Archives for Strategy

How a Furlough (or Layoff) Affects Your Finances…and Retirement

  Here are six things you need to know if you or a family member has been furloughed—or laid off—from their job   A furlough is an unpaid leave of absence. You don’t report to work, you don’t get paid, and you may lose some of your benefits. Getting fired or laid off is different because it is permanent; whereas, being furloughed means your employer wants you back as soon as things get back to normal, typically at the same position and income level as before the furlough. Here are six things you should know:   Filing for unemployment Whether
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The Rules Are Changing For 401(k)s In 2020

The Rules Are Changing For Your 401(k) In 2020 If you’re still working and contributing to a 401(k) or similar workplace retirement plan, there is some good news for the upcoming year. If you’re under age 50, the amount you can contribute to your 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is now $19,500 for 2020—a $500 increase over 2019. Additionally, for those who are age 50 or over by December 31, 2020, the catch-up amount is now $6,500, up by $500 (and the first increase since 2015). Keep in mind that you can still
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New Paradigms for Retirement

The old notion that you should withdraw from life and sit in a rocking chair during retirement has been completely overturned as today’s older population demonstrates on a daily basis. Here are some recent facts and new ideas about retirement that you should consider before you take that last paycheck. People are living—and working—longer.1 According to the Bureau for Labor Statistics, the labor force participation rate is expected to increase faster for the oldest segments of the population than for any other segment during the 2014–2024 decade. Since the turn of the century, older workers age 55+ have grown as
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What To Do During Times of Market Uncertainty

By Curt Lyman At Alpha Beta Gamma Wealth Management, we have been helping clients for decades, and we’ve worked through Black Monday, the dot com bubble, the housing market crash of 2008, as well as many other times in recent history when markets went sideways. That’s why our approach is always to hedge against the many financial risks you face as you get closer to retirement or are already retired, including market risk. In addition to managing wealth in a way that helps us move your money to safer accounts in challenging economic times, we also have specific strategies we
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5 Things to Know About the New Tax Law for 2018

1. Home equity loan interest is no longer deductible. Since you cannot deduct interest on home equity loans or lines of credit from your income taxes anymore starting in 2018, it may make sense to pay these off depending on your situation. Mortgage interest deductions on home loans going forward can still be deducted, but are reduced to interest for the first $750,000 on new home loans (down from $1 million.) 2. Property tax deductions are limited. The new law caps deductions for property taxes and state and local income taxes to a total of $10,000 per year starting in
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6 Ways To Close The Retirement Gap

According to a recent article in The Washington Post, 71% of Americans aren’t saving enough for retirement. If you’re in this predicament, what can you do to close the gap? Here six practical suggestions. Bolster your 401(k). Much as it may pain you, try to allocate more of your paycheck to your 401(k) account or similar retirement plan. In addition, to supplement an employer-based plan, you might contribute to an IRA. The tax law allows generous contribution limits. Contributions grow and compound tax-deferred until you’re ready to make withdrawals. Invest wisely. If you can, investing additional money outside your retirement
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Benefits Of Fixed Indexed Annuities

An insurance product with an investment element   Fixed Indexed Annuities (FIAs) continue to grow in popularity. FIA sales in the U.S. were a record $53 billion in 2015, an increase of 13 percent over 2014, according to Wink’s Sales & Market Report. FIAs have also attracted the attention of brokers who previously sold only stocks, bonds and funds. Transform savings into income. When you purchase an annuity, you are exchanging a lump sum of money for an agreed upon income stream. Fixed annuities are appealing to retirees because they transform savings into a predictable income. Growth potential. While FIAs
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