Avoiding Charitable IRA Beneficiary Mistakes
Designating a nonprofit organization or charity as a beneficiary of your estate is admirable. However, although their tax-exempt status makes IRAs ideal for charitable gifting, some complexities may arise during estate administration. If naming other IRA beneficiaries (in addition to a charity), properly divide accounts for each intended heir to avoid potential traps. To maximize…
Early Access to Retirement Accounts: Avoiding the 10% Tax Penalty
With recent changes under the SECURE Act and SECURE Act 2.0, there are more exceptions than ever before to access retirement accounts early without the 10% penalty. While tapping into your retirement account should usually be a last resort, some situations may cause you to consider accessing your money early. However, qualifying for the exception…
Got FOMO? [Matt’s Minutes July 2024]
Matt Curfman, CFP®, CEO & Co-Owner of Richmond Brothers, highlights the starkly contrasting market headlines that are currently out there. What strategies can you use to help manage FOMO and market volatility? Tune in and find out! Or check out the Closed Captions here! Sources: YCharts Research Reports https://www.cnbc.com/2024/06/27/sp-500-to-tumble-30percent-as-recession-hits-later-this-year-says-bca-research.html https://www.instagram.com/reel/C8ujGHUvOPX/?igsh=MXVrbGwyNzBnZTRrZQ== https://www.cnbc.com/2024/06/30/parts-of-the-stock-market-are-already-priced-for-recession-one-cio-says.html The commentary in this…
The truth about taking money out of your Roth IRA [Richmond Refreshers]
If you have a Roth IRA, you may wonder what makes a withdrawal qualified so that you can take out funds tax and penalty free. Learn what you need to know about withdrawals, basis and more with our CEO & Co-Owner, Matt Curfman, CFP®. Richmond Brothers, Inc. is an SEC-Registered Investment Adviser. Advisory services are…
Leaving your legacy to multiple heirs?
When creating a financial plan, many people wish to leave a legacy for their loved ones. Some individuals choose to name their spouse as the sole beneficiary, while others have a list of loved ones they wish to include. If you intend to leave IRA assets to multiple people, having them listed properly as beneficiaries…
Navigating the Market Maze[Matt’s Minutes June 2024]
Matt Curfman, CFP®, CEO & Co-Owner of Richmond Brothers, provides a comprehensive analysis of market conditions, including the performance of major benchmarks such as S&P 500, Dow Jones, and NASDAQ. Matt provides valuable insights into the impact of inflation, Federal Reserve policies, and the upcoming presidential election year on investments. Plus he provides strategic approaches…
Uh oh, you missed the 60-day IRA rollover deadline?
If you recently withdrew money from your retirement account with plans to execute a 60-day rollover but missed your deadline, you may be worried about the consequences. Life happens, and fortunately, the IRS understands this, too! If you missed the 60-day deadline for completing an IRA rollover due to an error or an unexpected life…
401(k) Rollovers: A quick start guide [Richmond Refreshers]
Need to roll over your 401(k) and not sure where to start? Check out the latest video for a high-level overview of the entire process from Steve Kulchinski, MBA, Associate Financial Advisor here at Richmond Brothers. Richmond Brothers, Inc. is an SEC-Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where…
Did you inherit an IRA?
If you inherit an IRA from a deceased loved one, it is crucial to know the complexities involved. Following the rules to effectively manage the account isn’t straightforward and varies depending on whether you are the deceased’s spouse, a non-spouse or a trust beneficiary. With many long-standing retirement rules for beneficiaries upended in recent years…
Concerned about future healthcare costs?
Increasing healthcare costs is one of the top concerns among Americans today. One option to consider to help pay for these costs is through a Health Savings Account (HSA). HSAs offer three different tax advantages: If you’re enrolled in a high-deductible health insurance plan, you may want to consider contributing to an HSA. However, like…
Let’s Get Started
Fill out the form below to schedule your one-on-one meeting with Richmond Brothers. During this meeting, we’ll aim to get to know who you are and what you want out of retirement.
