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  • A lot can change over a lifetime — including with your wealth, family composition and priorities. That's why you need to revise your estate plan as you progress through life. Milestones such as becoming a parent and retiring can require everything from estate plan edits to estate plan overhauls. Here are some of the issues you should be considering at each life stage. Starting Out If you've ...

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    Myth 1: You have to contribute to a 529 in your home state. That statement is false with regard to 529 college-savings plans, in which money is invested in a portfolio of securities on behalf of a beneficiary. Any U.S. resident can contribute to a 529 college-savings plan in any state. Contributing to a plan offered by your home state might offer an added bonus in the form of a state income tax ...

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    If you're experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it's important to understand the federal income tax consequences, especially if you're under 59½. Common Misconception You may think that all withdrawals from Roth IRAs are ...

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    Keep these ages in mind to boost your retirement benefits and avoid penalties. Age 50 At age 50, workers in certain qualified retirement plans are able to begin making annual catch-up contributions in addition to their normal contributions. Those who participate in 401(k), 403(b), and 457 plans can contribute an additional $6,500 per year for 2020 (unchanged from 2019).* Those who participate in ...

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    Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they've taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan Loan Basics A participant in an employer-sponsored qualified retirement...

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    The IRS recently issued guidance related to coronavirus-related distributions allowed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Notice 2020-50 and Notice 2020-51 apply to qualified individuals, employers and eligible retirement plans. The guidance is lengthy and complex and includes an expansion of the definition of who is a qualified individual that can take a ...

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    It's enough to cope with stock market gyrations and other variations of personal finance without having to do battle with a scammer bent on draining your bank account. Forewarned is forearmed, as the saying goes. What you don't want to hear yourself saying is, "Wow, I didn't see that coming." It may seem odd, but the fact that many common scams have a long shelf-life is a good thing. That makes it...

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    People approaching retirement age often have questions about benefits they may be eligible to receive from the Social Security Administration (SSA). Here are the answers to several common questions and often overlooked details. How Soon Can I Start Collecting Retirement Benefits? If you want to receive full retirement benefits from the SSA, you must wait until you reach the so-called full ...

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    College is a major investment. But, if campuses remain shuttered in the fall due to the novel coronavirus (COVID-19) pandemic, will your student get his or her money's worth from virtual classes? Though universities may provide rebates for unused room and board costs, they're unlikely to offer discounts on tuition costs if classes remain online. This unprecedented situation comes at a time when ...

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    From the terrorist attacks on 9/11 to Hurricane Katrina in 2005, con artists have piggybacked off national disasters to commit fraud. Today, the Federal Trade Commission (FTC) reports that fraud cases have skyrocketed during the novel coronavirus (COVID-19) pandemic. The FTC's website highlights the following COVID-19-inspired schemes that target small businesses. "Public health" scams. Fraudsters...

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