More Articles
-
At A Unique Moment In Financial History, Five Takeaways From Fed Chair's Press Conference
The world is at an historic financial economic crossroads. The United States, the world’s most influential economic power, is recovering from the pandemic and complications added, as a consequence of Russia’s invasion of Ukraine.
-
Developing Portfolio Return Expectations
Investment success hinges largely on getting the answer right to this question: Would you accept 10% less return on stocks annually to experience 40% less volatility than stocks? If so, congratulations! You’re on your way to developing realistic investment expectations.
-
Why Investors Like Our Financial Commentary
Amid an information explosion, here's evidence of why investors can trust the financial content presented here weekly. The clipping shown above is from today's front page of The New York Times. It's a story about China's demographic problems. This is a story covered in December 2019 in this space.
-
What To Do Now To Build Wealth
America has a crisis at its southern border, the war in Ukraine is almost a year old and has grown more costly, U.S. stocks have been stuck in a bear market since mid-June 2022, and the Leading Economic Indicators index for the U.S. for the last eight consecutive months declined.
-
The New Rules On Retirement Affect Americans Of Any Age And Income
New rules of retirement financial planning just went into effect. They usher in changes in tax rules affecting Americans of all age and income levels starting in 2023 and thereafter.
-
Sweeping New Law Changes Retirement Planning In 2023
Major legislative changes affecting retirement planning are expected to be signed into law by President Biden before the end of the year. The dozens of changes make tax and retirement planning even more complicated but represent substantive steps by the U.S. Government to prevent the retirement funding crisis Americans face from growing worse.
-
You Can’t Trust The Phone Number On The Back Of Your Credit Card Anymore
It's not safe anymore to call the phone number on the back of your credit card. Fraudsters now have a way of diverting your call to them. To be clear, you can’t trust the phone number on the back of your credit or debit card. When you call your card company, be on guard for crooked actors.
-
American Exceptionalism Is A Legitimate Financial Philosophy
American exceptionalism is a phrase coined 180 years ago by French historian, Alexis de Tocqueville, to describe what makes our democracy great. Today, it is a colloquialism used to describe America’s unique values, resources, and historical development, as well as its system of government. But is there more to this patriotic slogan than meets the eye?
-
Investor Note: Post Pandemic Inflation Crisis Highlights U.S. Exceptionalism
Despite six hikes in interest rates in the past eight months by the nation's central bankers to end a vicious cycle of inflation, the U.S. economy created 263,000 new jobs in November. To be clear, after one of the most aggressive monetary tightening campaigns in over a century, the U.S. experienced above average job growth in November.
-
Federal Reserve Likely To Dial Back Rate Hikes But They’re Far From Over
The Federal Reserve System's aggressive rate-hike campaign of 2022 is likely to be dialed back when U.S. central bankers meet in two weeks but is far from over.
- Read More
Planning Briefs
The myRa Is Cut Short, But Other Options Abound
Published Monday, September 18, 2017 at: 7:00 AM EDT
The myRA is going the way of the VCR. Citing unsustainable costs, the Treasury Department has announced it is closing down the program for this retirement savings vehicle. Participants will be notified about their options for moving funds into other investments.
The myRA was pitched as a way for moderate-income people to save for retirement and was designed to resemble the Roth IRA.
Just as in a Roth IRA, MyRA contributions were made with after-tax dollars, and withdrawals from the account during retirement were exempt from federal income tax. Unlike with a Roth, however, the MyRA had only one investment option: U.S. government savings bonds. So, you weren't risking principal, but yields were low.
Contributions were limited to $5,500 a year ($6,500 if you were 50 or older), but availability of this saving vehicle was phased out for upper-income taxpayers. And once your account balance reached $15,000, you had to roll over the funds to a Roth IRA, letting you choose from a wider array of investment options.
According to the Treasury Department, the myRA program has cost taxpayers $70 million, with projections that it would take $10 million a year to keep it going. It made the decision in mid-2017 to shut down the program. Yet most retirement savers still have numerous other options at their disposal.
© 2023 Advisor Products Inc. All Rights Reserved.