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.
The April 2020 edition of Fairman Group Perspectives highlights returning to work after COVID-19, coronavirus scams, rebalancing portfolios, and CARES Act distributions. Learn more!
A 10% penalty tax generally applies to distributions from an employer retirement plan or individual retirement account (IRA) before age 59½ unless an exception applies. Due to the coronavirus pandemic, the penalty tax will not apply to up to $100,000 of coronavirus-related distributions to an individual during 2020.
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