IRA - North Light Financial Services

Getting Financially Fit for Retirement at 50

Getting Financially Fit for Retirement at 50 Things for trailing-edge boomers & Gen Xers to consider. When you turn 50, retirement starts to seem less abstract. In terms of retirement planning, a 50th birthday can act as a wake-up call. It may offer a powerful reminder to trailing-edge baby boomers and Gen Xers, many of whom are wrapping up their second act with inadequate retirement savings for their third. You may find yourself with such a shortfall, and you wouldn’t [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:21-04:00November 20th, 2014|401(k)/403(b), Investing, IRA, Retirement, Saving & Budgeting|Comments Off

Fall Financial Reminders

Fall Financial Reminders The year is coming to a close. Have you thought about these financial ideas yet? As every calendar year ends, the window slowly closes on a set of financial opportunities. Here are several you might want to explore before 2015 arrives. Don’t forget that IRA RMD. If you own one or more traditional IRAs, you have to take your annual required minimum distribution (RMD) from one or more of those IRAs by December 31. If you are [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:21-04:00October 23rd, 2014|Income Taxes, IRA, Personal Finance|Comments Off

RMD Precautions & Options

RMD Precautions & Options A reminder about mandatory withdrawals from IRAs & other retirement plans. Just what is an RMD? After you turn 70½, the IRS requires you to withdraw some of the money in most retirement savings accounts each year. These withdrawals are officially called Required Minimum Distributions (RMDs).1 You must take an RMD from a traditional IRAs after you turn 70½, even if you are still working. If you dont, a severe financial penalty awaits you may [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:28-04:00October 3rd, 2013|Financial Fitness, Income Taxes, Investing, IRA, Personal Finance|Comments Off

Reassessing Retirement Assumptions

Reassessing Retirement Assumptions What makes financial sense for some baby boomers may not make sense for you. There is no “typical” retirement. Many baby boomers want one and believe that they will have one, and their futures may indeed unfold as planned. For others, the story will be different. Just as there is no routine retirement, there are no rote financial moves that should be made before or during this phase of life, and no universal truths about the retirement [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:30-04:00May 2nd, 2013|IRA, Retirement, Saving & Budgeting, Social Sercurity Planning|Comments Off

IRA Contribution Reminder

IRA Contribution Reminder Here’s an important reminder: April 15 is the deadline for funding your IRA for 2012. (If you have a SEP IRA, you have until October 15 if you filed an extension on your personal tax return.) You may contribute up to $5,000 to a traditional IRA or a Roth IRA for the 2012 tax year. If you were 50 or older in 2012, your contribution limit is $6,000. (If you own multiple IRAs, your total IRA contributions [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:30-04:00March 28th, 2013|Financial Fitness, Investing, IRA|Comments Off