Year: 2020

IRS Expands Eligibility of Special Rules for 401(k) Withdrawals & Loans

In this new world of COVID-19, many things are changing at a lightening pace. Most recently is updated guidance from the IRS regarding retirement accounts for people affected by COVID-19:  401(k) Withdrawals Old Rule: 401k (and IRA) withdrawals before age 59 ½ resulted in a 10% federal penalty; 20% income tax withholding was mandatory; all […]

Are You Prepared for Retirement? Not Until You Do These 3 Things

A lot of people seem to drift into retirement, and the COVID pandemic certainly hasn’t helped.  If you want to retire with confidence, make sure you know these three things: Know your numbers. You need to have a good handle on your retirement income.  Start with the numbers you know best like Social Security and […]

Education: A Key Component Of Success

Across America, we still struggle with failing schools, particularly in urban and impoverished areas.  One way to help that won’t cost you anything but a moment of your time is voluntarily diverting a portion of your State of Alabama income taxes to Scholarship for Kids, or similar Scholarship Granting Organization (SGO) offered under the Alabama […]

COVID Affects Required Minimum Distributions For 2020

COVID has affected many areas of our lives, including our finances.  In normal times, if you are age 72 or older, you’d be required to take a Required Minimum Distribution (RMD) from your IRA or other retirement accounts.  Because of COVID, under the CARES Act, that requirement is waived for 2020. What this means for […]

Lending Standards Are Tightening

One bright spot for consumers in this uncertain economic environment is the recent drop in borrowing costs, particularly in home mortgages and home equity lines of credit (HELOCs). While the opportunity to borrow at lower rates is welcomed, it comes with the catch of higher borrowing standards! In fact, JPMorgan Chase, one the country’s largest […]