Senior finances

Pandemic Mortgage Relief

Pandemic Mortgage Relief

Clients who are struggling financially because of the pandemic may look to you for advice if they can’t pay their mortgage. Keep up on mortgage relief options, so you’re prepared to guide them to appropriate resources. For instance, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, homeowners with government-backed mortgages (Fannie Mae, Freddie Mac, HUD, VA, and USDA) can request up to a 360-day payment forbearance without proof of hardship. They’ll incur no additional fees, interest, or penalties for the forbearance. Also, talk with clients about how they can set

SECURE Act’s Implications for Inherited Retirement Accounts

SECURE Act’s Implications for Inherited Retirement Accounts

The SECURE Act (The Setting Every Community Up for Retirement Enhancement Act of 2019,) a law aimed at improving people’s retirement security, was signed into law at the end of 2019 and has tax implications for those inheriting money from IRAs and 401k accounts. Before, those inheriting such funds could take distributions over their lifetime. But that timeframe has now been reduced to 10 years, meaning that if you’re inheriting an IRA or a 401(k) from someone who passed away on or after January 1, 2020, you’ll need to withdraw those assets within 10 years. They’re taxed as ordinary income and