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Here is what you need to know. Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2020, will see a few changes and distinctions. December 31, 2021, is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts. May 17, 2021, is the deadline for making 2020 annual contributions to a traditional IRA, Roth IRA, and certain other retirement accounts. This extension from the traditional April 15 deadline follows an extension of the traditional tax deadlines.1 Some people may not realize when… [...]
American spending habits have taken a clear direction. Among the many changes arising from the pandemic, one of the most noticeable was a change in American spending habits. A survey released in March 2021 by Pew Research shows that Americans have increasingly chosen to put away what extra money they have rather than invest. It spreads across all income levels, with a 32% increase of wealthier Americans saving more, 17% more for those at lower incomes, and an overall increase of 23%. Studies show that the total may amount to $1.8 trillion, and is expected to increase to $2.5 trillion… [...]
What to know about your IRA, HSA, and more. Previously, the Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year had been automatically extended from April 15, 2021, to May 17, 2021.1 More time for all. However, the IRS has also settled on May 17, 2021 as the deadline for contributions to individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), and Coverdell education savings accounts (Coverdell ESAs).2 No additional tax until May 17, 2021. This also automatically postpones to May 17, 2021, the deadline for reporting… [...]
Written by: Benjamin Bimson CIMA®, CMT® / CIO, BCJ Financial Group How is it possible that the stock market could stubbornly continue to rise even after the remarkable recovery we have already witnessed over the past 12 months? Looking at the Past for Clues Since 2008, there have been multiple times where global markets work in a synchronized manner. The first time was just after the financial crisis in 2009 and 2010. Monetary policy was stimulative and Quantitative Easing (QE) was in its infancy. After the bear market that ended in 2016, we had a year where volatility was… [...]
Guest Post by Ned Davis Research Global resiliency Global economic growth grew at a robust pace in February, according to the latest Purchasing Manager’s Index (PMIs). Despite many economies still implementing COVID-related restrictions and the vast majority still in the early stages of vaccinations, the resiliency of the global economy speaks to the adaptability and ingenuity of humans during such unusual times. The global composite PMI, which includes both the services and manufacturing sectors, rose 0.9 points to 53.2 in February. It was the first gain in four months and to its second-highest level since August 2018 (see chart below). According… [...]