The News You Need To Know | SPECIAL EDITION

1. Gifting to Children And Grandchildren

  • Now may be a good time to gift cash for investment to children and grandchildren
  • Doing so can be a great way to teach a valuable lesson about long-term investing
  • Be cautious about the type of account that is used for the investment (529, IRA, Roth IRA or brokerage account)
  • Gifting cash for investment may be better than gifting shares of stock due to potential tax savings

2. Review Federal Student Loans

  • All federal student loan interest and payments are suspended until after September 30th
  • Qualifying loans are Direct Loans and Federal Family Education Loans
  • Loan forgiveness programs will not be negatively impacted
  • Check with private lenders to see if they will offer payment flexibility
  • Now is not a good time to refinance federal loans as private loans are not included in forbearance period
  • Those pursuing Public Service Loan Forgiveness should not make payments during this time

3. Making 2020 Roth and IRA Contributions

  • While many people make IRA contributions at the end of the year or before filing taxes, the next few months might provide a better buying opportunity
  • Rather than making a lump-sum investment, consider investing your 2020 contribution over several months to help limit the impact of market fluctuations

Stay tuned for details about our upcoming webinar in May which will cover how the SECURE Act may impact your, your retirement accounts and your heirs.

Make the Best of Quarantine: New Video Series
WEBINAR Thursday, May 28th: "How the SECURE Act Impacts Your Retirement Accounts"

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