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…
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…
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