That First Distribution from Your IRA

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What you need to know. February 25, 2020 When you are in your seventies, Internal Revenue Service rules say that you must start making withdrawals from your traditional IRA(s). In I.R.S. terminology, these withdrawals are called Required Minimum Distributions (RMDs).1 Generally, these distributions from traditional IRAs must begin once you reach age 72. The money distributed to you is taxed as ordinary income. (When such distributions are taken before age 59½, they may be subject to a 10% federal income tax penalty.)1 If you fail to make these withdrawals or…

Retirement in Sight – February 2020

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – FEBRUARY 2020 QUOTE OF THE MONTH “Rest is the sweet sauce of labor.” PLUTARCH WHAT MATTERS MORE IN RETIREMENT: INCOME, OR SAVINGS? Retirement saving is not just about accumulating assets. It is also about laying the groundwork for retirement spending. Any retirement strategy has a core goal: the goal of helping an individual or couple pursue their retirement dreams once their careers have concluded. So, from that perspective, the amount that needs to be saved directly relates…

Retirement in Sight – January 2020

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Monthly News and Information for Current and Future Retirees Presented by UPAL – January 2020 QUOTE OF THE MONTH “Generosity is giving more than you can, and pride is taking less than you need.” KHALIL GIBRAN HOW THE SECURE ACT IMPACTS RETIREMENT ACCOUNTS A new federal law, the Setting Up Every Community for Retirement Enhancement (SECURE) Act, directly affects retirees and retirement savers. It changes the rules regarding “stretching” an Individual Retirement Account (IRA) as well as longstanding retirement account rules keyed to age 70½. Under the SECURE ACT, in…

Annual Financial To-Do List

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Things you can do for your future as the year unfolds. December 16, 2019 What financial, business, or life priorities do you need to address for the coming year? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. You have plenty of choices. Here are a few ideas to consider: Can you contribute more to your retirement plans this year? In 2020, the contribution limit for a Roth or traditional…

Holiday Wrap-Up

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A look back at 2019, thus far… Presented by UPAL The year in brief. 2019 brought three quarters of disagreement over trade issues between the U.S. and China… followed by fourth-quarter hints that a partial trade deal could be reached. Concerns grew over economic deceleration in America, and the Federal Reserve made three quarter-point interest rate cuts in a nod to that perception. Wall Street was fixated on trade and monetary policy for most of the year, and ultimately, investors saw more upside in equities than downside. Domestic economic health….

401(k) Loan Repayment

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A longer repayment time can be an advantage. August 19, 2019 The conventional wisdom about taking a loan from your 401(k) plan is often boiled down to: not unless absolutely necessary. That said, it isn’t always avoidable for everyone or in every situation. In a true emergency, if you had no alternative, the rules do allow for a loan, but they also require a fast repayment if your employment were to end. Recent changes have changed that deadline, offering some flexibility to those taking the loan. (Distributions from 401(k) plans…

Join Us For BOK Financial’s Economic & Market Outlook Call

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Stay on point with current global economic conditions. Join Jim Huntzinger, BOK Financial Corporation’s Chief Investment Officer, as he and his experienced guests dive deep into specific market challenges and trends, while providing comprehensive analyses that can help inform your own financial strategies. SPEAKERS: Jim Huntzinger, Executive Vice President, Chief Investment Officer Brian Henderson, CFA® President, Cavanall Hill Investment Management Brian Bourgeois, Executive Vice President, President of TransFund Wednesday, July 10, 2019 3:30- 4:30 p.m. CT Conference Call Number: 1.888.317.6003 Participant Elite Entry Number: 3324554   FEATURED TOPIC: Debit Cards…The Past,…

Retirement In Sight – May 2019

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Monthly News and Information for Current and Future Retirees Presented by UPAL – May 2019 QUOTE OF THE MONTH “To know oneself is to study oneself in action with another person.” BRUCE LEE RETIRING WITH A CASH RESERVE Many people want to enter retirement with a) investments that may have benefited from years of growth and compounding, b) a manageable debt position, and c) a cash reserve for emergencies. Just how large should that cash reserve be? There is no simple answer to that question because the answer is different…

Is America Prepared to Retire?

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A look at some ways to get ready. February 26, 2019 Are Americans saving enough? Only 19% of U.S. adults describe themselves as “very confident” when asked about their savings. Worry spots include retiring without enough money saved (16%) and anxiety about having a “rainy day” emergency fund (14%). These findings come from the 2018 Consumer Financial Literacy Survey conducted by the National Foundation for Credit Counseling. (The survey collected data from 2,017 U.S. adults.)1 Only 41% of us keep a regular budget. If you are one of those roughly…

Social Security by the Numbers

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Facts about the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. February 26, 2019 Social Security has been a pillar of retirement life for several decades, but how much do you really know about it? Here are some facts that might surprise you: The Social Security trust fund exceeds the gross domestic product of every major economy in the world, except the nine largest: China, the European Union, the United States, India, Japan, Germany, Russia, Indonesia, and Brazil.1 For 61% of retirees, Social Security is a major source of income.1…