In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided a six-month automatic payment suspension on federal student loans through September 30, 2020. In August, the president signed a memorandum to extend federal student loan relief through December 31, 2020. Continue reading “Student Loan Relief Extended Through End of Year”
Here are some bullet points that came across my desk today. I hope they help make some senses out of the passage of the recent Acts.
Highlights of the SECURE Act include:
Age restrictions on contributions to a Traditional IRA have been eliminated
- For clients born on or after July 1, 1949, the age for starting required minimum distributions
- (RMDs) has been increased to 72
- Beneficiary distribution choices for deaths that occur starting in 2020 have been changed/updated
- Distributions for qualified birth or adoption expenses are penalty-free up to $5,000
Highlights of the CARES Act include:
- RMDs, including those from Beneficiary IRAs, have been waived for 2020
- Coronavirus-related distributions (CRDs) are penalty-free up to $100,000 through December 30,
- CRDs can be repaid over three years, or taxes can be spread over three years
“Being happy doesn’t mean that everything is perfect. It means you’ve decided to look beyond the imperfections.” ~Unknown
Even though I couldn’t possibly care less about oil-based raincoats, I listened to him talk for about fifteen minutes one rainy morning last week.
This little guy, with his colorful button-down shirt and funny-looking hat makes my day most mornings. He works at the 7-11 where I get my coffee. And he always seems happy.
At first I thought he was just putting on a good face, making the best of a tough situation. After all, he couldn’t possibly enjoy working at a convenience store, right? Continue reading “7 Reasons to Be Happy Even if Things Aren’t Perfect Now”
It’s never too soon to start teaching children about money. A few simple lessons will provide a solid foundation for a lifetime of financial decisions.
Whether they’re tagging along with you to the grocery store or watching you make purchases online, children quickly realize that we use money to buy the things we want. You can teach some simple lessons today that will give them a solid foundation for making a lifetime of sound financial decisions. Continue reading “The ABCs of Finance: Teaching Kids About Money”
As hundreds of companies race to develop vaccines and drug therapies that could help end the COVID-19 pandemic, news reports on successful or failed trials affect individual stock prices and can trigger swings in the broader market. Understandably, this highly contagious virus — and its severe economic repercussions — has a knack for stirring up investors’ emotions. Continue reading “Think Twice Before Speculating on a COVID-19 Cure”
May 29 (5/29) is nationally recognized by the college savings industry as 529 Plan Day, a day to highlight these tax-advantaged education savings accounts. At the end of 2019, there were 13.4 million 529 savings plan accounts with a total of $346 billion in assets. (Source: ISS Market Intelligence, 529 Market Highlights, 4Q 2019)
529 Savings Plans vs. Prepaid Tuition Plans
Section 529 plans are popular education savings vehicles. To choose the type of 529 plan that’s right for you, it’s important to understand how 529 savings plans and 529 prepaid tuition plans work and the differences between them. Continue reading “May 29 is 529 Plan Day”
Because the COVID-19 situation is dynamic, with new governmental measures each day, employers should consult with counsel for the latest developments and updated guidance.
By Littler Mendelson on April 26, 2020
Here is something for our engineers and data geeks – The good, the bad and the ugly. (Click on the link below)