News from Kampstra Wealth Management
Estate Planning
Estate planning can be one of the most misunderstood aspects of financial planning, however, it’s a vital part to ensure your assets and family are protected. Unfortunately, common myths convince many they don’t need to create or update an estate plan. Here are some estate planning myths and the reasons why having a documented plan is important for everyone.
2022 Medicare Enrollment Season
Don’t miss the annual open enrollment season for Medicare, which this year runs from October 15 through December 7.
What’s the Scoop? Tax Credits?!
Overview of tax credits available for starting up a new employer-sponsored 401(k) plan.
COVID Brings Social Security Closer to Insolvency
Social Security’s long-term funding has been a concern for some time now. The Social Security Board of Trustees’ annual report released earlier this month indicates that if Congress doesn’t take action to address funding, benefits will be cut to 78 percent by 2034. This is one year sooner than previously projected, due in late part to COVID-19 drastically impacting American’s incomes and thus payments into the Social Security fund.
Why You Shouldn’t Hire Your Payroll Provider to Manage Your 401(k) Plan
While bundling the 401(k) with your payroll provider appears to be ‘easy’, it could turn into a nightmare down the road. There are several important reasons you should look elsewhere, consider the following . . .
The Cycle 3 Restatement and What it Means for Your 401(k) Plan
Every 6 years the Internal Revenue Service (IRS) requires business owners to update their 401(k) plan document (aka plan rule book) to catch up the plan on all recently passed legislation. You have until July 31, 2022 to make the necessary changes. It’s imperative to review your current plan design to make sure it matches the goals of your business and employee benefits offering. Below is a list of plan features that we’re reviewing with our business owner clients.
Should You Use Your Retirement to Pay for College?
College costs have exploded over the last twenty years. Most parents and some grandparents find themselves fighting a battle on two fronts: saving for retirement and college at the same time.
Is it worth tapping your IRA to help pay for college?
Late-Stage College Planning
If your child is approaching college and you’re behind on education savings, it can feel like hitting the snooze button too many times. But it’s okay — there’s still some time to potentially address college costs.
Here are a few basic tips to save some money when you’re up against the college deadline.
Department of Labor – Electronic Disclosure Rules
The new safe harbor permits delivery of covered documents via website or email.
Used Car Inflation
The overall rate of inflation has been 5% for the past 12 months. Meanwhile, the average price of a used car is up 30% from a year ago. As the market shifts, some people who bought used cars may learn another key economics lesson: they might owe more for their car than what it’s worth as prices return to historical levels.
News Archive
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