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Posts by Marcus F. Johnson, CFPⓇ

When You Inherit an IRA

When you lose a loved one, your first thoughts won’t be about what to do with their IRA. But if you’re a beneficiary, it is important to make wise decisions to avoid excess taxes and penalties. Due to changes to the beneficiary rules in the SECURE ACT, the following information applies to deaths on or…

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National College Savings Month

Over the last four decades, the price of a college education has grown disproportionately to other costs. During the 1978-79 school year, it cost today’s equivalent of $8,250 to attend a public university and $17,680 to attend a private university. Now, a year at a public school averages $21,370, and a private college runs $48,510…

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Things to Know About Life Insurance

September is Life Insurance Awareness Month, making it a good time to review things you may not know about life insurance, such as: Policies differ widely. Term life insurance pays out a death benefit if you die within the specified period, often 20 or 30 years. Because it only pays for untimely deaths, it is…

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Credit Card Companies Respond to COVID

In these unprecedented times, many companies are coming up with new ways to help those who have experienced economic challenges and to better serve customers whose lifestyles have been altered because of health concerns. Credit card companies are no exception. Many major credit card companies have added to their existing hardship programs to help customers…

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Keeping Your Eyes on the Goal

As the struggle to control COVID-19 drags on, many of us experience periodic fatigue from distancing, negative headlines and future uncertainties. Staying disciplined when weary is difficult but crucial to short-term financial wellness and long-term financial success. So, follow these guidelines to maintain your focus: Don’t fixate on market swings. If you have a solid…

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The Mixed Blessing of Longevity

Thanks to better nutrition, smarter health choices and medical advances, people now live longer. The average life expectancy for a newborn in 1950 was 68. Today, it is just short of 79.1 And according to the Social Security Administration, one in four 65-year-olds will live past 90 and one in ten will live past 95.2…

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Things You Can Do With an IRA But Not a 401(k)

While both 401(k)s and IRAs share some similarities as tax-deferred retirement savings vehicles, IRA accounts allow you to do some things you can’t with a 401(k), such as: Combine your RMDs. Required minimum distributions (RMDs) are waived in 2020 because of COVID-19. But normally, if you have multiple 401(k) accounts when you are 72 or…

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Why “Good” is often better than “Perfect”

Seeking for perfection is embedded in the human psyche.  We’ve been taught that “good enough” isn’t good enough.  But striving for perfection in ourselves and others can be crippling, stressful, and often results in unhappiness.  Brain studies back this up.  Trying to be perfect overwhelms your brain with emotions and makes you feel out of…

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