Category: Our Commentary

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 […]

Low-Interest Loans To Family Members – What To Know

A byproduct of the COVID economic crash is extremely low interest rates…orchestrated by the Federal Reserve. One long-standing family wealth transfer strategy is making low-interest loans to family members. For loans between family members, you are required by law to charge a minimum interest rate based on the monthly published Applicable Federal Rates (AFR). These […]

What Success Looks Like Under COVID-19

Even as we reopen our businesses across the state and country, COVID-19 continues to spread and wreak havoc on our lives and our economy.  Restarting the economy is critical, but we must do it in the safest way possible, or we risk a resurgence of the virus that again threatens our hospital systems and, perhaps, […]

COVID-19 Creates New Financial Options

Mostly COVID-19 has wreaked havoc on all of us but if you are the type of person always looking for the silver lining, here are three new financial options available to you: Required Minimum Distributions (RMDs) In response to COVID-19, congress passed a provision under the CARES Act that suspends the requirement that people age […]

COVID-19: Two Documents You Must Have

COVID-19 continues to be a significant disruption in our lives and continues to wreak havoc upon our economy. Current unemployment numbers are approaching 22%. To put this in perspective, look at both recent history and more ancient history: In February of this year, we were in the midst of one of the strongest economies and […]

Does COVID-19 Have You Financially Paralyzed?

When will the shelter in place policies end? When will the economy reopen? When the economy does reopen, what will the business environment look like? How will this affect my job prospects moving forward? How will this affect my investment portfolio and long-term retirement plans? The questions above are a few facing us right now, […]