U.S. Banking Crisis: Should You Be Worried?
Mar 27, 2023 12:45:00 PM
written by
The Retirement Group
With the media focused on these and other related stories, you might be concerned about your own deposit accounts. The good news is that most individuals don't need to worry. Here's why.
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posted in Financial Planning, Finances, 2023, Banking
IRS Issues Guidance on State Tax Payments
Mar 16, 2023 10:30:00 AM
written by
The Retirement Group
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posted in Financial Planning, Tax, Retirement, IRS, 2023
What is a Mega Roth IRA?
Mar 14, 2023 12:15:00 PM
written by
The Retirement Group
The mega backdoor Roth IRA is a strategy ‘highly compensated employees’ or HCEs at Fortune 500 can use to increase retirement savings and shelter investment growth from taxes in retirement.
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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Retirement, ExxonMobil, Chevron, Verizon, Northrop Grumman
Watch Out for These Common Tax Scams
Mar 14, 2023 11:45:00 AM
written by
The Retirement Group
According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and/or times of crisis.1 Now that tax season is in full swing, the IRS is reminding taxpayers to use caution and avoid becoming the victim of a fraudulent tax scheme. Here are some of the most common tax scams for Fortune 500 employees and retirees to watch out for.
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Life Insurance and Terminal Illness
Mar 14, 2023 11:15:00 AM
written by
The Retirement Group
If you are terminally ill, your life insurance policy is a valuable resource. Not only can you use life insurance to provide adequate income to your survivors for their short- and long-term needs, but you also may be able to receive a portion of the death proceeds from your life insurance before you die in order to pay necessary expenses or to fulfill a dream.
Guaranteed Insurability Rider
When you are terminally ill, you pose an obvious risk to an insurance company, and you will probably be unable to buy additional life insurance coverage. However, if you purchased a guaranteed insurability rider (additional purchase option) when you bought your policy, you may be able to buy additional life insurance without providing proof of medical insurability.
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posted in Financial Planning, Lump Sum, Pension, Retirement Planning
IRS Releases Standard Mileage Rates for 2023
Mar 14, 2023 10:30:00 AM
written by
The Retirement Group
Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense purposes remain the same for 2023. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and also remains unchanged.
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posted in Financial Planning, Mileage, IRS, 2023
Fortune 500 Employees: How 72(t) Avoids the 10% Penalty
Mar 14, 2023 10:04:39 AM
written by
The Retirement Group
How Fortune 500 Employees Can Avoid Penalties?
72(t) payments, also known as “substantially equal periodic payments,” are advantageous because they are exempt from the 10% early distribution penalty that usually applies to withdrawals before age 59 ½. You can take them from an IRA at any time, but only from a workplace plan after leaving Fortune 500.
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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Retirement, ExxonMobil, Chevron, Verizon, Northrop Grumman
Market Month: February 2023
Mar 7, 2023 10:30:00 AM
written by
The Retirement Group
The Markets (as of market close February 28, 2023)
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posted in Financial Planning, Lump Sum, Pension
The Debt Ceiling and Deficit Spending
Mar 2, 2023 11:15:00 AM
written by
The Retirement Group
On the day the limit was reached, Treasury Secretary Janet Yellen instituted well-established "extraordinary measures" to allow necessary borrowing for a limited period of time. While Yellen projects the extension will last until early June, the Congressional Budget Office (CBO) estimates it may last until sometime between July and September. However, the CBO cautions that if April tax revenues fall short of its projections, the Treasury could run out of funds earlier. 2–3
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posted in Financial Planning, Retirement, 2023, Spending, Debt
REAL ID Deadline Extended Again
Mar 1, 2023 2:32:12 PM
written by
The Retirement Group
What is a REAL ID?
A REAL ID is a type of enhanced identification card. The REAL ID Act, passed by Congress in 2005, set minimum security standards for state-issued driver's licenses and identification cards. Under the Act, residents of every state and territory are required to have a REAL ID-compliant license/identification card, or another acceptable form of identification (such as a passport), in order to:
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posted in Financial Planning, Retirement, Identification