Financial Navigation During the Pandemic
The coronavirus pandemic continues and certainly will do so through at least the end of the year. While this is an unprecedented period for almost all of us, there are some well-known things we can do to successfully navigate our way through it. I’ve summarized a few of them below. Watch Cash Flow. This is […]
Using Credit Cards Wisely
During the coronavirus stay-at-home and safer-at-home periods, many of us have been buying groceries and other necessities on the internet using our credit cards. This has reminded me that it might be a good time to review some of the basics for the use of credit cards. Fully Pay Card Debt Each Month. It’s important […]
Using the Pandemic as a Catalyst for Financial Change
As I write this article, Colorado is transitioning from stay-at-home to safer-at-home rules. We’ve had almost 24,000 coronavirus cases and over 1,300 coronavirus deaths, our unemployment rate is currently about 11.3% and our older citizens or those with health risks are still advised to stay at home. So, while we’re trying to find the right […]
2020 RMD Waived
As part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act), required minimum distributions (RMDs) from IRA, 401(k), 403(b) and other qualified retirement plans are waived for 2020. If you don’t need the cash this year, this law will allow you to avoid withdrawing funds when the market is down substantially. […]
Coronavirus
We’re sure all of our readers are very familiar with the coronavirus pandemic that the world is experiencing. You’ve been told to wash your hands, don’t touch your face, practice social distancing (or in some cases, isolation) and so forth. As we write this article, Larimer County has 101 confirmed cases (61 of which are […]
Retirement Accounts & Taxes
You probably already know that there are several common ways to save for retirement. These include 401(k) and IRA accounts. What you might not be as familiar with, is how these various retirement vehicles are taxed. There are four concepts in the taxation of retirement accounts. First, some accounts allow you to invest money without […]
What Does the New SECURE Act Mean to Your Retirement?
Congress has recently passed new legislation that probably affects your retirement plans. It’s called the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It became effective January 1, 2020. The Act is meant to help more people better prepare for retirement. A summary of the Act follows. Delayed RMDs. Until now, Required Minimum Distributions […]
Financial Resolutions for 2020
Let me start out by wishing you a Happy New Year! There’s no better time to think about your financial resolutions for the coming year than January. This gives you the full twelve months to pursue these objectives. 401(k) Plan. I’ve said it before and I’ll say it again, fully funding your 401(k), 403(b) or […]
Financial Preparation for the Loss of a Spouse
You can lose your spouse in a number of unpredictable ways. Certainly death is a certainty at some point, but incapacitation and divorce are other examples of the loss of a spouse. The effect of such a loss on you is magnified if your spouse handled many of your financial matters on his or her […]
Commission-Free Investments
You may know that Guidepost Financial Planning uses TD Ameritrade as its broker. They execute your trades, hold your securities and provide insurance on your investments. They’ve always been a low-cost brokerage house, but a couple of weeks ago they eliminated base commissions for online exchange-listed U.S. stock, ETF (domestic and Canadian), and option trades—moving […]