As a generation of Americans grows older, a considerable amount of their personal wealth is transferring to younger family members. In fact, a trillion dollars is expected to change hands by 2026.
What are required minimum distributions and how are they determined? Beginning at age 70.5, you must begin to withdraw money from your retirement accounts every year. The amount is determined based on your life expectancy as contained in the IRS tables. Required minimum distributions are computed by dividing the account balance at year-end by the life expectancy factor.
We’re making some exciting upgrades and enhancements at Sterling Wealth Partners.
The durable power of attorney is a legal document that allows a trusted person to act in your place if you're incapacitated. If you are unable to act on your own due to accident or illness, they can step in to take action for you. They can pay bills, or control investments, or even make decisions about health care issues.
As you know, your financial plan is comprised of many parts. This would equate to what one of the greatest investors and CEO of Berkshire Hathaway, Warren Buffett, calls the “economic trees.” In other words, let’s not get too caught up on any one investment.
Robo-advisors have been heralded as the “future of investing” by their fans, but can computer algorithms really replace human financial advisors?
Our behaviors produce the results we see in our lives.