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In or starting a small business? Explore the Paycheck Protection Program starting 4/3/20, and other programs

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In or starting a small business? Explore the Paycheck Protection Program starting 4/3/20, and other programs

By in Financial Tips, General Education, News
5 years ago
5 years ago 0 785

To help businesses survive the coronavirus economy, the government is providing support. If are in or run a small business adversely affected by the coronavirus directly or indirectly, explore the recent CARES Act Paycheck Protection Program (PPP) forgivable loan, Disaster Loan (& grant) Assistance, or Employee Retention Credit program. The PPP started 4/3/20 for small businesses, and 4/10/20 for sole proprietorships and independent contractors. These programs expects high application volume,…

6 work from home tips we’ve learned so far

By in Financial Tips, General Education, Investor Behavior
5 years ago
5 years ago 0 900

With the shelter in place in effect in Northern California since last Tuesday, and more places to come soon, many of having had to shift from going to the office to working from home. WealthStep is well set up to operate as a virtual office, and should not experience any interruptions. Here are a few remote tips we hope will help you. Make your life easier Upgrade your Internet service: Now…

How we’re thinking about coronavirus

By in Financial Tips, Investor Behavior
5 years ago
5 years ago 0 1371

The public’s concern about coronavirus (COVID-19) is increasing. As is often the case, concerns are frequently magnified by what’s called “negativity bias,” an evolutionary mechanism in the brain to minimize risk. More often than not, people over-react to potential risks. But sometimes the reaction is warranted. Regarding coronavirus, it is too soon to tell how justified these worries are, and the appropriate level of concern at any point in time…

Longevity’s ripple effect: Why Gen X cannot count on inheritances for their retirement

By in Financial Tips, General Education, Investor Behavior
5 years ago
5 years ago 0 826

As if Gen X (now age 40 – 55) didn’t have enough to think about in midlife, they also need to be careful about including any expected inheritance in their retirement planning.  While there is much talk about a great transfer of wealth in America in the coming 25 years, with estimates anywhere from $30 – $65 Trillion, this estimate and its timing is by no means a sure thing….

The SECURE Act: What individuals and business owners need to know

By in Financial Tips, General Education
5 years ago
5 years ago 0 824

Business owners, especially smaller employers, now have more incentives and options to offer retirement savings plan.  Individuals have additional opportunities to grow their retirement savings.  Signed in to law by the President on December 20, 2019, The SECURE Act (‘Setting Every Community Up for Retirement Enhancement”) brings the most significant pension reform in more than a decade.  The goal of the legislation is to promote retirement savings and affects both individual investors…

2020 IRS contribution limit updates means you can save more in your retirement plan

By in Financial Tips
5 years ago
5 years ago 0 1573

You can now save more in your retirement plan! See below for 2020 IRS contribution limit updates, and click the link for IRA account and other updates. 401(k), 403(b), 457 Plan deferral Limit: 2019: $19,000, 2020: $19,500,“Catch-up” Contribution >age 50: 2019: $6,000, 2020: $6,500Defined Contribution Total Dollar Limit: 2019: $56,000, 2020: $57,000Highly Compensated Employee definition: 2019: $125,000, 2020: $130,000Click here for full IRS announcement of 2020 limits Some lower-income folks…

Start this conversation with your aging parents now

By in Financial Tips, General Education
5 years ago
5 years ago 0 782

  The time to discuss issues related to your parent’s aging is before you need to. Some senior care professionals promote the idea of the “40-70 rule”, advising that you begin conversations with your parents about their plans and desires once you reach age 40 or they are age 70. While this may seem early since most 70-year-olds are still quite independent and may still be working, you want to…

A few ideas to help plan for college savings & financial aid

By in Financial Tips, General Education
5 years ago
5 years ago 0 841

If you have children that plan to attend college, you have opportunities to make it easier to pay for college. And, if you happen to be a small business owner, one of the most favorable treatments for business owners is your ability to increase the amount of financial aid for which your child may qualify by lowering your “expected family contribution” (EFC).  The EFC is the baseline for calculating federal…