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https://preservewm.com
We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.
** Your Money
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You can re-contribute all your IRA withdrawals that you have taken this year.
But the deadline is approaching!
As you probably heard, Required Minimum Distributions (RMDs) are waived for 2020 as a provision within the CARES Act. And if you already took RMDs this year, you can re-contribute them to your retirement account ... but the deadline is August 31 so act quick.
Here are some answers to the most common questions retirees as asking in light of the CARES Act:
Can you forgo taking RMDs in 2020? (https://www.schwab.com/resource-center/insights/content/can-you-forgo-taking-rmds-2020)
by Hayden Adams
** Your Life
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So, you’ve worked hard and made a great life for you and your family. In addition, you’ve got a nice nest egg saved to enjoy in retirement and pass along to the next generation.
However, how do you ensure that the next generation will be equally hard-working, fastidiously about savings and make all the right decisions so that the legacy of a good family life, a comfortable retirement, and inheritance to the next generations continue?
You’ve read and heard stories of families with successful parents in which the next generations fall short of expectations. Generations that become soft and have no ambition—maybe even counting on the family nest egg to support them.
This is a tough challenge for many. Jackie Wilkie, VP at First Trust Portfolios suggest that rather than focusing on dollars and cents, focus on VALUES and GOOD HABITS around wealth in teaching the next generation.
Successful families are rarely worried IF there will be enough money, but rather, WILL inheritors be good stewards of wealth once it’s transferred. In addition, Dennis Jaffe recommends utilizing wealth advisors and institutions for short training and intensive workshops that teach and support young people. Even including the next generation in meetings with your advisor is an opportunity for them to learn and understand.
Check out the link below to find out information about KORE Venture, a program that helps young inheritors find purpose and meaning and joy as they navigate the complexities and opportunities of wealth:
How wealthy families develop new family leaders (https://www.forbes.com/sites/dennisjaffe/2020/04/15/how-wealthy-families-develop-new-family-leaders-a-program-that-empowers-next-generation-stewards/#3093c8a66095)
by Dennis Jafe
https://www.linkedin.com/in/danheth/
https://www.linkedin.com/in/rosalynn-harvey-heth-mpa-ceps-3a3aa3191/
** Complexity Simplified
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We recently bought a digital frame. We uploaded all our pictures taken over a 15-year period starting when the kids were small. It’s amazing and mesmerizing to watch and re-live some of those memories. It’s also nice to see just how much we have done and enjoyed over the years from big vacations to trips to an orchard or farm to just annual Christmas pictures.
I highly recommend getting one of these frames.
As with anything, depending on how much memory or features you want, you can get a digital frame from Amazon.com ranging from $32 - $200+. However, I assure you, watching all the things you’ve done over the years will be well worth the purchase.
** Trivia
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A: Nolan Ryan
Q: What is Donald Duck's middle name?
https://www.youtube.com/watch?v=zDKO6XYXioc
** This got us all singing out loud
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