According to the Pew Research Center, 50.3% of US adults aged 55 and older are now retired—partly as a result of labor force shifts related to Covid-19. This means a lot of people are facing changes in their tax obligations. So, what do you need to know? Of course, the biggest change in retirement is […]
Dear Clients & Friends, If you’re a small business owner, we understand that you have many demands on your time and resources now more than ever. As we help you plan ahead for 2022 and beyond, we want to make you aware of significant changes to the required Illinois Secure Choice Retirement Savings Program (Secure Choice), a state-administered retirement savings plan. What Is Secure Choice? First rolled out […]
As we come to the end of a challenging year, many people are turning their thoughts to their long-term financial security, looking for ways to make the most of their savings, especially when considering retirement.
Dear Clients & Friends, As part of the CARES Act (Coronavirus Aid, Relief and Economic Security Act), the government created distinct provisions with regard to Required Minimum Distributions (RMDs) for 2020. Specifically, for all taxpayers (including individuals that turned 70 ½ in 2019) who are required to receive an RMD from their defined contribution benefit plan in 2020, this […]
As part of a larger government spending package, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was recently signed into law. The Act includes many provisions and reforms aimed at making saving for retirement easier and more accessible. The Secure Act changes several provisions related to tax-advantaged retirement accounts. Most provisions in […]
A large number of Americans intend to keep working past retirement age. For many, their reasons are financial. Some have a high level of debt while others are afraid if they retire too soon, they will run out of money. Working longer offers several financial benefits. Those who put off retirement are able to: […]