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Epic Insights

Exceptions to 10% Early Withdrawal Penalty

May 20, 2024

Know the rules
Know the rules

Withdrawing taxable funds from a tax-deferred retirement account before age 59½ generally triggers a 10% federal income tax penalty, on top of any federal income taxes due. [Distributions from Section 457(b) plans are generally not subject to an early distribution penalty; and the penalty for distributions from SIMPLE IRA plans during your first two years of participation is 25%, 10% thereafter.] However, there are certain situations in which you are allowed to make early withdrawals from a retirement account and avoid the tax penalty. (Check your specific plan provisions to see whether a particular withdrawal option is available.)

IRAs and employer-sponsored retirement plans have different exceptions, although the rules are similar.


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Early Retirement Offer?

May 20, 2024

Try rehearsing your retirement

In today’s corporate environment, cost cutting, restructuring, and downsizing are the norm, and many employers are offering their employees early retirement packages. But how do you know if the seemingly attractive offer you’ve received is a good one? By evaluating it carefully to make sure that the offer fits your needs.


Bad Money Habits to Break

May 17, 2024

Behaviors worth changing

Do bad money habits constrain your financial progress? Many people fall into the same financial behavior patterns, year after year. If you sometimes succumb to these financial tendencies, now is as good a time as any to alter your behavior. (more…)

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Tax Planning for Income

May 15, 2024

Tax PlanningYou don’t want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income.


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Basics of Financial Fitness

May 13, 2024

Health and Wealth. Two of the most important things.

There’s a subjective uncertainty associated with financial wellness. Are you financially fit? And if so, how fit are you?

While there is no clearly defined threshold for answering affirmatively, much less grading your level of fitness, there are baseline elements associated with financial fitness. To make sure that you’re on the right track, develop a financial plan that lays out clear goals and timelines. Below are steps to consider to get you started: (more…)

Market Update – Navigating May’s Stock Market Outlook

May 10, 2024

After a strong first quarter for stocks, some April showers rained down as the S&P 500 fell about 4% last month. Hopefully those showers will bring some flowers in May, despite the widely cited stock market adage, “Sell in May and go away.” There is some merit to this old adage because the S&P 500’s best six-month returns have, on average, come from November through April, and its worst between May and October (recall bear markets often end in October). Still, historically the index has gained an average of 1.8% from May through October — hardly worth avoiding. (more…)


Retirement and Adult Children

May 8, 2024

Retirement strategy and finances calculator writing formulas
Supporting a family can put a crimp in your strategy

Families are one of the great joys in life, and part of the love you show to your family is making sure that their basic needs are met. While that’s only to be expected from birth through the high school years, many households are helping their adult children well into their twenties and beyond at the cost of their own retirement savings. (more…)

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Outlook 2024

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2024 Annual Limits for Financial Planning

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SECURE ACT 2.0 – Top 10 Provisions

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2023 Annual Limits for Financial Planning

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