Skip to main content
360Blue Financial Strategies
 
630-318-7400 info@threesixtyblue.com Client Login
Wealth Management Pricing About Us Resources Contact Us

    You are here

  1. Home
  2. Blog

Blog

The Pros and Cons of Early Retirement Plan Rollovers

Submitted by 360Blue Financial Strategies on August 4th, 2021

 

Should you withdraw and reinvest your retirement plan money while you are still on the job?

Tags:
  • Retirement
  • Retirement Plan Rollovers
  • Read more

Life Insurance with Extended-Care Riders

Submitted by 360Blue Financial Strategies on July 21st, 2021

The COVID-19 pandemic has changed extended-care policies. While the specific policy information varies from company to company, in general, the pandemic has made it more difficult to qualify for extended-care policies. This can be particularly challenging if you’re in a high-risk group.

 

Tags:
  • #insurance
  • Read more

Keep Your Life Insurance When You Retire

Submitted by 360Blue Financial Strategies on July 21st, 2021

Do you need a life insurance policy in retirement?

One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has passed.

Tags:
  • Retireees
  • Retirement
  • Read more

End-of-Year Money Moves 2020

Submitted by 360Blue Financial Strategies on November 6th, 2020

What has changed for you in 2020? For many, this year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Did you retire? There’s another step. Did you start a family? That’s practically a pirouette.

Tags:
  • Financial Planning
  • Personal Finance
  • Retirement
  • Read more

Federal Student Loan Relief

Submitted by 360Blue Financial Strategies on May 25th, 2020

How does it work? What should you do?

Are you or someone you know currently making federal student loan payments? In light of the COVID-19 pandemic, some welcome relief may be on the way.

 

Tags:
  • Financial Planning
  • Personal Finance
  • Student Loans
  • Read more

Social Security and Coronavirus

Submitted by 360Blue Financial Strategies on May 16th, 2020

If you have been laid off or face business downturns, you may wonder if you should claim Social Security now. These guidelines can help navigate the decision. Plus, how Social Security is functioning during the pandemic.

 

Tags:
  • Financial Planning
  • Personal Finance
  • retirees
  • Retirement
  • Read more

Details on the Tax Deadline Extension

Submitted by 360Blue Financial Strategies on May 16th, 2020

The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1

  

Tags:
  • Personal Finance
  • taxes
  • Read more

Roth IRA Conversion in the Era of COVID-19 - Is it right for you?

Submitted by 360Blue Financial Strategies on April 30th, 2020

The COVID-19 pandemic has shaken up nearly every aspect of American life. To say it’s been a difficult time would be an understatement. 

However, difficult times may open doors to new possibilities. Businesses are changing their ways of operating, and individuals are exploring new avenues for investment. It may be time for you to consider some opportunities, as well.

Tags:
  • Personal Finance
  • Retirement
  • Read more

Key Provisions of the CARES Act

Submitted by 360Blue Financial Strategies on April 6th, 2020

Distributions can be waived in 2020 for Inherited Accounts, 401(k)s, and IRAs.

Recently, the $2 trillion "Coronavirus Aid, Relief, and Economic Security" ("CARES") Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.1

To put this monumental legislation in perspective, Congress earmarked $800 billion for the Economic Stimulus Act of 2008 during the financial crisis.1

The CARES Act has far-reaching implications for many. Here are the most important provisions to keep in mind:

Stimulus Check Details. Americans can expect a one-time direct payment of up to $1,200 for individuals (or $2,400 for married couples) with an additional $500 per child under age 17. These payments are based on the 2019 tax returns for those who have filed them and 2018 information if they have not. The amount is reduced if an individual makes more than $75,000 or a couple makes more than $150,000. Those who make more than $99,000 as an individual (or $198,000 as a couple) will not receive a payment.1

Business Owner Relief. The act also allocates $500 billion for loans, loan guarantees, or investments to businesses, states, and municipalities.1

Your Inherited 401(k)s. People who have inherited 401(k)s or Individual Retirement Accounts can suspend distributions in 2020. Required distributions don't apply to people with Roth IRAs; although, they do apply to investors who inherit Roth accounts.2

RMDs Suspended. The CARES Act suspends the minimum required distributions most people must take from 401(k)s and IRAs in 2020. In 2009, Congress passed a similar rule, which gave retirees some flexibility when considering distributions.2,3

Withdrawal Penalties. Account owners can take a distribution of up to $100,000 from their retirement plan or IRA in 2020, without the 10-percent early withdrawal penalty that normally applies to money taken out before age 59½. But remember, you still owe the tax.4

Many businesses and individuals are struggling with the realities that COVID-19 has brought to our communities. The CARES Act, however, may provide some much-needed relief. Contact your financial professional today to see if these special 2020 distribution rules are appropriate for your situation.
 

