Imagine this: you run a successful convenience store in your neighborhood. Everything is running smoothly and you’re making good money. Years pass, and now you are a couple of years short from turning your retirement age. You have low energy these days and you can’t run the business as efficiently as when you were in […]
Retirement Plans for Small Business Owners Read More »
Many people participate in an employer-sponsored retirement plan called, “the 401(k) plan.” If you are lucky enough to get such an account, you would know that every month you will have to contribute to the account, and your employer will have to match it, usually 3%-6%. This will go on until you are no longer
Why you should roll over your 401(k) plan…. yesterday?! Read More »
1. No CONCEPT of Deferred Gratification When you are planning for your retirement, you will have to cut down on your non-essential expenses of today. For example, contributing to a 401(k) plan or maintaining other types of retirement accounts would ask you to say “no” to eating out, a new car purchase or not buying
Why Americans Don’t Save Read More »
The entire world was once in a lockdown due to the Coronavirus outbreak, now it looks like we may be headed that way again. Small businesses such as restaurants, bars, salons, gift shops, etc. were closed for months, putting hundreds of people to be out of work. While we have seen a rebound from those
The Coronavirus Stimulus Package Impact on the Economy Read More »
The fight against the coronavirus would not have been initiated in an effective manner had those in charge of governance not announced any stimulus packages for businesses to allow them to pay for essential expenses – including the salaries of their staff. The Payment Protection Program (PPP) is a part of a recently announced stimulus
The Payment Protection Program vs the EIDL Plan Read More »
The coronavirus outbreak has paralyzed the entire world and brought it to a standstill. The government-backed lockdown in the US has compelled businesses to halt their daily operations for an indefinite period. Businesses are now struggling to deal with this sudden economic downturn and, in the process, have ended up making some hard decisions including laying
Surviving Coronavirus Furloughs and Layoffs Read More »
The Coronavirus has sent shock waves through our entire culture, not just the financial system. The other challenges we faced in January seem pale in comparison, including the SECURE ACT changes pushing back the RMD age and ending the Stretch IRA. Mandatory lock downs, closed schools and banned public gatherings have led to a recession
2020 Market Challenges Read More »
New law ALERT: As of January 1, 2020, the new Secure Act repeals the age restriction on contributions to traditional IRAs. So, for tax years beginning in 2020 and beyond, you can make contributions after reaching age 70½. … Thanks to the new law, you can make contributions for tax year 2020 and beyond AND it pushed back the RMD age to
New Year, Major Tax Law Changes: The SECURE Act Read More »
