Andrew Rafal talks year-end financial tips with Good Morning Arizona

End of Year Financial Checklist The 5 most important steps to take before the end of the year Maximize Your Retirement Contributions In 2015, the maximum 401(k) contribution has been increased to $18,000, or $24,000 for those over 50. Even if you can’t save the top amount, try to contribute enough to maximize your employer’s match. For those with a traditional IRA, the maximum contribution is unchanged from 2014 - $5,500, or $6,500 for those over 50. The same is true for Roth IRA contributions. You can make a 2015 contribution to your IRA anytime until Tax Day, which this year will be April 18, 2016. Review and Rebalance Your Retirement Portfolio End of year is a great time to look at how your retirement savings plan has performed throughout the last year. Every family and investor is different, so it’s important to find a mix that fits your unique long-term goals. Take your RMD from Retirement Accounts and avoid 401(k) and IRA Minimum Distribution Penalties If you turned 70½ in 2015 and have retirement accounts funded with pre-tax dollars, you’ll need to start taking Required Minimum Distributions, or RMDs. Missing the distribution deadline will result in a 50% tax on the required RMD. Partial distributions are also penalized. Take Note of Social Security Benefit Changes Congress recently passed the Bipartisan Budget Bill that will close some popular Society Security filing strategies, like file and suspend and restricted spousal application methods. Find out the upcoming deadlines or each strategy and understand how it will affect you. Review Your Family Financial Plan and Beneficiary Forms The end of the year is a great time to review your financial plans and compare your progress with your goals. If something isn’t working, then revise your strategy for the New Year. Start by evaluating your risk tolerance and market exposure. Also take the time to also update wills and beneficiaries, particularly if there’s been a birth, death, marriage or divorce. www.bayntree.com...(read more)

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"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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