Consolidating Old 401(k)s and IRA’s

If you have old 401(k) accounts that are still with your former employer(s), and/or multiple IRA accounts at various firms, you may consider consolidating those into a single IRA account and thereby simplifying your life and gaining more control over the investment of those monies. Please let us know if we can help you investigate this more.

SIMPLE IRA Contributions

If you sponsor a Simple IRA plan, remember you must give notice to your employees, by October 31st each year, of your intent to offer the plan to them for the upcoming calendar year. Also, all elective deferral contributions for the year must be included in a payroll processed before December 31st. Finally, all matching and non-elective contributions can be made up to the filing date of your business tax return, including extensions.

Updating Beneficiary Designations on IRA’s, 401(k)s, Life Insurance/Annuities

Marriage, divorce, the birth of children, and other life events often necessitate the need to change the beneficiaries listed on IRA’s, 401(k)s, and insurance policies. As our situations change over time, we may have lost track of the need to do this. Feel free to contact us if you would like to check the beneficiary designations on any accounts we handle for you, and you may want to do the same for any accounts and insurance policies you have elsewhere.

POA’s (Power of Attorney)

If you are unable to conduct your own affairs due to health reasons, or if you need to give someone else the authority to conduct business in your absence, Power of Attorney documents allow a trusted individual to act on your behalf for accounts registered in your name. Experience has shown us that this is particularly important for those of us who are getting up there in age!

Because not all financial service providers (like Schwab and TD Ameritrade) may accept your POA document as it is written, it is important to have it approved and on file BEFORE it may be needed. As an alternative, both Schwab and TD have their own POA documents, specifically geared towards accounts held with them, that can be executed and put on file.

Medicare Annual Enrollment Period

For 2019 coverage, open enrollment will run from October 15, 2018, to December 7, 2018. During this period, you can make changes to various aspects of your coverage.

Next Advisor Insight Event

Our next Insight event is scheduled for October 16th. George Holland will present: “What you won’t see on CNBC”. Please contact Madison at to RSVP.