You have just 24 more hours to make those contributions count toward tax year 2019 and receive immediate tax benefits (in the form of an income deduction) or lasting benefits in the form of untaxed capital gains. The number one objective is to pay yourself first!
If you weren’t already planning on claiming your Social Security benefits soon, then take the time to review your other options first. While you’re eligible to begin receiving benefits at age 62, every year you wait until age 70, your benefits will increase. While it’s tempting to take the money now, you could be missing out on thousands of dollars in future Social Security benefits.
The CARES Act eliminated the Required Minimum Distributions (RMDs) for all IRAs until the end of 2020. It is possible to replace any withdrawals you may have already made this year - provided that you do not need the income. A Roth IRA may be another good repository to secure your longevity.
It turns out my job was not to find great investments, but to help create great investors...
The bottom line is that there is no ideal way to charge a client. Each client should know how much they are paying their financial advisor and what the incentives are for their advisor. If your advisor is unwilling to tell you what they are paid and how that compensation aligns with your goals as a client, grab your wallet and run before you start a revolution!
They are often the ones who need the most guidance as they make important life decisions. These statistically younger investors are also the people who care as much about how they make their money as they do about how much wealth they accumulate over their lifetime. They are our future ... and I am optimistic!
