Results from two recent surveys, conducted by The Harris Poll on behalf of The Nationwide Retirement Institute® – both during and before the COVID-19 pandemic began – highlight that clients, even younger clients, have a desire for information on Social Security and expect their financial professional to provide it or make it available.
Over the last few months, Congress has enacted two pieces of legislation that changed the rules on Required Minimum Distributions (“RMDs”) from qualified retirement accounts. The SECURE Act moved the commencement date for RMDs from the year you turn 70 ½ to the year you turn 72. The CARES Act, enacted in response to the coronavirus pandemic, essentially eliminated RMDs for the 2020 tax year. But even with all this RMD “relief,” few people are asking the question: “does it actually make sense to skip taking a distribution from your qualified retirement accounts?”
The CARES Act provides several options to consider for those who are struggling financially as a result of the coronavirus outbreak. Chief among these options are the waiving of RMDs from qualified plans and IRAs for the current year, as well as providing those who have lost a job because of the pandemic, those suffering from COVID-19 or who have a spouse with the virus, to access up to $100,000 of their retirement savings without the usual 10% penalty.
For the financial advisor, elder care planning goes beyond financial advice, but what exactly does it entail? As your clients prepare to navigate an emotionally trying time, these tips and checklist can help lighten the load. Learn how to start the conversation today.
Short-term memory loss often plagues those diagnosed with dementia. Making them feel at home and more connected with their long-term memories can positively influence their quality of life. Take these notes into consideration when helping your clients make long-term care plans.
Clients want help understanding how their various income sources will be taxed during retirement — and they expect this help from their advisors.
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