IRAs and Roth IRAs are similar in a lot of ways. First, there are limits to how much you can contribute to each (for 2020, that limit is the greater of earned income or $6,000 – or $7,000 if you’re over 50.). There is no taxation on growth or income…
You’ve hired a professional to provide services for you. Hopefully, you have some idea of what these services will cost. Most contractors, it’s said, will finish their work in twice the time and at twice the cost that’s quoted. But, hey, if you factor that in at the start, you…
Any firm that works as extensively with a higher education clientele as we do needs to become familiar with one of the most interesting life insurance and annuity companies out there, the Teachers Insurance and Annuity Association, or TIAA. THE HISTORY TIAA traces its roots back to 1918, when Andrew…
If you ask this question online, you’re going to receive a litany of web articles, many from banks and insurance companies, some from the IRS. I noted recently that they all basically say the same thing, so I’ll certainly pass along the following: Keep tax records for 3 years (the…
When you’re considering giving money to a charitable organization, especially if the gift is significant, it’s vital to know that the money is going to a worthy place. You want to be absolutely clear on the organization’s mission, and you’ll want to be comfortable that your hard-earned money will be…
If you’re like me, you’ve accumulated a tidy stack of those cool-looking Series EE bonds over time. Mine came from occasional gifts from my grandparents, and payroll deduction programs from my first couple jobs. And, if you’re like me, those bonds are long-gone, used to purchase a 1978 Chrysler Cordoba…
Happy 2020! All of us here at PFA pass along our best wishes for you in the coming decade. May the 20’s really be ‘roaring’ (and may they not end like the 1920s did!) Right off the bat, we’ve got an interesting new set of tax rules to learn. In…
You’ve worked hard all your life to provide for yourself and your family. You’ve also diligently put aside for your retirement. Your kids are grown and educated, on their own and self-sufficient. Meanwhile, WE have been working hard. We’ve consistently updated your long-term income plan and have helped you to…
Tis the season – when charitable gifting moves to the front of our minds. It’s not just that the spirit of giving is more palpable during the holiday season… At this time of year, plenty of reminders arrive in the mailbox each day; worthy causes and organizations are looking for…
Individual Retirement Accounts are great for one major reason… taxes are deferred until distributions are taken, sometimes on contributions and always on growth. Deferral of taxation can be helpful in two ways: First off, taxes aren’t coming out of the account to pay for regular growth, dividends and interest, so…
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