The SECURE Act and It's Implications For Your Retirement

This past December, Congress passed the SECURE Act of 2019. Short for Setting Every Community Up for Retirement Enhancement, this Act took effect on January 1, 2020. Among broader reforms, the Act increased access to workplace sponsored retirement plans and increased the minimum age at which retirees must begin taking required minimum distributions from IRA’s. These reforms are in an effort to help more Americans plan and save for retirement. In addition, the SECURE Act created new tax implications for heirs of retirement accounts such as IRA’s.

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Tax Planning

Tax planning is a very important step in maintaining your personal financial health. While tax planning can be done any time of the year, we prefer to do tax planning in the fall. Fall tax planning allows you to look back at the current year and fix any potential problems before year end and simultaneously look ahead to the coming year. Some strategies to improve your financial situation include:

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Calling All American Airlines Pilots!

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Are you a legacy American Airlines pilot?  Did you receive a retirement payout in 2013 and 2014 as part of American’s reorganization? New tax legislation was recently passed that allows you to rollover up to 90% of those distributions to a tax free retirement account. This may allow you to amend your 2013 and 2014 individual tax returns and save significant money on taxes paid in those years.  However you must act fast! The deadline to rollover accounts is June 15, 2016.

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