Your 2017 Financial To-Do List Things you can do for your future as the year unfolds. Provided by Peck Financial Advisors What financial, business, or life priorities do you need to address for 2017? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to lowering your taxes. You have plenty of options. Here are a few that might prove...
Here's an article from The New York Times that summarizes financial priorities for stages of our lives. It's worth the read: https://www.nytimes.com/2017/02/27/business/retirement/what-to-do-now-to-retire-better.html?smid=nytcore-ipad-share&smprod=nytcore-ipad How to get your financial situation in shape, whether you are closing in on retirement or just starting out.
In-Service Withdrawals from Employee Retirement Plans You might be able to take money out of your 401(k), 403(b), or 457 plan while still working. Provided by Peck Financial Advisors If you withdraw money out of a workplace retirement plan in your fifties, will you be penalized for it? In most cases, the answer is yes. Distributions taken from a qualified retirement plan before age 59½ usually trigger a 10% IRS early withdrawal penalty. The key...
Tax season can be a very busy time of year, and therefore we wanted to provide you the specific details regarding the Form 1099 tax reporting schedule to help you plan ahead. As in past reporting years, the goal is to provide the information as early as possible. The schedule of delivery of tax reports is based on the specific holdings in an account. By January 31, 2017, the first group of Form 1099 tax...
Managing Money Well as a Couple What are the keys in planning to grow wealthy together? Provided by Peck Financial Advisors When you marry or simply share a household with someone, your financial life changes – and your approach to managing your money may change as well. To succeed as a couple, you may also have to succeed financially. The good news is that is usually not so difficult. At some point, you will have...
Could Education Debt Shrink Your Social Security Income? $1.1 billion has been garnished from retirement benefits to pay back old student loans. Provided by Peck Financial Advisors Do you have a federal student loan that needs to be repaid? You may be surprised at what the government might do to collect that money someday, if it is not paid back soon enough. If that debt lingers too long, you may find your Social Security income...
2017 Retirement Plan Contribution Limits Minor inflation means small, but notable, changes for the new year. Provided by Peck Financial Advisors Each October, the Internal Revenue Service announces changes to annual contribution limits for IRAs and workplace retirement plans. Are any of these limits rising for 2017? Will IRA contribution limits go up? Unfortunately, no. Annual contributions for Roth and traditional IRAs remain capped at $5,500 for 2017, with an additional $1,000 catch-up contribution permitted...
If Interest Rates Rise, What Happens to Bonds? Investors in longer-term Treasuries could really be punished. Provided by Peck Financial Advisors Are bond investors facing the possibility of major losses? Recently, bond yields have climbed. From November 1-23, the 2-year Treasury yield went from 0.83% to 1.12%, while the yield on the 10-year note rose from 1.83% to 2.36%. 1 Quality bonds have a place in a portfolio, but many investors are moving their money...
Retirement Planning for Single Parents It is a challenge – and it must be met. Provided by Peck Financial Advisors How does a single parent plan for retirement? Diligently. Regularly. Rigorously. Here are some steps that may help, whether you are just beginning to do this or well on your way. Setting a household budget can be a wise first step. Most households live without budgets – and because of that financial inattention, some of...
A look back at 2016 thus far Presented by Peck Financial Advisors The year in brief. Investors will likely remember 2016 as a year of two momentous votes and one monetary policy decision. This year brought the Brexit referendum in the United Kingdom and a surprise presidential election victory for Donald Trump, and it now appears probable that the Federal Reserve will raise interest rates in December. As Thanksgiving week began, the S&P 500 sat...
The Intriguing Post-Election Rally Why did some sectors rise more than others? Provided by Peck Financial Advisors Wall Street likes certainty. When startling financial, political, or societal events occur, volatility usually follows, and the major indices may fall. In late October, the Dow Jones Industrial Average went on a multi-day losing streak as Donald Trump caught up to Hillary Clinton in the polls tracking the presidential race. Wall Street had been anticipating a Clinton victory...
2017 Retirement Plan Contribution Limits Minor inflation means small, but notable, changes for the new year. Provided by Peck Financial Advisors Each October, the Internal Revenue Service announces changes to annual contribution limits for IRAs and workplace retirement plans. Are any of these limits rising for 2017? Will IRA contribution limits go up? Unfortunately, no. Annual contributions for Roth and traditional IRAs remain capped at $5,500 for 2017, with an additional $1,000 catch-up contribution permitted...
