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Timely advice & commentary about investing, taxes, financial planning and more.


By Kimberly I. McCarthy, Esq. / June 24, 2020

There have been a lot of changes regarding Required Minimum Distributions (“RMDs”) in the past 6 months! For anyone that wants to hit the pause button on this chaotic state of affairs and get an RMD “do over”, June 23rd was a good day.

On Tuesday, June 23, 2020, the IRS released formal guidance expanding relief for participants in 401(k)/403(b) plans, IRAs, and their beneficiaries. Specifically, the new guidance extends existing relief backwards (to distributions taken as far back as 1/1/20); extends existing relief forward (by moving the deadline to “reverse” or “undo” an RMD from 7/15/20 to 8/31/20); and by providing a new category of relief (allowing inheritance beneficiaries to re-contribute their RMDs).


By Washington Trust / January 14, 2020
The SECURE Act made many sweeping and significant changes for retirement plans, including IRAs. With regard to IRAs, the major changes impact the IRA rules after age 70 and after death.

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By AJ Monaco / October 30, 2018
As seen on The Rhode Show - A few tips for millennials on building wealth and avoiding becoming a "lost generation" for wealth accumulation.

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By Kimberly I. McCarthy, Esq. / October 22, 2018
In October, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), will be released. Early indications suggest that the cost-of-living adjustment that will take effect for social security recipients at the beginning of 2019 could come in between 2.5%-3.00%. This is the first increase in some years that has not been consumed by Medicare premium hikes. Do you know enough about Social Security to leverage your benefits?

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By Washington Trust / April 13, 2018
The recently enacted Tax Cuts and Jobs Act, signed into law on December 22, 2017, makes numerous changes to the rules governing taxation of individuals. One of these changes is the elimination of all miscellaneous itemized deductions, which currently include IRA management fees. If you are an individual paying your IRA fees from non-IRA assets in order to obtain a tax deduction annually, you may want to reconsider this strategy going forward.

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By Kathleen A. Ryan / November 21, 2017
Here are some basic elements to the social security system that everyone should keep in mind when planning for retirement.

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By Washington Trust / December 11, 2015
If you've recently changed jobs -- or maybe changed jobs a few times over the years -- you may be juggling multiple retirement plan accounts. While it's certainly acceptable to leave your money in your former employer's plan (as long as your balance is over $5,000, your old employer can't cash you out), in some instances it might make sense to consolidate your assets.

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By Washington Trust / December 7, 2015
Preparing for your later years requires looking at a host of personal and financial details. To enhance your chances of living the retirement lifestyle that you desire, you may want to start by making decisions about how you want to live and basing your financial planning on these lifestyle parameters.

The opinions expressed in this blog are those of the author and may not reflect those of Washington Trust Wealth Management. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions expressed herein are subject to change at any time without notice. Any person relying upon this information shall be solely responsible for the consequences of such reliance. Performance is historical and does not guarantee future results.

Such information does not constitute legal or professional advice as all situations are unique and are based on individual facts and circumstances.

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