Category: Retirement Plan Participants

It’s never too soon to start teaching children about money. Whether they’re tagging along with you to the grocery store or watching you make purchases online, children quickly realize that we use money to buy the things we want. You can teach some simple lessons today that will give them a solid foundation for making a lifetime of sound financial decisions. Start with an Allowance An allowance is often a child’s first brush with financial independence and a good…

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The Roth “five-year rule” typically refers to when you can take tax-free distributions of earnings from your Roth IRA, Roth 401(k), or other work-based Roth account. The rule states that you must wait five years after making your first contribution, and the distribution must take place after age 59 1/2, when you become disabled, or when your beneficiaries inherit the assets after your death. Roth IRAs (but not workplace plans) also permit up to a $10,000 tax-free withdrawal of…

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The first part of 2020 was rocky, but there should be better days ahead. Taking a close look at your finances may give you the foundation you need to begin moving forward. Mid-year is an ideal time to do so, because the planning opportunities are potentially greater than if you waited until the end of the year. Renew Your Resolutions At the beginning of the year, you may have vowed to change your financial situation, perhaps by saving more,…

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Recent college graduates aren’t the only ones carrying student loan debt. A significant number of older Americans have student debt, too. In fact, student loan is the second-highest consumer debt category after mortgage debt. In total, outstanding student loan debt in the United States now stands at approximately $1.5 trillion, with the age 30 to 39 group carrying the highest load. IMPORTANT DISCLOSURES Wellspring Financial Partners, LLC does not provide tax or legal advice. The information presented here is…

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Below is a communication that Wellspring Financial Partners has prepared to help participants understand the potential relief available to them and their families through the recently signed CARES Act. Though the Act is 880 pages long, and not all items are perfectly clear from Congress, below are a few key provisions that could be of benefit to you. The CARES Act “Coronavirus Aid, Relief, and Economic Security Act” The CARES Act is the fiscal stimulus bill signed into law…

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Imagine that you receive an email with an urgent message asking you to verify your banking information by clicking on a link. Or perhaps you get an enticing text message claiming that you’ve won a free vacation to the destination of your choice – all you have to do is click on a link you were sent. In both scenarios, clicking on the link can accidentally result in revealing your sensitive personal and financial information to a cybercriminal. In…

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Whether it’s a helpful announcement from your child’s school or an appointment reminder from a doctor’s office, getting robocalls has become an everyday occurrence. Unfortunately, robocalls are also used by criminals to collect consumers’ personal and financial information and/or conduct various scams. The good news is that consumers have won additional protections against unwanted robocalls under the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act. One of the main goals of the law is to make it easier…

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Spring is a good time to clean out the cobwebs, and not just in your home or apartment. Your personal finances can benefit from a good spring cleaning, too. Here are some questions to ask yourself regarding your budget, debt and taxes. Is there room in my budget to save more? A budget is the centerpiece of any good personal financial plan. After tallying your monthly income and expenses, you hopefully have money left over to save. But… is…

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The Setting Every Community Up For Retirement Enhancement (SECURE) Act, which was passed in December 2019 as part of a larger federal spending package, included a provision that warrants special attention from those who own high-value IRAs. Specifically, the “stretch” IRA provision – which permitted non-spouse beneficiaries who inherited IRAs to spread distributions over their lifetimes – has been substantially restricted. IRA owners may want to revisit their estate planning strategies to help prevent their heirs from getting hit…

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Tax filing season is here again. If you haven’t done so already, you’ll want to start pulling things together – that includes getting your hands on a copy of your 2018 tax return and gathering W-2s, 1099s, and deduction records. You’ll need these records whether you’re preparing your own return or paying someone else to prepare your tax return for you. Don’t procrastinate The filing deadline for individuals is generally Wednesday, April 15, 2020. Filing for an extension If…

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