Lowering Social Security Taxes


Location: Monroe, LA, USA

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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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How to Take Advantage of This Zombie Economy

It has already been almost four years since the beginning of the Great Depression in 2008 and the economic reports do not seem to get more encouraging. Actually for a while we were feeling hopeful that a recovery is well on its way when towards the end of 2011 and into the first quarter of 2012 unemployment figures were lower, more jobs were added and home prices were slightly rising. The revival was however short-lived when in the second quarter of 2012 the growth rate of the economy slowed down again and the number of jobs added in June was only 80,000 after 77,000 added in May and 68,000 in June making the second quarter the worst in two years. It’s discouraging, to say the least and it feels like the US economy is moving in a slow zombie like state. With interest rates at all time lows, companies holding back on hiring and low consumer confidence, is all hope dead? Not quite. Experts expect things to pick up after the election. And until then there are ways to take ad...
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7 Threats To Your Retirement When All You Have Is a 401K Plan

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Less than a week ago, US News posted an article in the Smarter Investor section titled 7 Threats To Your Retirement . While the article thoroughly discusses some of the threats to retirement, such as switching jobs, early retirement and lump sum distributions, which are indeed valid threats to the average American’s ability to retire comfortably, the author seems to focus more on the issues facing employees with defined benefit plans. The reality is that a large percentage of Americans these days are not going to enjoy the security of pensions when they retire as less and less employers offer defined benefit plans (i.e. traditional pensions) and more and more employers offer defined contributions plans(i.e. 401Ks) with a tiny match, if any… Therefore to me , the real issue to discuss is What are the 7 threats to your retirement when all you have is a 401K? A little bit of history can help us understand the current reality… In 1974 when The Employment Retirement Inc...
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