Under the CARES act, an account holder who already took a 2020 distribution has up to 60 days to return the distribution without owing taxes on it. This material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Under the SECURE Act, your required minimum distribution (RMD) must be distributed by the end of the 10th calendar year following the year of the Individual Retirement Account (IRA) owner's death. Penalties may occur for missed RMDs. Any RMDs due for the original owner must be taken by their deadlines to avoid penalties. A surviving spouse of the IRA owner, disabled or chronically ill individuals, individuals who are not more than 10 years younger than the IRA owner, and children of the IRA owner who have not reached the age of majority may have other minimum distribution requirements.

Under the CARES act, an accountholder who already took a 2020 distribution has up to 60 days to return the distribution without owing taxes on it. This material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Under the SECURE Act, in most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA). Withdrawals from Traditional IRAs are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty. You may continue to contribute to a Traditional IRA past age 70½ under the SECURE Act, as long as you meet the earned-income requirement.

Account holders can always withdraw more. But if they take less than the minimum required, they could be subject to a 50% penalty on the amount they should have withdrawn – except for 2020.

 

Tags:
  • taxes, retirement, personal finance, Financial Planning
  • Read more

Coronavirus & More

Submitted by 360Blue Financial Strategies on February 24th, 2020

Coronavirus & More

Tags:
  • Personal Finance
  • Read more
  • « first
  • ‹ previous
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • next ›
  • last »

Archived Blog

  • July 2022 (1)
  • June 2022 (3)
  • May 2022 (3)
  • April 2022 (5)
  • March 2022 (2)
  • February 2022 (1)
  • January 2022 (1)
  • December 2021 (1)
  • November 2021 (1)
  • October 2021 (3)
  • September 2021 (6)
  • August 2021 (4)
  •  
  • 1 of 3
  • ››

Categories

  • #insurance (1)
  • 2022 (1)
  • 401K (1)
  • Athletes (1)
  • Award Letter (1)
  • Choices (1)
  • College (8)
  • Contributions Limits (1)
  • Estate (2)
  • Estate Planning (2)
  • FAFSA (1)
  • Financial Advice (1)
  • Financial Advisor (4)
  • Financial Aid (2)
  • Financial Planning (21)
  • Financial Planning Month (1)
  • Financial Professional (1)
  • Financial Strategies (1)
  • Financial Wellness (1)
  • Funding (1)
  • Getting Started (1)
  • Invest (1)
  • Marriage (1)
  • Money (1)
  • October (1)
  • Parents (1)
  • Passive Income (1)
  • Payments (1)
  • Personal Finance (11)
  • Pre-Retiree (1)
  • Required Minimum Distribution (1)
  • Retire (1)
  • Retireees (1)
  • retirees (1)
  • Retirement (15)
  • Retirement Plan Rollovers (1)
  • Salary (1)
  • Second Marriage (1)
  • Social Security (2)
  • Student Loans (1)
  • Tax Credit (1)
  • Tax Deduction (1)
  • taxes (8)
  • taxes, retirement, personal finance, Financial Planning (1)
  • Tips (1)
  • Unemployment (1)
  • Unemployment Benefits (1)
  • Unexpected Event (1)
  • Value (1)
  • Working (1)

Tell a Friend

Contact Us

Sign up to our newsletter

Sign up to receive tips about investment strategies, retirement planning, saving for college and more.

What We Offer

Wealth Management Pricing About Us

Resources

Blog FAQ Quarterly Economic Updates Industry Links Events

Client Login

Axos Login Charles Schwab Login 360Blue Plan Portal

Contact Us

630-318-7400 info@threesixtyblue.com 15 Spinning Wheel Road, Suite 211
Hinsdale, Illinois 60521
159 North Sangamon Street, Suite 200
Chicago, IL 60607

Contact us

Securities and Advisory Services offered through United Planners Financial Services Member: FINRA, SIPC 360Blue Financial Strategies and United Planners are not affiliated.

Check the background of your financial professional on FINRA's BrokerCheck 

This information is intended for use only by residents of  AZ, CA, CO, FL, IL, MI, MO, NV, OH, UT, VA, WI Securities-related services may not be provided to individuals residing in any state not listed above. Insurance-related services may not be provided to individuals residing in any states other than AZ, FL, IL, MI, OH, VA, WI.
 

© 360Blue Financial Strategies. All rights reserved.
Terms & Conditions Privacy Policy

© 2022 360Blue Financial Strategies. All rights reserved.

Website Design For Financial Services Professionals