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About Bob Williams

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So far Bob Williams has created 117 blog entries.

New Retirement Account Rules – COVID-19

By |2020-03-30T10:08:24-04:00March 30th, 2020|Financial Planning, Retirement|

The Coronavirus is changing the landscape, as we know it, in almost every part of life. Unquestionably, it’s also shaking up the financial universe and changing rules that have been etched in stone for decades, and retirement accounts are no exception. With the Coronavirus Aid, Relief, and Economic Security Act (CARE) now law, Americans 72 years old and older get [...]

2019 IRA Contributions Delay

By |2020-03-23T11:18:05-04:00March 23rd, 2020|Financial Planning, Retirement|

As a result of the COVID-19 pandemic, U.S. Treasury Secretary Steve Mnuchin extended the 2019 tax filing date to July 15.  As a result, it also extends the deadline for making a 2019 contribution to your Individual Retirement Account (IRA) or Roth IRA. You now have until July 15 to make last year’s contributions. According to the Internal Revenue Code, [...]

When To Buy MediGap Insurance

By |2020-02-26T14:31:40-05:00February 26th, 2020|Financial Planning, Retirement|

I was having a conversation about retirement health insurance with an acquaintance of mine who just retired. He’s a former corporate executive—an analytical person—who’s always done his homework to avoid as many surprises as possible in the business world. He’s done the same thing with healthcare and decided that a Medigap policy is best to handle that part of his [...]

The Magic Is Gone

By |2020-02-18T09:22:10-05:00February 18th, 2020|Financial Planning, Retirement|

I’m a Baby Boomer—in the middle of the Boomer pack. Talk to almost anyone of my generation and they’ll tell you stories of what retirement looked like for workers when we were growing up. Back then it was common for someone to work for only one company, starting at age 18 and retiring at 65. You took your pension and [...]

The Growing Financial Risk of Retired Americans

By |2020-01-30T12:58:58-05:00January 30th, 2020|Financial Planning, Retirement|

Retirement is supposed to be the time of carefree living; the reward for a lifetime of hard work, saving, and sacrifice. But it seems that may be more utopian pipe dream than reality. The wealth gap in the United States is getting wider, which in turn increases the financial risk of many retired Americans, limiting their options and forcing them [...]

10 Major Trends in IRS Audits

By |2020-01-22T12:20:26-05:00January 22nd, 2020|Financial Planning, Taxes/Fiscal Policy|

What feeling do you have when you hear IRS? Is there a sick feeling in the pit of your stomach or do you just roll your eyes knowing that April 15th will be here all too quickly? Throw in the word audit and emotions and blood pressure can reach levels you never dreamed of. CPA Jim Buttonow has 30 years [...]

401(k) Contribution Limit Goes Up in 2020

By |2020-01-15T08:35:41-05:00January 15th, 2020|Financial Planning, Retirement|

Call it a gift. Call it crazy. Call it whatever you want. But it’s good news. The IRS will let you put more money into your 401(k) account in 2020. The maximum contribution to a 401(k) this year is $19,500, up from $19,000 in 2019. If you are age 50 or older, you can make an additional $6,500 catch-up contribution [...]

Keeping your IRA a Little Longer

By |2020-01-08T13:29:28-05:00January 8th, 2020|Financial Planning, Retirement|

Americans are living much longer. Some are running out of money before their death and need additional assistance from the Federal Government, which puts more strain on a system that’s bringing in less money than it’s paying retirees. On January 1, 2020, the SECURE Act (Setting Every Community Up for Retirement Enhancement) took effect, allowing you to save more and [...]