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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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    The coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. On March 27, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump. A key provision of the new law allows tax-favored treatment for people who take so-called coronavirus-related distributions from tax-favored retirement ...

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    On Friday, March 27, Congress gave final approval to the $2 Trillion Coronavirus Rescue Package (CARES Act) and the president signed it into law. As with all complex legislation, we need time to digest all of the intricate details and will provide more specifics in the days to come. For now, here is a high-level overview of what we know. The relief package includes: Direct cash payments to ...

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    March 23, 2020 Due to unprecedented circumstances surrounding COVID-19, PKS has decided to close all of our offices to public access. During this time, our team is working remotely and are accessible via phone and email. Please contact your PKS team member to coordinate the submission of your information or to arrange delivery of any work products. We encourage information be submitted to us ...

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