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Wealth Management

Benefits Buzz August 2017

Did You Know?

The Department of Labor (DOL) has officially dropped its support of the new overtime rule.  The rule, originally scheduled to take effect in December 2016, was halted by a federal court soon before its enactment.

2017 Year End Reminders

Required Minimum Distributions (RMDs)

Reminder that if you are 70+ years old, you need to take a minimum amount of money from any IRA you have.  Click here for a reminder on what an RMD is or contact a Financial Advisor at Hummel Group for more information.

 

It's Time for Baby Boomer RMDs!

In 2016, the first wave of baby boomers turned 701/2, and many more reach that milestone in 2017 and 2018.  What's so special about 701/2?  That's the age when you must begin taking required minimum distributions (RMDs) from tax-deferred retirement accounts, including traditional IRAs, SIMPLE IRAs, SEP IRAs, SARSEPs, and 401(k), 403(b), and 457(b) plans.  Original owners of Roth IRAs are not required to take RMDs.

Donating to Disasters and Avoiding Scams

Hurricane Harvey was the strongest storm to make landfall in the United States since Hurricane Charley in 2004 and we will soon have Irma, an even stronger storm crashing into our shores this weekend.  News of the damage Harvey has caused to southeastern Texas is prompting people to help in whatever ways they can and we are certain that the same will occur with Irma.

Long-term Disability Insurance

Disability insurance is coverage that provides you with income protection should you lose time on the job due to an injury or illness.  With disability coverage, you receive partial replacement of lost income.

For working-age individuals, disability refers to a medical condition that reduces your ability to perform your job duties.

Beginning Your Savings Fitness Plan

Look at your current financial resources. This is important because your financial resources affect not only your ability to reach your goals, but also your ability to protect those goals from potential financial crises.  These are the resources you will draw on to meet various life events.