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…
Did you miss your chance on a high-flying stock?[Richmond Refreshers]
FOMO in investing is real, and it can hit hard. You might hear about an individual stock soaring to new heights. Perhaps you keep seeing headlines about how some tech companies are making overnight millionaires. But is jumping on the latest trend really the key to success? Steve Kulchinski, MBA, Associate Financial Advisor, made a…
The Real Deal on Interest Rates & Market Trends [Matt’s Minutes October 2024]
Matt Curfman, CFP®, CEO & Co-Owner of Richmond Brothers, provides insightful economic updates and market trends, including discussions on inflation, the Federal Reserve’s decision to lower rates, geopolitical tensions, corporate growth, unemployment, and the upcoming elections. He also delves into the Smoother Ride investment strategies and their performance. Stay informed and gain valuable insights in…
Considering Gifting to Charity?
As we enter the holiday season, many are in the spirit of giving. A qualified charitable distribution, or QCD, is a solution many IRA owners age 70½ and older consider this time of year. (Yes, while the RMD age has gone up, this important half-birthday still brings this planning opportunity!) A QCD distributes funds directly…
Determining Tax on Roth IRA Distributions
When you opened your Roth IRA account, you may have assumed all distributions would always be tax-free. This, however, is a common misunderstanding that can leave you in a world of pain come tax season because there are certain circumstances where Roth IRA distributions can be subject to income tax. Roth IRA distributions can consist…
Lower interest rates. Now what?
The Federal Reserve recently voted to cut interest rates, shaving 0.5% off the benchmark .1 Markets rallied exuberantly at the news, reaching new highs.2 Why did the Federal Reserve cut rates? With inflation on a strong downward trajectory and concerns about economic weakness rising, the Fed clearly decided now was the right time to cut….
To convert or not convert? [Richmond Refreshers]
You’ve probably heard by now that a Roth IRA conversion is the process of moving IRA or employer plan assets to a Roth IRA. But what do you need to be aware of before you decide if this might be an option for you? Tune in to this 4-minute clip as Dan Vredeveld, CFP, Senior…
Leaving a Legacy: Life Insurance vs. Roth IRAs
Knowing your loved ones have financial support upon your passing helps provide peace of mind. With this in mind, many people use life insurance policies and Roth IRAs to provide income to loved ones and to leave an inheritance. Although both are effective wealth transfer tools, there are several differences between the two, especially in…
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