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Tax Considerations for Retirees

Tax Considerations for Retirees Are you aware of these potential tax breaks and tax-saving opportunities?    The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.   At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers 65 and older: single filer or married filing separately, $14,050; head of household, $20,300; married filing jointly or qualifying widow(er), $26,100 [...]

By |2020-05-08T14:14:24-04:00May 7th, 2020|Retirement|Comments Off on Tax Considerations for Retirees
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A Roth IRA’s Many Benefits

A Roth IRA’s Many Benefits Why do so many people choose them over traditional IRAs?    The IRA that changed the whole retirement savings perspective. Since the Roth IRA was introduced in 1998, its popularity has soared. It has become a fixture in many retirement planning strategies because it offers savers so many potential advantages. The key argument for going Roth can be summed up in a sentence: Paying taxes on your retirement contributions today may be better than paying [...]

By |2020-04-23T10:51:37-04:00April 23rd, 2020|Retirement, Roth IRA|Comments Off on A Roth IRA’s Many Benefits
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Key Provisions of the CARES Act

Key Provisions of the CARES Act Distributions can be waived in 2020 for Inherited Accounts, 401(k)s, and IRAs.  Recently, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.1 To put this monumental legislation in perspective, Congress earmarked $800 billion for the Economic Stimulus Act of 2008 during the financial crisis.1 The [...]

By |2020-04-12T15:18:33-04:00April 9th, 2020|Personal Finance|Comments Off on Key Provisions of the CARES Act
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Lesser Known Provisions of the SECURE Act

Lesser Known Provisions of the SECURE Act What younger investors need to know. The SECURE Act passed into law in late 2019 and changed several aspects of retirement investing. These modifications included modifying the ability to stretch an Individual Retirement Account (IRA) and changing the age when IRA holders must start taking requirement minimum distributions to 72-years-old.1,2 While those provisions grabbed the headlines, several other smaller parts of the SECURE Act have caught the attention of individuals who are raising [...]

By |2020-04-12T15:13:21-04:00March 26th, 2020|Personal Finance|Comments Off on Lesser Known Provisions of the SECURE Act
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Coronavirus & More

Coronavirus & More The 24-Hour News Cycle moves from Impeachment to COVID-19 to the Primaries – What’s next?  In recent weeks, we’ve seen several major stories in the news. On the political front, in addition to the arrival of the presidential election through the 2020 caucuses and primaries, we have just experienced the third presidential impeachment in American history. In international news, the latest coronavirus outbreak has hit China, now referred to as COVID-19, leading to closed borders and heightened [...]

By |2020-03-23T13:40:31-04:00March 12th, 2020|Business/Economic News|Comments Off on Coronavirus & More
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Thank you to Salmon Falls Photography in Plymouth for use of their lovely photo in our header!

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Disclaimer

Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and North Light Financial Services are not affiliated. Cambridge does not offer tax advice. Office of Supervisory Jurisdiction: 46 Accord Park Drive / Norwell, MA 02061 Phone: 781-878-4063 Due to various state regulations and registration requirements concerning the dissemination of information regarding investment products and services, we are currently required to limit access of the following pages to individuals residing in states where we are currently registered: FL, IL, KY, LA, MA, ME, NC, NH, NM, OR . If we are not currently registered in your state, please email us at info@northlightfinancialservices.com. We may be able to refer you to a representative in your area, or we may become registered in your state, at which time we could further discuss our services with you.

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