Jeanne Sullivan |
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What steps can I take to help prevent identify theft? How can I protect my credit from fraud and scamming? This article provides some guidance to these and other critical issues.
Selected Provisions of Secure Act of 2019 Required Minimum Distribution (RMD) to begin at 72 The age at which RMDs being has been increased from age 70 ½ to age 72. This will apply to those who will turn 70 ½ in 2020 or later. If you are already taking RMDs you must continue to do so. The act does not change the age (70 ½) at which you can make a Qualified Charitable Distribution...
by Philip Lee, CFP® For my birthday, I think about the financial implications but will also enjoy time with my family and friends. The table below provides a framework of financial planning considerations or requirements as we all age: 18th Birthday 18 year-olds are now adults who can enter into contracts, make their own health care decisions and are afforded levels of privacy to which we may not be accustomed. As adults, basic documents take...
by Philip Lee, CFP® Here are some Frequently Asked Questions I get for those thinking about their finances. Of course, there is more to financial planning and investment advisory services than these limits: Q: What is the max I can contribute to my 401(k), 403(b), 457 plans in 2020? A: The elective deferral amounts are $19,500 and if you are 50 years old or older you can defer an additional $6,500 for a total of...
We often recommend and have clients doing a Backdoor Roth IRA contribution as part of their retirement planning. While our clients usually engage a CPA to prepare their taxes some prepare their own. If you are a turbo tax user this link may be helpful on how to handle the conversion for the federal return. https://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html Please note this does not constitute tax advice.
by Philip Lee, CFP® Here are some Frequently Asked Questions I get for those thinking about their finances. Of course, there is more to financial planning and investment advisory services than these limits: Q: What is the max I can contribute to my 401(k), 403(b), 457 plans in 2019? A: The elective deferral amounts are $19,000 and if you are 50 years old or older you can defer an additional $6,000 for a total of...
Jeanne Sullivan |
by Philip Lee, CFP® Travel Insurance: Do I need it? I enjoy traveling as do many of our clients. While we may tend to focus on the travel costs, plans – where to go, what to see and who to visit we often do not think about financial issues such as insurance. The two most common travel related insurance matters are: Emergency medical evacuation/foreign healthcare and Renting vehicles abroad. Emergency Medical Evacuation/International Health I recommend...
by Philip Lee, CFP® Credit Monitoring Options • Request Credit Report To request your free credit reports, visit the central source for free on-line credit reporting at www.annualcreditreport.com. From that site, you can view a copy of your credit report from one or all of the bureaus. Or call toll-free (877) FACT-ACT to request your free annual disclosure from the agencies. Get a free copy of your credit report every 12 months from each credit...
Jeanne Sullivan |
College Transitions By Philip Lee, CFP® Julia, our daughter, started classes this week at Champlain College. Wow, does time fly by so I'm re-sharing my post -- these critical documents for the college bound is truly top of mind. She is 18-years old "on her own" as a freshman and these are critical documents to have "just in case". Some of these documents apply to non-students too! Students may be worried about making new friends...
Jeanne Sullivan |
Philip Lee CFP® I file this Wall Street Journal article, (How to Manage Your Target-Date Fund After Retirement) under "One Size Fits None." I've had conversations with my retiree clients on these very issues: Are Target-Date funds overly simplistic? How or do I want to control the allocation? Does the portfolio allocation consider your unique situation such as your marital status, desire to take on more or less risk? Is the glide path appropriate? How...
This is the time of year when many may be spending time with family and/or friends while enjoying the holiday season. It's also the time when people typically make New Year resolutions – often centered around physical health or financial health. These are some Frequently Asked Questions I get for those thinking about their finances. Of course there is more to financial planning and investment advisory services than these limits: Q: What is the max...
By Philip Lee, CFP® Are you a Massachusetts resident and saving towards college via a 529 Plan? I’ve often recommended the Nebraska 529 plan or, more recently, the Utah 529 plan since they offer great investment options for college savers. Massachusetts didn't have a tax incentive to save in our state's 529 plan. Now there may be a reason to use the Massachusetts state plan! Effective January 1, 2017 Massachusetts residents will be able to...