Retirement Archives - Page 2 of 3 - Cowen Tax Advisory Group

How will the SECURE Act impact my retirement?

January 9th, 2020

The SECURE Act is the largest piece of retirement legislation to pass Congress since the Pension Protection Act of 2006. Signed into law at the end of December 2019, the SECURE Act went into effect on January 1st, 2020. But that quick turn-around has left many Americans wondering how the bill will affect their retirement …

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4 Common RMD Mistakes You Might Be Making

December 20th, 2019

1. Missed Deadlines What it is If you don’t take your RMD or take it after the December 31st deadline, you will be subject to a 50% penalty. That means half of your withdrawal goes directly to the IRS. What you can do about it You have the option to appeal the penalty for a …

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Do I Need A Power of Attorney?

November 19th, 2019

What is Power of Attorney? Power of attorney (POA), broadly defined, is a legal document that gives someone the authority to act on your behalf in legal, financial, and even healthcare matters. This person, called the agent or attorney-in-fact, is required to act in your best interests. Power of attorney documents can be incredibly useful, …

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Stretch IRA: What It Is and Who Should Consider It

September 25th, 2019

What is a Stretch IRA? A Stretch IRA is an inherited IRA account where the beneficiary has chosen to “stretch” taxable distributions over the course of their own life expectancy. When an IRA is inherited by someone other than the original owner’s spouse (called a “non-spousal beneficiary”), this person can either take advantage of the …

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How to Leave the Labor Force Forever

September 24th, 2019

One in four Americans say they will never retire, according to a recent poll from the Associated Press-NORC Center. Their number one motivator? Money–or lack thereof. However, we know that most older workers will need to stop working at some point due to injury, illness, layoffs, or family responsibilities, and they’ll need a solid retirement …

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5 Retirement Risks You Need to Plan For

August 29th, 2019

The best retirement plans let you hope for the best and prepare for the worst. From stock market free-falls to soaring inflation, there are five major retirement risks that your retirement plan must be ready to handle. In this article, we explore each risk, as well as strategies you can use to keep your nest …

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Exile on Annuity Street: Retirement Planning with the Rolling Stones

July 19th, 2019

The Rolling Stones are no strangers to controversy. Since the band’s creation in 1962, the Stones have wrecked hotel rooms, dressed in drag, and consumed enough narcotics to incapacitate several elephant herds. The band’s 2019 No Filter tour is no exception. The headlines are less racy now that Mick Jagger and Keith Richards are well …

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Are You Financially Independent?

July 3rd, 2019

What does it mean to be financially independent? The definition of financial independence varies, depending on who you ask. To some, being financially independent means having more money than you could ever spend; for others, it’s liberation from debt and a paycheck-to-paycheck lifestyle. Then there’s the FIRE movement, as in Financial Independence, Retire Early, a …

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What Are My Social Security Alternatives?

June 28th, 2019

Social security is in trouble and many Americans have begun seeking social security alternatives to safely plan for retirement. The Social Security Administration suggests that your social security benefit make up about 40% of your income. If social security is only 40% of your earnings, how can you prepare for retirement without being too dependent …

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Five Ways to Protect Your Wealth and Health

June 14th, 2019

Stethoscope on 100 dollar bills symbolizing financial surveillance

Did you know that losing money can be hazardous to your health? A recent study published in the Journal of the American Medical Association found that participants who lost 75% or more of their wealth in a short period of time had a 50% higher risk of death over the next 20 years. These sudden …

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How to Inflation-Proof Your Retirement

May 28th, 2019

inflation with upward arrow on chalkboard

In 1969, the Beatles were still together, fringe was haute couture, and a Big Mac cost $0.50. Fifty years later, Abbey Road posters still adorn dorm room walls, but the only thing $0.50 will buy at your local McDonald’s is a sesame seed bun and a pitying look from the cashier. Like death and taxes, …

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Category: Retirement

How will the SECURE Act impact my retirement?

4 Common RMD Mistakes You Might Be Making

Do I Need A Power of Attorney?

Stretch IRA: What It Is and Who Should Consider It

How to Leave the Labor Force Forever

Exile on Annuity Street: Retirement Planning with the Rolling Stones

Are You Financially Independent?

How to Inflation-Proof Your Retirement

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