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Retirement

A Retirement Fact Sheet

A Retirement Fact Sheet Some specifics about the “second act.”      Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states currently levy taxes on some or all Social Security retirement benefits: Colorado, Connecticut, Kansas, [...]

By |2020-03-23T13:42:56-04:00February 20th, 2020|Retirement, Savings and Investing|Comments Off on A Retirement Fact Sheet
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The Major Retirement Planning Mistakes

The Major Retirement Planning Mistakes Why are they made again and again?  Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees. Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement. Leaving work [...]

By |2020-01-28T16:07:01-05:00January 23rd, 2020|Retirement|Comments Off on The Major Retirement Planning Mistakes
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New I.R.S. 2020 Contribution Limits

New I.R.S. Contribution Limits Changes for 2020.   The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes. *Next year, you can put up to $6,000 in any type of IRA. The limit is $7,000 if you will be 50 or older at any time in 2020.1,2 *Annual contribution limits for 401(k)s, 403(b)s, the federal Thrift Savings Plan, and most 457 plans also [...]

By |2020-01-02T11:29:45-05:00January 2nd, 2020|Investing, Retirement|Comments Off on New I.R.S. 2020 Contribution Limits
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The First RMD from Your IRA

That First RMD from Your IRA What you need to know.  When you reach age 70½, the Internal Revenue Service instructs you to start making withdrawals from your traditional IRA(s). These withdrawals are also called Required Minimum Distributions (RMDs). You will make them, annually, from now on.1 If you fail to take your annual RMD or take out less than the required amount, the I.R.S. will notice. You will not only owe income taxes on the amount not withdrawn, you [...]

By |2019-10-16T13:13:32-04:00October 8th, 2019|IRA, Retirement|Comments Off on The First RMD from Your IRA
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What the SECURE Act Could Mean for Retirement Plans

What the SECURE Act Could Mean for Retirement Plans If passed, it would change some long-established retirement account rules.  If you follow national news, you may have heard of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Although the SECURE Act has yet to clear the Senate, it saw broad, bipartisan support in the House of Representatives. This legislation could make Individual Retirement Accounts (IRAs) a more attractive component of retirement strategies and create a path for more [...]

By |2019-09-24T10:19:11-04:00September 5th, 2019|Congress, Retirement|Comments Off on What the SECURE Act Could Mean for Retirement Plans
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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: CA, FL, GA, HI, KY, IL, LA, MA, ME, NC, NE, NM, OR, RI, SC, TX, VT, WV. 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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