New I.R.S. Contribution Limits A look at the maximum amounts you can put into retirement accounts this year. Provided by Peck Financial Advisors The I.R.S. announced the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at them. *In 2020, 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...
ABLE Accounts for Loved Ones with Disabilities More families should know about these tax-advantaged savings vehicles. Provided by Peck Financial Advisors Families with special needs children have a new tax-deferred savings option. The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan, created to help parents save for a child’s higher education. Like 529 plans, ABLE accounts are run by states rather than the federal government. These plans...
How to thaw a credit freeze. Provided by Bankrate.com Freezing your credit is an excellent way to protect yourself against identity theft in a world where data breaches and hacks are becoming more and more common. During the 2017 Equifax data breach, for example, over 140 million Americans had their personal information exposed. Freezing your credit reports can help prevent identity thieves from using leaked personal information to apply for credit in your name; if...
In this month’s recap: As 2019 ends, the U.S. and China agree to a phase-one trade deal, and stocks, gold, and oil all advance. Monthly Economic Update Presented by Peck Financial Advisors , January 2020 THE MONTH IN BRIEF Stocks rallied in December, closing out a decidedly positive year on Wall Street. The S&P 500 added another 2.86% last month, rising 28.88% for 2019. What helped the market? The trade dispute between the U.S. and...
Why are people more afraid of flying than driving, even though car wrecks are far more frequent? As one academic suggests, “in a car, at least I know when to brake. In a plane, I have no control.” This might also explain why many investors want to hit the brakes if they fear a market downturn is on the way. We’ve got no control over when the next one may occur, or how markets will...
You may have missed the news – buried in a much bigger spending bill, and passed in the holiday season. On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The SECURE Act provides a mixed bag of incentives and obligations for retirement savers and service providers alike. Its intent is to make it easier for families to save more for retirement. That said, “easier” doesn’t...
You, Your Financial Well-Being and the Federal Reserve Beginning in December 2016, the U.S. Federal Reserve (the Fed) had been gradually ratcheting up the federal funds rate, until it reached its December 2018 level of 2.25–2.50%. Effective August 1, 2019, that changed: The Fed lowered the federal funds rate by a quarter point, to 2.20–2.25%. Even though the announcement was not a huge surprise, it was the first rate decrease since the thick of the...
Managing finances properly is mainly common sense. While we’ve all made financial mistakes, most of those mistakes are easily rectified, particularly when promptly corrected. However, there are some financial decisions that can be much harder to recover from. Here are just a few of them: Spending more than you make. This usually occurs when overusing credit cards. The temptation is there, particularly for those fresh out of college, to use credit cards to pay for...
Most consumers typically have both a credit card and a debit card. Of course, the biggest difference between the two is that a debit card will immediately take money out of your bank account when used, unlike a credit card, which will pay for the purchase and later add the amount of the transaction to your monthly statement. But are there any other differences between the two? It turns out that there are some major...
Who Are They? Financial fraudsters are after your assets. Identity thieves steal your personal information (often to then commit financial fraud). What Do They Want? Your Money and Your Life Social Security Numbers, passports, driver’s licenses, and similar identifying information. Financial account and credit card numbers. Passwords (or insights about you that help them guess at weak ones). Your and family members’ contact information (name, address, phone, e-mail). Your and family members’ birth dates. Details...
So how is your year going so far? Here are six financial best practices to keep in mind. Pick a few of them or take on the entire list. Either way, you’ll be that much further ahead by the time 2020 rolls around. Do nothing. Seriously. If you have a well-built investment portfolio in place, guided by a relevant investment plan, your best move in hyperactive markets is to let that plan be your guide...
There are many ways that we support our favorite charitable causes. However, one of the most beneficial ways to support a favorite charity now and into perpetuity is through planned giving. While almost any larger nonprofit organization has an active planned giving program, it may come as a surprise that many smaller nonprofits are also eager to work with their donors on planned giving options. Before you make a commitment, be sure to check with...
