Financial Resources & News

SECURE 2.0 Provides New Retirement Savings Options in 2024

The SECURE 2.0 Act, passed in December 2022, made wide-ranging changes to U.S. tax laws related to retirement savings. While some provisions were effective in 2023, others did not take effect until 2024. Here is an overview of some important changes for this year. Matching student loan payments Employees who make student loan repayments may receive matching employer contributions to a workplace...

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Congress Tells Treasury to Expect SECURE Act 2.0 Technical Fixes

In late May 2023, Congress sent a letter to U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel saying that it will introduce legislation to correct several technical errors in the SECURE Act 2.0. The letter, signed by Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), chair and ranking member of the Senate Finance Committee, respectively, and Representatives Jason Smith (R-MO)...

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Potential Long-Term Benefits of Utilizing Backdoor Roth Conversions

By:  Henry VanBuskirk, CFP®, Wealth Manager “Who can it be knocking at my door?” It’s the Men at Work and Women at Work in Congress(1) with new retirement legislation, SECURE Act 2.0. While this new legislation has many positive changes, many of those changes come with added complexity to how the Traditional IRA and Roth IRA contribution limits and catch-up contribution amounts are...

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Types of Investment Accounts for each Stage of Life

By:  Henry VanBuskirk, CFP®, Wealth Manager Investing is a broad concept that has a wide array of definitions that differ depending on whom you ask.  If you ask a recent college graduate, parents in their early 40s with two young children, and an elderly retired couple to define what investing means to them, you will probably get three wildly different answers. They all have different...

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What is the Roth 5-Year Rule?

Actually, there are three five-year rules you need to know about. The first five-year rule determines when you can begin receiving tax-free qualified distributions from your Roth IRA.  Withdrawals from your Roth IRA — including both your contributions and any investment earnings — are completely tax- and penalty-free if you satisfy a five-year holding period and one of the following...

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Tax-Free Investing with In-Plan Roth’s and Roth IRAs

By:  Crystal Kessler, CFP®, Wealth Advisor/Financial Planner There is a lot of confusion when it comes to In-Plan Roth’s (i.e., Roth 401k or Roth 403b) and a Roth IRA. Throughout this article we will refer to just Roth 401ks but know the rules we refer to for Roth 401ks apply to other In-Plan Roth’s like 403bs. It is important to realize that these are two completely different investment...

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Mega Back Door Roth Conversions

There may be potentially a way for you to put up to $37,500 in a Roth IRA or Roth 401(k) this year. The goal here is to put as much money as possible into a Roth account to take full advantage of the tax-free growth. This is a wonderful strategy for the lucky few who qualify and can take advantage of it. The reality is that your employer-sponsored plan may not allow it. Let us take a closer look...

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