Tag Archives: Secure Act

RMD (Required Minimum Distributions) Changed to Age 72 Reminder … Stimulus Payment Method Reminder … Friday!

Very late in 2019, which sometimes seems like an eternity ago, and with the waiving of mandatory distributions in 2020, due to several comments and questions this week we wanted to briefly remind folks.

RMD – Required Minimum Distributions Commence at age 72 Now!

This week we had several occasions to discuss and remind that as of December 2019 due to the Secure Act RMD’s (Required Minimum Distribution‘s) were moved up from age 70 1/2 to age 72. We will talk about this in much greater detail in our next quarter newsletter along with a more detailed post just directed at the RMD new age requirement and the various other items that were adjusted by the afore mentioned Secure Act!

Stimulus Payment Method Reminder

Also due to repeat conversations …always happy to have as you give us terrific content and others are certainly in the same situation … ok digressing… this week about the method of payment for the stimulus funds. As a reminder the IRS essentially issues us a rebate for the stimulus funds as such they’re using the banking instructions that they had on file for our 2019 tax return. If you had no banking instructions on file they will be mailing the stimulus.

Friday

OK sorry for being a little heavy on a rainy Friday .. here in Texas it’s been very overcast for almost a week which seems like a year this time of the year, but that’s OK enjoy your Friday … have a great weekend will talk to you next week!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

December 2019 Podcast Video, Financial Planning and Capital Market Update – By John Kvale

Hello and Welcome to our December 2019 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!

Newbies –

We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

December – 2019 Video

Financial Planning Tip (s) –

12-31-19 Secure Act House Ways and Means

SECURE Act is Signed at the Finish Line of the Year

As mentioned here in our preview post, with a stroke of a pen on the Saturday before the Christmas week, the SECURE ACT (Setting Every Community Up for Retirement Enhancement) – Wow that is a mouthful!

The Biggies:

  1. Age 72 RMD, up from the confusing 70.5
  2. Non-Spouse 10 Year Mandatory distributions of Inherited IRA – Mandating taxes by beneficiary

Tons of planning techniques and lots more to the law, but these again are the biggies!

Capital Market Comments –

FED Pauses and Markets Yawn… Finally

The FOMC (Federal Open Market Committee) led by Jerome Powell and company, FINALLY were able to not lower rates and market participants accepted it… Shhh, lets keep it our secret..haha

12-16-19 Fed Funds Rate

 

Happy 2020!

Have a Great Day – Talk to you at the end of January!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
street-cents

Break In: SECURE ACT – (New Retirement Plan Rules) a Breath Away from Law – Friday – Office Hours Over Next Holidays – Happy Holidays

Break In:

SECURE ACT looks to be passed at the last minute amid year end legislation…

We rarely comment on items that are not law, but the SECURE ACT (Setting Every Community Up for Retirement) is just a pen stroke by the President away from law, as both the House and Senate have approved.

Two Biggest Items of Secure Act (Many Others, but the following are the elephants):

  1. Delayed mandatory RMD until age 72 – Nice
  2. Non-Spousal Beneficiaries to IRA’s will only have 10 years to empty the account – Tax Acceleration here – will require planning

These laws, if passed will commence for actions occurring after 1-1-2020…

 Back to our Regularly Scheduled Program….

Today is a Friday and with local schools only a half day, we will be adhering to the same schedule to help keep the streets safe…haha

Office Hours Over the Holidays

Each of us are taking time off over the next two weeks, but an attempt to not all be gone at the same time is always made…. there will be several days where we will all be out.

I always make myself available via the technology tether to let the others disconnect…

That being said, there are travels in the schedule as well!

So if a delayed response, it may be due to bad WiFi flight times….

Fun Pre-Scheduled Posts

Over the year, a few neat comments have caught the eye and will be shared over the Holidays!

Have a Great Holiday Season and talk to you in 2020!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents