As the coronavirus crisis has shown, the unexpected can happen at any time, threatening both health and finances. While that doesn’t mean you should panic, high-income earners may want to reassess their retirement planning so that they have more of a cushion and flexibility regardless of what happens later in life. In particular, consider saving…
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While the coronavirus pandemic and associated economic and stock market declines may cause you to consider putting retirement plan contributions on hold, it’s important to stay focused on your long-term retirement planning goals. If you have the means, you should generally continue to invest in retirement savings accounts, perhaps even to the 2020 retirement plan…
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Although interest rates were low before COVID-19 sent our economy into a downturn, the Federal Reserve has slashed them to near-zero in response to the crisis. You may find that such low interest rates are an opportunity to save money by refinancing your mortgage or other debt. Refinancing can be a good option to reduce…
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The economic decline from the COVID-19 pandemic may have a silver lining for lending: a rapid drop in interest rates. This can make it an ideal time to make low- or no-interest loans to your loved ones while minimizing tax impacts for yourself. Tax Implications for Low- or No-Cost Interest Loans It is natural for…
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While a stock market downturn like the one we are experiencing now can leave investors anxious, you can help make the most of this challenging situation through a variety of financial planning strategies, such as tax loss harvesting. By “harvesting” the tax losses within a taxable investment account like your brokerage account, you can increase…
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As the impact of the COVID-19 pandemic sends shudders of uncertainty into our markets and economy, you may be feeling a lack of control over your investments. But while your retirement accounts have likely suffered recent losses, stock market corrections can provide financial planning opportunities that help enhance wealth when markets recover. One such opportunity…
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As we continue to delve into the CARES act and legislation here at FDAA, our advisors wanted to pass along the following summary around the potential benefits and impact this legislation may have on your financial affairs: As the health care community tries to get a handle on the coronavirus pandemic, the U.S. government has…
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As you grow your savings and start to think about retirement planning and personal financial goals, you might wonder whether a local financial planner can help. In many cases, financial planning includes components beyond investment management—such as tax and estate planning, which can be complex and time-consuming to manage on your own. Working with a…
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Money raised at annual fundraiser supports children and families affected by cancer. MIDLOTHIAN, Virginia—Financial Dynamics & Associates is proud to announce its support for 2020’s ASK Above & Beyond Gala. “We have been raising funds for the ASK Childhood Cancer Foundation over the past several years, collecting donations at events like our annual client appreciation…
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While political issues aren’t necessarily a common influence on financial planning, the newly passed Setting Every Community Up for Retirement Enhancement (SECURE) Act could affect your retirement plan, as well as your taxes and estate plan. Notably, the SECURE Act could affect how you pass on assets to your heirs, as well as the age…
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