2020 is shaping up to be an interesting year. On deck we have the Tokyo Summer Olympics, a Presidential election, increased 5G data network technology, and much more. We pay close attention to these events because of their impact on the market and make adjustments to our investment models accordingly.

We’re also working through the latest tax law changes that go into effect in 2020 and how that might impact your future. Some of the more important changes for you to be aware of are:

Required minimum distributions (RMD’s) are now required at age 72, not 70 ½. This applies to anyone who hasn’t already started taking their RMD’s.
You are now allowed to contribute to an IRA if you are over the age of 70 ½ and have earned income.
New Stretch IRA’s (inherited IRA’s) are required to disburse all of the funds within 10 years. Those already taking RMD’s from an inherited IRA won’t be impacted.
Roth IRA conversations are even more valuable given the changes to the Stretch IRA disbursement schedule and the tax consequences to your beneficiaries.
Willis & Machnik is continuously monitoring our clients’ accounts for tax advantages. We call this tax smart investing and is part of the value we offer because of the significant impact taxes play in your financial future. Beyond monitoring your accounts, we work closely with your tax professional to ensure tax efficiency in your finances. We’re also developing professionally to increase our knowledge and experience. Over the past year we’ve attended tax smart investment training and Dan completed his CFP licensing. This coming year, I am completing studies and registering as an Enrolled Agent with the IRS.

On top of that, in 2020 we will continue to….

Look for ways to support our community by utilizing our time, talent, and treasure
Work within our local trade groups, (Jackson Area Manufacturer Association, Jackson Chamber of Commerce, and Jackson Commercial Contractors Association), to offer our services to business owners and their employees
Complete due diligence by meeting with our fund partners to make sure our portfolios are tax efficient and performance is optimal
Develop our professional skills and knowledge impacting portfolio management, planning strategies, tax efficiency, and customer service
We’d like to thank all of our clients for their continued trust as we enter 2020. We look forward to meeting with you throughout the year!

Please give us a call at 517-784-5556 if you aren’t working with us yet. We’d love to hear your goals for 2020 and beyond.