New law allows seniors to establish IRAs after 70

New law allows seniors to establish IRAs after 70

| Written by Linda D. Carley, Attorney and Former Judge for Spring 2020 Edition of OurSeniors.net Magazine | A new federal law has expanded the ways seniors may contribute and withdraw monies from their retirement accounts. Under the SECURE Act (Setting Every Community Up for Retirement Enhancement) just signed by President Trump and effective January 1, 2020, Americans in their seventies will have greater access and flexibility for retirement planning. The new law also extends the age for seniors to begin to take required minimum distributions (RMDs) by two years, and may require seniors to review how monies in a living trust are distributed to beneficiaries after the grantor’s death. Repeal of Age restriction for IRAs Prior to SECURE, seniors were restricted from establishing traditional individual retirement accounts (IRAs) after the age of 70. The new law, which is the broadest retirement reform in 13 years, repeals the age restriction for the establishment of traditional IRAs for tax years 2020 and beyond. It allows...
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Will vs. Trust—How Do You Decide?

Will vs. Trust—How Do You Decide?

The difference between a will and a trust is that a will details how you want your assets to be distributed once you die and a trust is how you want your assets controlled while you are alive. A trust is where your house and large expenses are held and it keeps the details of your final wishes private and controlled by a successor trustee once you pass. A trust is not up for debate by the court and successors immediately receive the assets. If you have a large estate, a trust is extremely important as there are no gray areas and you have full control over it as the trustee. If you become disabled or pass away, the successor trustee(s) take it over. It’s important to get on a trust as soon as possible if you are interested in one to ensure it falls into the right hands and someone who has your best interest in mind. The downsides to a trust...
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The Open Enrollment Period for Medicare 2019 will last until December 7, 2018

The Open Enrollment Period for Medicare 2019 will last until December 7, 2018

The decisions you make during this period will determine what type and how much insurance coverage you have during all of 2019! Do not wait to make this extremely important decision.  Have you investigated the extras provided by Medicare Advantage Plans? Do you know which plans have network requirements, include drug coverage or offer benefits like the SilverSneakers® Fitness Program? Humana is a well-known name in healthcare, especially in senior care. Seniors can call the Humana office (located at 1500 Beville Road, Daytona Beach) at 386-200-4191 to get full information about the many choices open to them. Do not put this important decision off. The choice you make between October 15 and December 7 will determine your health care options for 2019....
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