The Spousal IRA – is it Right For Your Family?
If you are married, and your spouse is a homemaker, you might think only you can make contributions toward retirement via eligible retirement accounts and plans. But that isn’t the case! A spousal IRA can allow both partners to save toward their retirement years on a single income. What is a Spousal IRA? “Spousal IRA” […]
On the Chopping Block – Tax Breaks Under Fire in Congress
President Trump campaigned on a good many issues – but taxes were high on the list. He proposed no income tax on Social Security, overtime pay, or tips. The tax cuts enacted in the 2017 Tax Cuts and Jobs Act (TCJA) would be made permanent or at least extended. Costly proposals, all of them! And […]
5 Tips to Make the Most of Your Post-Retirement Income
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Acting Out of Anger is Running Your Motor on Bad Fuel
Seneca wrote, “There is no more stupefying thing than anger, nothing more bent on its own strength. If successful, none more arrogant, if foiled, none more insane—since it’s not driven back by weariness even in defeat, when fortune removes its adversary, it turns its teeth on itself.” As a person of Irish descent, I know […]
SECURE 2.0: Changes to Retirement Plans for 2025 – IRS Postpones Effective Date on Some Until 2026
The SECURE 2.0 Act, signed into law on December 29, 2022, built on the foundational changes to retirement plans enacted in the Setting Every Community Up for Retirement Enhancement Act (SECURE) in December of 2019, made a few significant changes to the rules governing the administration of and contributions to retirement plans. Initially planned to […]
The Laughing Heir – and How to Avoid Leaving Your Assets to One (or More!)
While we at Rigby Financial Group advise all our clients to have wills drafted and to update them regularly for any life-changing event (e.g., the birth of a child or grandchild, divorce, marriage or remarriage, the death of a loved one), not everyone has a will in place. In fact, some 43% of people aged […]
Tariffs, Tariffs, Tariffs! What Can You Do to Protect Your Business?
Well, here they are – and maybe there they go, at least a couple of them. Tariffs figured significantly in President Trump’s campaign, and he wasted little time in springing them. Of course, we’ve been hearing about them in prospect, and since President Trump announced, on February 1, 2025, which was a Saturday, that tariffs […]
Dealing With the Unexpected – Record-Breaking Snowfall in New Orleans
We’ve written before about preparing for the unexpected – and often in relation to weather. But in New Orleans, unexpected weather usually means hurricanes. But from late Monday through Tuesday, January 20-21, 2025, New Orleans experienced record-breaking snowfall – it was at least 10 inches, and the previous New Orleans record was 2.7 inches – […]
What to Leave OUT of Your Will
We advise every client who comes to us intestate to have a will drafted, and we ask those with wills to provide copies so we can review them. But what, properly speaking, really should be left out of your will? Here are some examples: Jointly Held Property Jointly held property will, upon your death, become […]
IRS Proposes Regulations Governing Retirement Plan Catch-Up Contributions Under SECURE 2.0
On Friday, January 10, 2025, the Internal Revenue Service released its proposed regulations (REG-101268-24) on catch-up contributions to employer-sponsored retirement plans (specifically 401(k), 403(b), SEP and SIMPLE plans), with particular reference to the changes to such catch-up contributions enacted under SECURE 2.0, signed into law as part of an omnibus package by President Biden on […]