7 threats to your retirement

7 threats to your retirement

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Til Debt Do Us Part

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We have all heard the statistics – 50% of marriages in the US end in divorce. It’s a shocking and a very discouraging statistic and one that has not changed much in the past three decades, according to recent data from the National Survey of Family Growth (NSFG). Marriage counselors and divorce attorneys will confirm that most couples list financial issues as a significant cause for their failing marriage. Especially in difficult economic times as the present, arguments over money can really bring most couples to at least alienation, if not worse. And without a doubt, one of the worst offenders from the money troubles category is debt. It is stressful and overwhelming. But with the right approach, it can be managed. Forget the blame . It does not matter much whether you are working towards repaying debt that you have accumulated together as a married couple or debt that one of you brought into the marriage. Concentrating on the fact that one of you brought more debt to the...
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COVID-19: You Can Now Take $100,000 From Your 401(k) or IRA, but Should You?

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  On March 27, 2020, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. Amidst the global COVID-19 pandemic, this act is designed to bring economic relief to individuals and businesses who’ve been affected by the resulting economic downturn. Section 2202 of the act, titled “Special Rules For Use of Retirement Funds,” now allows those affected by COVID-19 to withdraw up to $100,000 penalty-free from their 401(k) or IRA. 1 What does it mean to be "impacted by COVID-19?" Congress defines this broadly to include those who: Have been diagnosed with COVID-19; Have a spouse or dependent who has been diagnosed with COVID-19; Experience adverse financial consequences as a result of being quarantined, furloughed, being laid off, or having work hours reduced because of the disease; Are unable to work because they lack childcare as a result of the disease; Own a business that has closed or operate under reduced hours because of the...
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The Fine Print on 401(k) Fees Just Got a Little Bigger

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My last blog post 7 Threats To Your Retirement When All You Have Is a 401(k) Plan generated a lot of interest! It was my most visited blog post to date and for that I thank all of you who follow my blog. I sincerely hope you find it useful. Still on the topic of 401(k) plans, you may or may not know that as of July 1, 2012   The Department of Labor, in an effort to improve transparency of 401(k) fees, has released a final rule which will: “ help America's workers manage and invest the money they contribute to their 401(k)-type pension plans. The rule will ensure: that workers in this type of plan are given, or have access to, the information they need to make informed decisions, including information about fees and expenses; the delivery of investment-related information in a format that enables workers to meaningfully compare the investment options under their pension plans; that plan fiduciaries use standard methodologies when calculating and disclosing expense and r...
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