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IRA Beneficiary

Beneficiary Designations for Traditional IRAs and Retirement Plans What is it? If you have a traditional IRA or participate in an employer-sponsored retirement plan such as a 401(k) plan, you are generally required to complete a beneficiary designation form with the IRA custodian or plan administrator. As you may know, the beneficiary or beneficiaries you name (you can generally name more than one) will receive the remaining funds in your IRA or plan account after you die. What you may not rea
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Paying for a nursing home

How to Pay for Nursing Home Care What is it?   Paying for nursing home care is a burden that most Americans bear, whether directly or indirectly. Even if you never need nursing home care yourself, you are already paying for the nursing home care of others by paying income taxes that, in part, finance Medicaid and veterans' benefits. In addition, you are probably paying Social Security or self-employment taxes that help pay the cost of skilled nursing home care provided through Medica
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College Planning 101

Points of Interest October 2 2018 What to Do If Your Term Life Insurance Policy Is About to ExpireShopping for a New or Used CarManaging Money When You Marry: Financial Tips for NewlywedsShould I enroll in a health savings account?When should I submit college financial aid forms? Whe
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SS Survivor Benefits

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Parenting 101

Preparing for Parenthood So you're about to become a parent. Congratulations! Parenthood may be one of the most rewarding experiences you'll ever have. As you prepare for life with your baby, here are a few things you should think about. Reassess your budget You'll have to buy a lot of things before (or soon after) your baby arrives. Buying a new crib, stroller, car seat, and other items you'll need could cost you well over $1,000. But if you do your homework, you can save mon
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Social Security Quiz

Points of Interest It's not what you earn, It's what you keep! Fall season 2 2018 Have You Made Any of These Financial Mistakes?The Financial Implications of a Chronic IllnessQuiz: Can You Answer These Social Security Benefit Questions?Can I convert my traditional IRA to a Roth IRA in 2018?What are the gift and estate tax rules after tax reform?
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Should I retire early?

Should I retire now at age 62 and collect Social Security   benefits? There's     no right time to begin collecting Social Security benefits, but the age at     which you begin receiving benefits will affect how much retirement income you     have, so you should weigh the consequences carefully. Keep in mind that if you collect Social Security before your full     retirement age, your benefit will be p
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What is an RMD?

Required Minimum Distributions What are required minimum distributions (RMDs)? Required minimum distributions, often referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½ (or, in some cases, after you retire). You can always withdraw more than the minimum amount from your IRA or plan in any year, but if you withdraw less than th
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Newlyweds

Points of Interest It's not what you earn, It's what you keep! October 2 2018 What to Do If Your Term Life Insurance Policy Is About to ExpireShopping for a New or Used CarManaging Money When You Marry: Financial Tips for NewlywedsShould I enroll in a health savings account?When should I submit college financial aid forms?
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Money and Marriage

Merging Your Money When You Marry Getting married is exciting, but it brings many challenges. One such challenge that you and your spouse will have to face is how to merge your finances. Planning carefully and communicating clearly are important, because the financial decisions that you make now can have a lasting impact on your future. Discuss your financial goals The first step in mapping out your financial future together is to discuss your financial goals. Start by making a list of your s
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Planning a funeral

Planning a Funeral What is planning a funeral?   A funeral is an event that allows the family and friends of someone who has died to both celebrate that person's life and mourn that person's death. Funerals are often planned by taking into account religious and social traditions. According to Western tradition, funerals usually include a visitation of the body (also called a viewing or a wake), as well as a ceremony performed by a clergy member, family member, or friend. There ma
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What to bring to our first appointment

GFS FINANCIAL ADVISORS, LLC.15 N. Beisels Rd. Drums, PA 18222Visit us on the web at www.gfsfinancial.com Toll Free 1-866-249-4046Local: 570-501-1200Fax: 570-501-8029 Dear Prospective Client: Thank you for the opportunity you have given GFS Financial Advisors, LLC to earn your business. This could be one of the most important steps to secure your retirement and leave a legacy for your loved ones. Our first meeting is designed to simply gather information and review your financ
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Rolling your 401(k)

Top 7 Reasons to Roll Over Your 401(k) to an IRA The benefits of rolling over your 401(k) when you leave a job By Tim ParkerUpdated Sep 27, 2019Table of ContentsExpand Should You Roll Over Your 401(k) to an IRA?1. More Investment Choices2. Better Communication3. Lower Fees and Costs4. The Roth Option5. Cash Incentives6. Fewer Rules7. Estate Planning AdvantagesThe Bottom Line Should You Roll Over Your 401(k) to an IRA? Whenever you change jobs, you have several options with your 401(k) plan ac
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Dealing with a crises

Dealing with Periods of Crisis What is it?   By definition, a crisis is a turning point, a time when you have to make crucial decisions (often suddenly) that will affect your future. Although smart planning is the key to effectively dealing with periods of crisis, you may find yourself suddenly dealing with an unexpected event that you didn't prepare for, and you wonder what to do next. Whether you're planning ahead or dealing with a crisis now, take control. There's no escap
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Charitable Giving

Charitable Gifting What constitutes a gift to charity?   A gift to charity is simply a gratuitous transfer of property to a charitable organization. The key is that your gift must be some kind of property--your time or personal services do not count. There are several different types of property that can be donated to charity, and a gift is limited only by your imagination. Are you the type who wants to donate cash, stock, or your lunch box collection from a 1960s sitcom? How do you dec
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Market Summary week of June 1, 2020

The Markets (as of market close May 29, 2020) With the stock market closed last Monday in observance of Memorial Day, Tuesday's trading led to solid returns for each of the benchmark indexes listed here. The S&P 500 climbed past the 3000 mark for the first time since March, only to trickle below by the end of the day. The small caps of the Russell 2000 led the indexes after climbing 2.77%, followed by the Dow (2.17%), the Global Dow (1.96%), and the Nasdaq (0.17%). Stocks soared for mos
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Coronavirus Scams

Corona Virus Scam Alert
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Retirement Plan Changes

  The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade. While many of the provisions offer enhanced opportunities for individuals and small business owners, ther
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2020 IRA and Retirement Plan Limits

  IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a Roth IRA in 2020, but your total contributions can't exceed these annual limits. Traditional IRA income limits If you are not covered by an employer retirement plan, your contr
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Bear Market

 The longest bull market in history lasted almost 11 years before coronavirus fears and the realities of a seriously disrupted U.S. economy brought it to an end. If you are losing sleep over volatility driven by a cascade of disheartening news, it may help to remember that the stock market is historically cyclical. There have been 10 bear markets (prior to this one) since 1950, and the market has recovered eventually every time. Bear markets are typically defined as declines of 20
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Federal Student Loans

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are summarized here. Unemployment provisions The legislation provides for:  An additional $600 weekly benefit to those collecting unemployment benefits, through July 31, 2020An additional 13
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Cares Act Relief COVID 19

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are summarized here. Unemployment provisions The legislation provides for:  An additional $600 weekly benefit to those collecting unemployment benefits, through July 31, 2020An additional 13
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IRA Withdrawals

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