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The IRS Proposed Regulations Won’t Solve Your RMD Problems

By Gregory Ricks & Associates | November 18, 2019

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…

November 2019 Newsletter

By Gregory Ricks & Associates | November 15, 2019

How to Use the HSA, for Medical or Retirement Savings

By Gregory Ricks & Associates | November 15, 2019

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…

How To Turn Your Pension Cash Value Into The Most Retirement Income

By Gregory Ricks & Associates | November 14, 2019

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…

Here’s everything you need to know about your 2020 taxes

By Gregory Ricks & Associates | November 13, 2019

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…

You might not own all of the money in your 401(k)

By Gregory Ricks & Associates | November 12, 2019

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…

How to spend your retirement savings without triggering a tax penalty

By Gregory Ricks & Associates | November 11, 2019

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…

Retirees’ Mandatory IRA Withdrawals Would Shrink Under Treasury Plan

By Gregory Ricks & Associates | November 10, 2019

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,…

This Dire Stock Market Warning Is ‘Fake News,’ Analysts Say

By Gregory Ricks & Associates | November 9, 2019

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…

How much you’ll need to save monthly to retire with $5 million

By Gregory Ricks & Associates | November 8, 2019

Five-million dollars sounds like a lot of money. And for the 22% of Americans who say they have less than $5,000 set aside for retirement, saving that much may seem like an impossible goal. But what if you could retire with $5 million by the time you were 67? The good news is that it is…

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