This could be an opportune time to consider transferring wealth to future generations—by transferring assets (at lower values) and taking advantage of historically low interest rates. As the world continues to face these unprecedented times, we at Fairman Group Family Office want you to know that we are available to help you with all your financial planning needs.
The CARES Act offers some unique retirement planning opportunities relative to RMDs. If you do not need to make a withdrawal to fund cash flow this year, you can avoid an extra tax liability by not taking a distribution—or avoid selling retirement account assets that may be down. And, if you have already taken a distribution in 2020, there may still be time to unwind the transaction.
What impact will rising income tax rates have on my retirement? Do I understand the tax impact of leaving my retirement assets in trust? How will my retirement account distributions impact my taxes? In the current environment, where market volatility has returned and asset values have come down from their highs, there may be some unique opportunities now available for desirable short-term outcomes.
Will this market decline and volatility change my plans? Will I still be able to retire when I had planned to? In Financial Planning, it is critical to understand if your current actions are enough to accomplish your goals, as well as what changes could knock that plan off course. Stress testing your portfolio can give you confidence that things are in order, even when life seems to be derailing.
Investment advisory services are offered through The Fairman Group, LLC. The Fairman Group, LLC is registered with the Securities and Exchange Commission under Section 203(c) of the Investment Advisers Act of 1940.
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