Julia McCormick

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was highly anticipated legislation that contained significant provisions regarding retirement planning options for small businesses and individuals. The two most drastic of these changes included disallowing a “stretch” provision for non-spouse beneficiaries of IRAs and moving the needle of the “Required Minimum Distribution” from age 70 ½ to age 72. Although the SECURE Act 2.0 passed at the end of 2022 may not have anything quite as huge as the “death of the stretch,” there are over 100 provisions that affect different people different ways. The following are…

Our ability to manage risk in a healthy and productive way is something that is innate to some and difficult for others. Whether referring to financial risk, investment risk, relationship risks, or maybe bungy jumping off a building in Vegas risks (no thank you…), understanding how much risk you want to endure will help you lead your life to the fullest. Given the current bear market, “investment risk” seems to be a hot topic of conversation. It is difficult to fully understand market risk until you have experienced the roller coaster that sometimes saving for retirement or other goals can…

The US “gig economy” has grown by the millions in the last two years. According to a study done by the Statista Research Department in 2021, the number of independent workers has increased by over 12.9 million since 2017.** Your industry may be thirsty for your expertise, presenting opportunity for self-employment. Benefits including flexibility, career growth, and financial opportunity have driven many professionals to be self-employed business owners. Before leaving a corporate career, think through your financial plan first. These financials elements may be crucial to your success. Taxes: 1099 vs. W2 Employee 1099 employees are self-employed independent contractors. Since…

With extended time at home due to the pandemic – or people getting ready to sell their home preparing for a move – home improvements have quickly become a hot topic of conversation. While YouTube has become the go-to guide for smaller tasks, major home improvement projects often require the help of professionals and also additional financing to make them happen. When Spring Cleaning isn’t enough to get the house looking the way you want, a more expensive project may be needed. However, unlike spring cleaning or updating the curtains, home improvements are going to make a bigger dent in…

A Collaborative Divorce is a process of settling a divorce outside of court. It is much like a mediation, however, instead of a third-party facilitating negotiation between parties, the parties’ attorneys and a team of specifically-trained and certified neutrals come together to find solutions. When successful, a collaborative divorce can avoid financially and emotionally costly battles in court. In a collaborative divorce, each party has attorney representation, and the team of neutrals is there to help educate and discuss the impact of possible settlements on both parties. These neutrals most often include a mental health professional and an experienced financial…

The sun is finally shining through the windows and the birds are starting to sing. But that beautiful, bright sun also has a habit of illuminating the spots that have missed a cleaning or two these last few months. Dirt and dust are not the only things you have an opportunity to clean up this Spring…there might be some areas of your finances that could use a dusting or deep cleaning as well. While you’re sorting through your closest and creating the to-do list for your home, be sure to add Spring Cleaning your finances to the list! The items…

We love seeing equity compensation as part of a financial plan. When handled properly, equity compensation can be a great way to accelerate personal wealth and meet goals, however they can also result in out of balance investment diversification. Basic types of equity compensation a company may offer include the following: Stock Options – The company says you can purchase a stated price of shares at a defined price. They are vested over given period (or automatic triggering event, like sale of company or performance goals being met). When vesting is met, you can “exercise” the stock option at their…

The closer you get to the apex of your career, and likely closer to retirement, we must address questions of whether to keep going or take a step back. Knowing the numbers, understanding the broad concepts of financial planning in retirement and addressing financial risks will help clarify this decision making. Here are 10 things to know to help you make decisions: 1. Your Priorities Do not confuse your priorities with your employers. Keep your list simple (see example below). Relate every item in your financial decision making back to these priorities. My priorities: Be present for family and friends…

Graphing attitude, motivation and confidence for women in sales does not look so different than the stock market. Like stock market returns, the volatility, expectation, and emotional swings of serving in sales careers can take a toll on body and mind. However, for career and markets, sticking to your strategy and staying course has the potential of large rewards.* Signs of Burn-out Creativity declines Impatience with process or clients Sleepless nights Change in attitude toward co-workers Quality of work declining Job searching How Financial Planning Can Help If you are facing burn-out, it is time to look at your options…

QDRO’s (Qualified Domestic Relations Order) are a common way of dividing retirement plans in the divorce process. QDROs are also renowned for going wrong. Here are few items your attorneys need to be addressing: Confirm with the Plan Sponsor – Not all retirement plans are created equal. 401(k)s, 403(b)s, 457s, etc. are governed by a “plan document” that establishes what can and cannot be done. Just because an equitable agreement has been reached between parties does not mean this plan will be accepted by the plan sponsor. Forgetting to Address Loans – Loans taken from employer-sponsored retirement plans can throw…