September 8, 2020—The global health pandemic is a reminder of how quickly and unexpectedly significant health care issues can arise.
A health savings account (HSA) is a tax-advantaged way of saving for health care expenses now and in the future. The contributions you make to an HSA are income-tax-free, the growth and earnings are tax deferred (or tax-free), and the distributions are tax-free, provided they are used for a qualified health expense. A health savings account is also a portable account, meaning you own and control it, and there are no “use-it-or-lose-it” provisions.
Having a well-built plan can allow you to optimize opportunities as they emerge.Financial planning is a process, and one that should be built from a solid foundation.With the right plan in place, you can help provide stability and protection for your loved ones now and in the years ahead.It may be an excellent time to examine opportunities to optimize your financial planning based on changes in today’s economic environment.
Passed in December 2019, the SECURE Act changed several retirement plan provisions for both individuals and businesses.The elimination of the “stretch” provisions for most non-spouse beneficiaries of IRAs and defined contribution plans (like a 401(k)) was perhaps the most significant and publicized change that was brought about by the SECURE Act.The Act provides for a later starting date for required minimum distributions (RMDs) from retirement accounts, up to 72 from 70½.
Make your retirement planning as tax-efficient as possible under today’s laws.Qualified savings plans and retirement accounts continue to offer taxpayers several options for saving for retirement.There are many additional opportunities and considerations for taxpayers to be mindful of in order to take full advantage of planning for retirement in the most tax-efficient manner.