New RMD Rules Are Here – Part 1 [Richmond Refreshers]
Did you know they are still making changes from laws set back in 2020? Senior Financial Advisor, Dan Vredeveld, CFP, covers some of the Secure Act and Secure Act 2.0 updated changes you may need to be aware of. Richmond Brothers, Inc. is an SEC-Registered Investment Adviser. Advisory services are only offered to clients or…
Is the sky falling?
We’re sure you saw the headlines. After hitting new highs last month, markets experienced a significant decline, erasing months of gains.1 It may feel like the sky is falling. For those of our client family who have implemented the Smoother Rider strategies, you already have “safety nets” or added protection to this extreme volatility. For…
Roth IRAs versus 529 Plans
Back-to-school season is upon us, which serves as a great reminder to consider how you can help your children or grandchildren fund their higher education. There are two popular options: a 529 plan or a Roth IRA. 529 plans are a well-known option designedspecifically for this purpose. Distributions from a 529 plan can be used…
Volatility rises in markets – what to do? [Matt’s Minutes August 2024]
Matt Curfman, CFP®, CEO & Co-Owner of Richmond Brothers, discusses the intensification of the market sell off and what you can do to help mitigate volatility in a potential market correction. 0:00 Introduction0:33 Recent political headlines0:54 Federal Reserve lower interest rates?1:21 Higher market volatility1:40 What this means for clients1:56 Smoother Ride “safety nets”2:36 What Smoother…
6 options for a distribution from a company plan
Many people have company-sponsored retirement plans as part of their portfolios. As these accounts were designed to be savings vehicles, funding them is typically fairly effortless with direct deposits from your paycheck. However, when it comes time for taking income from these accounts, there are many complexities to be mindful of and potentially more favorable…
New presidential candidate, global IT outage, volatility, oh my!
A lot has happened recently. After weeks of gains, markets slid as investors took a step back from big technology stocks.1 At the same time, a global IT outage took major corporations offline across the world. President Joe Biden withdrew from the election, injecting more uncertainty into the tight race.2 A shooter came close to…
Beware of this rule if you have a Roth 401(k) [Richmond Refreshers]
If you have either converted your company’s retirement fund from a 401(k) to a Roth 401(k) or are considering doing so, make sure to tune in! Associate Financial Advisor, Steve Kulchinski, MBA, covers what you need to know about the Special Recapture Rule so you can avoid possibly paying a penalty in the future. Richmond…
How to build your fiscal fitness [Richmond Refreshers]
Making small changes to how you perceive (and then approach) your financial goals could be the missing link to your success! Here are some tips from our Senior Financial Advisor, Dan Vredeveld, CFP®, here at Richmond Brothers. Richmond Brothers, Inc. is an SEC-Registered Investment Adviser. Advisory services are only offered to clients or prospective clients…
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…
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