Finance Decoded

December 30, 2019

Insurance Needs for Empty Nesters and Retirees Thinking about coverage as you enter a new phase. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist With the children now out of the house, financial priorities become more focused on preparing for retirement. At this ...

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Are you worried about remembering to take your required minimum distributions (RMDs) each year once you hit age 70½? If you’re a traditional IRA account owner, this may be just one of the reasons you’re considering a Roth conversion.  While converting can come with many benefits, such as no RMDs ...

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A Retirement Fact Sheet Some specifics about the “second act.” Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist      Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise ...

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New I.R.S. Contribution Limits Changes for 2020. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the ...

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As the year comes to a close, you may be thinking about an array of resolutions you have for the New Year. Start 2020 on the right financial foot by making sure your retirement accounts are in order! Has there been a birth, death, or marriage in the family that may require updating your ...

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December is a busy time of year preparing for the holidays and new year, but don’t let the chaos distract you from your financial to-dos. From a Roth conversion and qualified charitable contributions (QCD) to taking your required minimum distribution (RMD), there are many important financial moves ...

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It’s the charitable season which means you may be getting ready to donate to your favorite charity or nonprofit. Since new tax laws were implemented in 2017, you may want to reconsider how you make your donation (if you haven’t already).  A qualified charitable distribution, or a QCD, is a ...

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Annual Financial To-Do List Things you can do for your future as the year unfolds. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist                         What financial, business, or life priorities do you need to address for the coming year? Now is a good ...

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72(t) Distributions Sometimes you can take penalty-free early withdrawals from retirement accounts. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   Do you need to access your retirement money early? Maybe you just want to retire before you turn 60 and plan a ...

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End-of-the-Year Money Moves Here are some things you might consider before saying goodbye to 2019.  Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   What has changed for you in 2019? Did you start a new job or leave a job behind? Did you retire? Did you start a ...

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If you own company stock in your 401(k) or other employer-sponsored retirement plans, and you’re planning on rolling your account over to an IRA—listen up! There is a tax break available that can save you significant money, but in order to qualify, you can’t make a direct IRA rollover. The Net ...

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Why Having a Financial Professional Matters A good professional provides important guidance and insight through the years. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   What kind of role can a financial professional play for an investor? The answer: a very ...

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Your Extended Care Strategy Are you prepared for the possibility – and expense – of eldercare? Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist Do you have an extra $33,000 to $100,000 to spare this year? How about next year, and the year after that? Your answer to ...

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A Bucket Plan to Go with Your Bucket List A way to help you prepare. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist The baby boomers redefined everything they touched, from music to marriage to parenting and even what “old” means – 60 is the new 50! Longer, healthier ...

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Red Flags for Tax Auditors Here are six flags that could make your tax return prime for an I.R.S. audit. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   No one wants to see an Internal Revenue Service (I.R.S.) auditor show up at their door. But in 2018, the ...

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Pension Plans & De-risking Corporations are transferring pension liabilities to third parties. Where does this leave retirees? Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   A new term has made its way into today’s financial jargon: de-risking. Anyone with ...

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When Is Social Security Income Taxable? To find out, look closely at two factors. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist Your Social Security income could be taxed. That may seem unfair or unfathomable. Regardless of how you feel about it, it is a ...

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Eight Mistakes That Can Upend Your Retirement Avoid these situations, if you can. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big ...

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What the SECURE Act Could Mean for Retirement Plans If passed, it would change some long-established retirement account rules. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist If you follow national news, you may have heard of the Setting Every Community Up for ...

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How Medigap Choices Are Changing Plan F is fading away, and Plan G may gain more popularity. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist Soon, two types of Medigap policies will no longer be sold. Seniors who enroll in Medicare in 2020 or later will be unable to ...

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The SECURE Act and Traditional IRA Changes What is it? How might it affect retirement strategy? Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist If you follow national news, you may have heard of the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

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News reports notwithstanding, people are living longer than ever before. That means many more years of enjoying a well-earned retirement. However, longer lifespans make it critical to carefully manage risk--even after retirement--to ensure that you have the funds you need to maintain your ...

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Tax Moves to Consider in Summer Now is a good time to think about a few financial matters. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist Consider making tax moves earlier rather than later. If you own a business, earn significant investment income, are recently ...

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The increasing costs of healthcare is one of the top concerns among Americans today. One option to consider to help pay for these costs is to take advantage of tax-advantaged savings specifically for health expenses through a Health Savings Account (HSA). HSAs offer three different tax ...

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Three Key Questions to Answer Before Taking Social Security When to start? Should I continue to work? How can I maximize my benefit? Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist Social Security will be a critical component of your financial strategy in retirement, ...

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How Women Can Narrow the Retirement Saving Gap Steps toward saving more & revitalizing your retirement strategy. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist    When it comes to retirement saving, many women lag behind many men. Historically, that has been ...

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1099 Forms Explaining these ubiquitous forms and their uses. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist What is a 1099 form? This is a record of payment from an individual or entity, showing a payment, generated for your records. The individual/entity sends a ...

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Did you know that your designated beneficiary forms will trump any other estate planning documents you may have established? Maintaining current, accurate designated beneficiary forms may seem like an obvious task to complete as you plan for the future, but it is often also one of the most ...

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Is Generation X Preparing Adequately for Retirement? Future financial needs may be underestimated. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist   If you were born during 1965-80, you belong to “Generation X". Ten or twenty years ago, you may have thought of ...

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Your 2019 Financial To-Do List Things you can do for your future as the year unfolds. Provided by Walter Pardo, CWS®, PPC™ CEO/Certified Wealth Strategist What financial, business, or life priorities do you need to address for 2019? Now is a good time to think about the investing, ...

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