The power of compounding
The power of compounding emphasizes the profound impact of small contributions over time. If offered a million dollars or a penny that doubles every day for 30 days, would you choose the million dollars? Many would not realize that smaller amounts can become large amounts over time. Similarly, many Americans have the power of compound…
How much control do you want over your heirs’ inheritance?
When the time comes for your beneficiaries to receive your IRA assets, are you confident they will use their inheritance how you’d want them to? There are options available for you to have varying levels of control over how your beneficiaries use your assets after you’ve passed. For example, you may want to consider a…
2024 Holiday Matching – DEADLINE EXTENDED
We haven’t quite reached 100% of our goals for this year, so we are extending our deadline to Friday, December 20. Please help us us to double the impact for one of the organizations below! Want to make YOUR charitable gift go further? Once again, Richmond Brothers is offering matching funds for donations made to…
President Trump wins. Now what?
President Trump has won reelection; what does that mean for investors? Let’s discuss. As of writing, Republicans have won the White House and a Senate majority, and may win a House majority.1 Markets reacted to the news by rallying to new highs.2 Does that indicate they see president-elect Trump’s promises as favorable for stocks? Or…
Planning for HSA Distributions
Health Savings Accounts (HSAs) offer tax benefits that can help you save for future healthcare costs. But how do you access the funds for out-of-pocket medical expenses once you’ve started saving? Like all qualified savings plans, you need to play by the IRS rules to enjoy the tax benefits and avoid expensive penalties. Failing to…
Calculating your RMD (Required Minimum Distribution)
Finally being able to withdraw your hard-earned money from your retirement account should be a great feeling, right? Not if you’re getting hit with a hefty penalty from a missed or miscalculated RMD! If you’re approaching age 73, you may be trying to figure how much money you are required to take out of your…
New Statute of Limitations for Missed RMDs and Excess IRA Contributions [Richmond Refreshers]
Rules and regulations can certainly be confusing and they always seem to be changing! The SECURE Act 2.0 brought about a new statute of limitations for the IRS to assess penalties for both missed required minimum distributions (AKA RMDs) as well as excess IRA contributions. How far can they look back on these? Tune in…
Elections & market reactions
What do presidential elections mean for your portfolio? Should you change your investing strategy based on who wins? Elections bring a lot of noise, and we wanted to dispel some market myths around this election. Myth #1: Elections usually bring big market swings. You would think elections cause major market shifts (given all the politicking…
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