury of leaving the workforce with a decent nest egg. But things have…

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The Secure Act changes the way people will inherit money — are you hit by the new rules?

The new legislation eliminated the ‘stretch IRA’ provision, but not everyone is impacted Getty Images/iStockphotoFuture beneficiaries of retirement accounts have different rules than current inheritors. The Secure Act, which was signed earlier this month, changes the way beneficiaries will receive money from inherited retirement accounts, but not everyone is in danger of a big tax…

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Top Retirement Savings Tips for 55-to-64-Year-Olds

There’s still time to give your savings a good boost before you retire If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically.…

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I Killed My Teenager’s Fancy College Dreams. You Should, Too.

Forty-five million Americans owe a collective $1.6 trillion in student debt. Here’s why my daughter won’t be one of them. Photo illustration by Slate. Photos by Vasily Koloda on Unsplash, master1305/iStock/Getty Images Plus, and ayzek/iStock/Getty Images Plus. A couple months ago, my 17-year-old daughter’s guidance counselor called her into his office to ask pretty much…

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You can still give back this season without going broke

Prioritize the causes you care about, and be strategic about giving iStock/Getty It may not come as a surprise that millennials are passionate about giving back. Millennials as a generation believe in supporting causes more than individual organizations, are likely to be influenced by peer networks when it comes to giving and want to give…

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5 Best Ways to Stay Healthy Between Christmas and New Year’s

Experts recommend staying hydrated, choosing nutritious foods, and exercising wherever you can as ways to stay healthy after Christmas.  “I’ll get back on track in January.” You may be familiar with this commonly repeated line when you fall off the health and fitness wagon during the holidays. The period between Christmas and New Year’s Day…

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3 Keys to Long-Term Prosperity, Health, and Happiness

Prosperity should be everyone’s goal. Being prosperous means you have a life worth living. It means your internal and external worlds are congruent. GETTY IMAGES The definition of the word prosper is to: Succeed financially Flourish physically, to grow strong and healthy “Prosperity,” is far more than money, when you really think of the word. There is so much more…

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