10 Ways the SECURE Act Will Impact Your Retirement Savings

January 10th, 2020 by Legacy Wealth Planning

With the decline of traditional pensions, most of us are now responsible for squirrelling away money for our own retirement. In today’s do-it-yourself retirement savings world, we rely largely on 401(k) plans and IRAs. However, there are obviously flaws with the system because about one-fourth of working Americans have no retirement savings at all–including 13% […]

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What is the SECURE Act and How Will It Affect You?

January 2nd, 2020 by Legacy Wealth Planning

The SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement, passed the United States House of Representatives on May 23, 2019. It also passed through the Senate before the end of the year and President Trump signed it into law on December 24, 2019. Containing more than 20 sections, the bill provides […]

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How To Control Holiday Spending

December 10th, 2019 by Legacy Wealth Planning

If advertisements and commercials are beginning to feature scenes of happy families, clad in brightly colored sweaters, gathered by a fire, surrounded by an assortment of presents, then the countdown to the holidays has begun. Although it may be a joyous time that reunites old friends and distant family members, one dilemma you may face […]

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Avoid These Financial Traps — They May Be Hazardous to Your Wealth

October 21st, 2019 by Legacy Wealth Planning

Money. It’s hard to get and easy to lose. It doesn’t take long for the wealth you’ve accumulated to disappear if you don’t manage your money well or have a plan to protect your assets from sudden calamity. Snares like the ones mentioned below could easily threaten your financial security. Planning ahead can protect you […]

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Smart Financial Moves in Your 40s and 50s

October 7th, 2019 by Legacy Wealth Planning

These crucial years call for action. Today, retirement may seem nearer to you than it once did. The following moves might be worth making—and soon. Catch-up contributions to your retirement accounts. Starting in the year you turn 50, you may make a total of $1,000 in catch-up contributions to your IRAs each year and put […]

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Retirement Expectations vs. Reality

October 2nd, 2019 by Legacy Wealth Planning

You can’t always envision what will happen in your “second act.” Just as few weathercasters can accurately forecast a month’s worth of temperatures and storms, many retirees find their futures unfolding differently than they assumed. Your assumptions may be tested as well. You may retire sooner than you anticipate. A majority of pre-retirees polled in […]

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Planning the Withdrawal of Your Retirement Assets

September 27th, 2019 by Legacy Wealth Planning

You’ve worked long and hard to accumulate the assets that you are using to help finance your retirement. Now, it’s time to start drawing down those assets. Exactly how you liquidate your assets will affect your tax and impact how long those assets last, so it pays to plan a withdrawal strategy that is efficient […]

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The Fed Hits It Down The Middle

September 18th, 2019 by Legacy Wealth Planning

“History does not repeat itself, but it rhymes.” Mark Twain As expected, the Federal Reserve’s (Fed) policy committee cut its policy rate by 25 basis points (.25%) to a target range of 1.75%–2%. This comes on the heels of the first rate cut in more than 10 years at the end of July. This cut […]

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12 Strategies to Generate Income in Retirement

September 13th, 2019 by Legacy Wealth Planning

When it comes to saving for retirement, maybe you’ve done everything right. You started early, maxed out your 401(k) plan, invested in a diversified portfolio and avoided costly mistakes, such as cashing out your retirement plan. Fantastic. But now comes the hard part: making sure you don’t outlive your money. That’s a tall order for […]

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Manufacturing Muddles Through

September 5th, 2019 by Legacy Wealth Planning

U.S. manufacturing contracted in August for the first time since January 2016 as trade uncertainty continued to weigh on the sector. The Institute for Supply Management’s (ISM) manufacturing Purchasing Managers’ Index (PMI), fell to 49.1 versus consensus expectations of 51.3, a meaningful decline from July’s 51.2 reading (above 50 is considered expansionary territory). Underlying details […]

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