The R.I.C.H. Planning Group, LLC LTMOnline E-Newsletter

Robert A. Imparato, Jr CFP^®

CERTIFIED FINANCIAL PLANNER™ professional

Craig A. Hyldahl CFP^®

CERTIFIED FINANCIAL PLANNER™ professional

R.I.C.H. Planning Group, LLC

105 Fieldcrest Avenue, Suite #507

Edison, NJ 08837

Robert: 732-326-5240

Craig: 732-326-5240

Fax: 732-326-5331

Robert: robert@richplanninggroup.com

Craig: craig@richplanninggroup.com

Website: www.richplanninggroup.com

September/October 2020

The NEW SECURE Act and You

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect this year, created significant changes to retirement savings rules. From later required minimum distributions (RMDs) to IRAs and 401(k)s to accelerated distributions of inherited IRAs, the SECURE Act affects nearly everyone.

12 Obstacles to Investing Success

A disciplined investing strategy, whether for a child’s college costs or your retirement, can help you potentially grow your savings over time. However, success depends in part on avoiding obstacles that can trip you up and understanding uncertainty is always a part of investing. When investing for the long haul, beware of these obstacles:

The Cost of Life Insurance

Many factors affect the cost of life insurance. While you can minimize some of these costs, others are out of your control. Either way, understanding how life insurance is priced can help you make a more informed and less expensive buying decision. And as this year’s turmoil has shown, adults of every age should consider their need for life insurance.

How to Choose a Trustee

Compared to setting up a trust, choosing a trustee can be relatively simple. But not always. Money can drive a wedge between even the closest families, so choosing between a loved one, a professional advisor or a financial institution as trustee isn’t easy.

How to Repair Poor Credit

Poor credit can raise your borrrowing costs or eliminate your ability to borrow altogether, and it can even disqualify you from employment opportunities. If you have poor credit, take heart in knowing you can improve your credit score. Here's how to start the process:

Ways to Lower Your Auto Insurance Bill

If you drive, most states will require that you carry liability coverage. This can prove costly, especially if you are in a higher risk group or have a poor driving record. And if you have a newer car, you may want to carry additional collision and comprehensive insurance to cover your car. There are ways, however, to lower your total insurance costs.

Debt on the Rise

The New York Federal Reserve found that total household debt balances grew to $14.15 trillion in 2019, the largest annual gain since 2007. Here’s how most of it breaks down:

Retirement and the SECURE Act

The enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act has created a handful of tax-advantaged features retirees may appreciate. The new law allows retirement plan participants to take penalty-free distributions for a new baby, and 529 plans to pay off college loans. But the major focus of the new law is on helping Americans become more secure in retirement, and the SECURE Act does that in big ways.

Find Extra Cash for Retirement

If you’re younger than 40, you can probably name a half-dozen reasons why you don’t have to worry now about saving for retirement. Yet, blink and you will find yourself 20 years older and staring retirement in the face.

SECURE Act of Small Business

When 2020 began, business owners found significant changes in the way they may run their qualified retirement plans, thanks to the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Whether or not you sponsor a plan, here is some of what you may want to know about the new law:

Succeeding with Succession

Running a small business is not for everyone, but younger family members often want the challenge of taking over when founding generations retire. If you’re part of a family business, here’s how you can work toward continuing the business from one generation to the next, even in times of uncertainty like these.

Ways to Lower Your Car Rental Costs

Renting a car can involve a labyrinth of extra fees and charges, which can raise rental costs dramatically. You may, though, refuse some of these safely to lower what you pay.

Getting and Reading Your Credit Report

Your credit report affects everything from getting a charge card to getting a job, so it pays to know how to request and understand it.

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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice. R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively. GE-4833845.1 (7/22)(Exp. 7/24) CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
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