Archive - 2021

1
No, You Can’t Contribute Stocks to Your IRA
2
Grandparents Offer Great Amounts of Financial Assistance
3
Avoiding Taxation of 401(k) Loan
4
Millions of Women Are Leaving the Workforce
5
Tips for A Fruitful Retirement

No, You Can’t Contribute Stocks to Your IRA

Have you ever wondered – “Hey, I have this taxable stock account with my favorite stock (or mutual fund, or bond, or CD, or what-have-you). Can I just transfer the stock over to my IRA as an annual contribution?”

In a word, NO. Contributions to IRAs are only allowed in cash. In order to complete the contribution, you’d have to liquidate the security holding, paying any tax on capital gains, and then use the cash proceeds to make your contribution.

The reason for this is simple – if you contribute the actual stock to an IRA from an account that …

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Grandparents Offer Great Amounts of Financial Assistance

September 12, which just passed, is National Grandparents Day. In addition to the love and emotional support that grandparents provide, many also offer financial support. And, in some cases, grandparents are actually raising their grandchildren. There is food for thought for all family members when it comes to the financial assistance that grandparents provide and the financial help that some grandparents might need.

A 2019 article from AARP said that a survey the organization conducted found that despite the fact that close to 94% of grandparents give money to help grandchildren, “Today’s grandparents do not consider themselves financial supporters of …

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Avoiding Taxation of 401(k) Loan

Hopefully you already know this – if you have a loan from your 401(k) plan and you leave employment, either on your own or if you’re terminated, the loan is considered a distribution from your plan, and therefore taxable. It’s important to note – this only applies when you leave employment.

Here’s an example:  you have a 401(k) plan with a balance of $200,000. You wish to take a loan from the plan in order to pay for your child’s college tuition – and so you take a total of $20,000 from the plan. It’s your intent to pay …

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Millions of Women Are Leaving the Workforce

While people still relaxed from their labors and enjoyed themselves during the recent Labor Day holiday, many of us might say that the world of work has certainly changed, particularly for women. The NPR.org article “Millions Of Women Haven’t Rejoined The Workforce — And May Not Anytime Soon” points out that not only have record number of women lost jobs, record numbers of women are also not likely to rejoin the workforce right away.

In an article designed to give employers tips about how they can win back and retain women who left the workforce during the pandemic, …

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Tips for A Fruitful Retirement

We like to offer different perspectives on money management, budgeting, and retirement planning so it is evident that there is more than one way to plan your spending and saving. However, if you want a truly personalized financial planning outlook, contact a Fee-Only financial planner.

In a NextAvenue.com article, Jim DeGaetano, author of The Fruitful Retirement: A Financial Framework for Your Life’s Greatest Chapter, offers a retirement planning system that involves food. DeGaetano asks readers to think of retirement in terms of a triangle that is divided into three parts: Needs, Wants, and Legacy. The Needs portion makes up the …

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