On election day, the narrow passage of Proposition 19 in California brought good news for some homeowners. The new law allows homeowners who are over 55, or disabled, or victims of wildfires or other disasters to transfer the tax base of their primary residence to a replacement residence. This expands on the current law which allows homeowners over 55 to retain their tax base within their own county or some reciprocal counties,…
The IRS released the dollar limits for 2021 qualified retirement plan contributions. For 2021, employees’ and owners’ ability to defer compensation and invest for their future remains about the same as 2020. Because of low inflation, most of the common contribution levels were left unchanged, with defined contribution total dollar amounts (from employee and employer contributions combined) increasing by only $1,000. Although individual contribution levels have not increased, super savers ,who focus…
What if you had the recipe of life choices that could help you live longer, healthier, and happier? That is exactly what studies show happens in “Blue Zones,” parts of the world with unusually high numbers of happy centenarians. If you don’t live in a Blue Zone, you do not have to move. You can strive to create your own Blue Dot right where you are. Read on for some of…
As we adjust to the effects of COVID-19 in our lives, stimulus package passed by Congress on March 27th may help individuals and small businesses. The Coronavirus Aid, Relief and Economic Security (CARES) Act, as well as previously announced tax filing relief, should help with business and personal cash flows and provide economic stimulus. In addition, prior action by the Federal Reserve to reduce interest rates and provide liquidity…
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,…
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…
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…
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….
