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Posts by Gregory Ricks & Associates
Top 10 Benefits of Charitable Giving and Donations
The fact that charitable giving can help reduce your tax burden is well known, especially if you’re in a high bracket. But the benefits of giving extend far beyond tax breaks. Of course, giving can be a challenge – especially when money is tight. After all, your income could just as easily go toward a college savings fund for…
Read MoreThe IRS Proposed Regulations Won’t Solve Your RMD Problems
GETTY Required minimum distributions (RMDs) are the bane of many IRA owners. The IRS recently issued proposed regulations that reduce the pain somewhat, but not a meaningful amount for those with significant IRAs. You need to consider other actions to solve the RMD problems. IRA owners older than age 70½ must begin taking RMDs no…
Read MoreNovember 2019 Newsletter
How to Use the HSA, for Medical or Retirement Savings
Health savings accounts offer a unique triple tax advantage The health savings account, or HSA, can be a powerful savings tool—if you approach it the right way. These accounts, which Congress authorized in 2003, are more than just a simple savings tool for medical emergencies. Retirement planners laud the HSA’s triple tax advantage and its…
Read MoreHow To Turn Your Pension Cash Value Into The Most Retirement Income
Pensions were once the cornerstone of a secure retirement. They provided a retirement income you could not outlive. Today, pension plans are being eliminated or at the very least, are less generous to workers. If you are lucky enough to still have a pension, it is imperative that you plan to maximize the valuable retirement…
Read MoreHere’s everything you need to know about your 2020 taxes
Key Points The IRS increased the standard deduction to $12,400 for single filers and $24,800 for married couples filing jointly. An individual can transfer up to $11.58 million without being subject to the 40% federal estate and gift tax, up from $11.4 million in 2019. You can save more money in your 401(k) and in…
Read MoreYou might not own all of the money in your 401(k)
You might not own all of the money in your 401(k)—here’s how to find out Financial advisors make a big deal of encouraging millennials to invest in company-sponsored retirement accounts — especially if your employer offers to match a percentage of your contribution. There’s a lot of talk of “maxing your match” and don’t leave “free money…
Read MoreHow to spend your retirement savings without triggering a tax penalty
It’s not just saving for retirement you need to worry about, but drawing down your money at the right time, too. The IRS requires savers to make withdrawals from their retirement accounts starting at age 70½. “They’ve allowed you to defer taxes, but they need to come collecting at some point,” said Arielle O’Shea, a…
Read MoreRetirees’ Mandatory IRA Withdrawals Would Shrink Under Treasury Plan
The Trump administration is updating life-expectancy tables governing required withdrawals from tax-advantaged retirement accounts By Richard Rubin Updated Nov. 7, 2019 4:51 pm ET WASHINGTON—Retirees could take smaller mandatory withdrawals from their tax-advantaged accounts under a new Treasury Department proposal designed to adjust for rising life expectancy. If finalized, the rules would take effect starting in 2021,…
Read MoreThis Dire Stock Market Warning Is ‘Fake News,’ Analysts Say
Worries of an ETF bubble persist even as exchange traded funds soar in popularity. But two ETF professionals say they have proof the biggest worries about ETFs are “fake news.” Do ETFs threaten the market’s structure by making it too easy to pile into — or bail out of — the same stocks or bonds at lightning…
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