Retirement accounts at ‘serious risk’ as COVID-19 spurs bankruptcies
To protect client nest eggs, advisors must know which savings vehicles are protected — and they’re not all created equal.
Tax
Wages and hiring growing fastest among small businesses in Northeast amid coronavirus
As COVID-19 lockdown restrictions eased, New York, New Jersey and Pennsylvania businesses benefited.
Millions of U.S. jobs to be lost for years, IRS projections show
The Internal Revenue Service projects that lower levels of employment in the U.S. could persist for years, showcasing the economic fallout of the coronavirus pandemic.
PTO sharing is a generous perk, but could present tax concerns next year
While it can be a great outlet for employees who want to help coworkers, or their favorite charities during the pandemic, PTO sharing can also present tax issues if not handled properly.
Cash payments for donated leave aren’t comp: IRS
It won’t count as income to employees, but they also won’t be able to deduct it.
Advising coronavirus-strapped clients who need cash now
Early withdrawals from retirement accounts may be unavoidable in today’s economic climate. You can help mitigate the damage.
Voya Financial designs digital HSA tool to keep employees from depleting retirement savings
The majority of U.S. workers do not have enough savings to help them in the event of a medical emergency and often turn to their retirement funds for help.
Should clients change their retirement plans because of coronavirus?
Gauging any possible changes to their health insurance coverage is just one consideration they must address before they retire.
Ways clients can use their tax refund toward retirement: Tax Strategy Scan
For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.
Cashing out a 401(k) due to coronavirus? Consider these things first
For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.
Should your clients stop contributing to their 401(k) in a crisis?
Market volatility brought on by the coronavirus pandemic may present a great time to invest, as many stocks are being sold at bargain prices.
It’s a critical time to protect retirees and seniors’ finances
Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.
How to build an emergency fund in the middle of an emergency
Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.
Clients should expect the unexpected in retirement
While some retirees have seen a substantial increase in spending, many others are enjoying financial freedom.
How to help your clients’ retirement savings last
To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.
Young adults can find retirement success. Here’s how
To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.
Your clients’ retirement savings may not last as long as they think
“It is really as important for plans to get people thinking about income rather than just accumulation,” an expert says.
Your client was laid off before they could retire? Here’s what to do
Older clients who have lost a job prior to retirement are advised to first consider filing for unemployment insurance and begin making revisions to their budget.
What taxes will my clients owe in retirement?
Aside from income taxes, retirees will also pay consumer taxes and may face a 3.8% Medicare surtax.
Older workers are staying in the job market. Here’s why
The spike in the number of older employees in the workplace reflects a trend over the past decade.
