Have you heard of the Stanford Marshmallow Experiment conducted in 1972 by a Stanford University psychologist?

The past couple of years, COVID-19 has many people thinking more about their own mortality, leading many to take steps to plan to protect their loved ones.

As we end one year and begin another, there are things you need to think about doing to maximize your retirement assets, gain any available tax benefit, and/or avoid any tax penalty that may be linked to your investments. Here are some things you should consider:

What is an RMD? In the year in which you turn 72 (was age 70 ½ before 2020), current IRS guidelines require you to take a Required Minimum Distribution (RMD) , from your Qualified retirement accounts (tax advantaged accounts).

A report released in 2020 by the National Institute on Retirement Security (NIRS) finds that across all age groups women have substantially less income in retirement than men (National Institute on Retirement Security, NIRS 2020).

Are you at the point in your life where you are seeking alternative ways to provide funds or leave a portion of your estate to support a cause close to your heart?

High school seniors, and their parents, are making decisions now about which colleges they will apply to attend.

Retirement planning does not end at retirement. The need to continue to grow assets to produce more cash flow remains important for most.

Many people don’t realize the importance of building and maintaining a good credit score to their overall financial well-being.

Scams to exploit money and information from consumers age 60+ are at an all-time high.

Time is money—literally. For a recent graduate, time might also seem like an abundant resource, with many thinking they have plenty of time to save for their future – later. The traps of bad credit and debt snare many unsuspecting young adults and cling to their financial history for years. Here are some financial tips to help those starting out in their independent adult lives whether graduating from high school or college:

Unprecedented in scale and scope, a $2 trillion stimulus bill was signed by President Trump on March 27, 2020. The bill, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) , provides stimulus for individual Americans, healthcare workers, small businesses, and certain industries hit hard by the pandemic. This is the third relief package to address the effects of the COVID-19 virus.

In addition to our worries about the impact of the Coronavirus on our health; the social distancing, isolation, and shut downs required to help contain the virus have impacted or will impact many individuals and businesses as well. Much is being done to try to counter these impacts to help keep our economy strong. We anticipate further relief is on the way, but here are some highlights of the things occurring in the U.S. right now.

The SECURE Act (Setting Every Community Up for Retirement Enhancement) (“the Act”), was passed by Congress and signed into law by President Trump on December 20, 2019. The Act makes some significant changes to Required Minimum Distribution (RMD) rules as related to Individual Retirement Accounts (IRAs) and other retirement plans, in addition to changes in other areas. This is one of the most comprehensive retirement plan reforms in more than a decade, and this is a brief overview of a few highlights that may be of interest.

Very few people could “save” enough for retirement with today’s long life expectancies and earlier retirements. If you just “save” – yet do not have growth that exceeds both income taxes and inflation, you are more likely to run out of money.