Michael Cice- Financial Planner

FACT or FICTION: A penalty-free withdrawal due to the coronavirus is REAL! FACT: If you're younger than 59 1/2, you typically face a 10% penalty when you with...draw money from your 401(k). But if you need to take money out in 2020 because of financial hardship caused by coronavirus, you can take out up to $100,000 without facing this added fee. Typically, you're also taxed at your ordinary income tax rate on the withdrawal during the year its made. But if you withdraw funds this year because of the coronavirus, you can pay taxes associated with your distribution over three years instead of all at once. The CARES Act also allows you to recontribute money withdrawn from your 401(k) to an eligible retirement plan within three years without the amount counting toward annual contribution limits. (Source: Fool) See more

The past several months have been challenging for so many. Thank you to all of the health care professionals, first responders, delivery drivers, take-out restaurant workers, grocery store employees, truck drivers and everyone who has helped through this time. We truly are a community.

The average 65-year-old man and woman can expect to live to around 84 and 86 years old, respectively, according to the Social Security Administration. However, ...a third of today's 65 year olds are expected to live past age 90, and around one in seven will make it past age 95. Although it may be impossible to predict exactly how long you'll live, look at your current health and your family history to estimate it the best you can. If you drastically underestimate how long you'll live, that could result in running out of money too soon. (Source: Fool) See more

Staying in touch

No matter your age or financial situation, you need to be financially prepared for the inevitable!

Do you know the 5 things to consider when entering retirement?

Financial advisors can help you find the right path to a secure retirement!

Ask yourself three basic questions to help get your planning in gear!

FACT or FICTION: A penalty-free withdrawal due to the coronavirus is REAL! FACT: If you're younger than 59 1/2, you typically face a 10% penalty when you with...draw money from your 401(k). But if you need to take money out in 2020 because of financial hardship caused by coronavirus, you can take out up to $100,000 without facing this added fee. Typically, you're also taxed at your ordinary income tax rate on the withdrawal during the year its made. But if you withdraw funds this year because of the coronavirus, you can pay taxes associated with your distribution over three years instead of all at once. The CARES Act also allows you to recontribute money withdrawn from your 401(k) to an eligible retirement plan within three years without the amount counting toward annual contribution limits. (Source: Fool) See more

The past several months have been challenging for so many. Thank you to all of the health care professionals, first responders, delivery drivers, take-out restaurant workers, grocery store employees, truck drivers and everyone who has helped through this time. We truly are a community.

Important Information

The average 65-year-old man and woman can expect to live to around 84 and 86 years old, respectively, according to the Social Security Administration. However, ...a third of today's 65 year olds are expected to live past age 90, and around one in seven will make it past age 95. Although it may be impossible to predict exactly how long you'll live, look at your current health and your family history to estimate it the best you can. If you drastically underestimate how long you'll live, that could result in running out of money too soon. (Source: Fool) See more