Ordering Your Affairs
Ole bravely took the news From his old M.D.. The doctor hemmed & hawed a bit, Then said, “Just look at me. I’ve been your friend these many years And this is what I see.
401(k) Limits for 2018
It’s not too early to review how to make the most of your retirement contributions in 2018. Below you will find a table that shows the contribution limits for retirement accounts. It is for informational purposes only. Please note that the contribution limit for company sponsored retirement plans increased by $500 this year, which means […]
Meet Kristen Grove
Kristen Grove is an administrative associate who primarily supports retirement services. She enjoys spending time with her family and friends and her spare time is occupied with a multitude of hobbies. Tell us about about yourself. I was born in Williston, North Dakota, but moved to Fargo at the age of 11. I have two […]
Team News and Honors
Jan Nelson, Trust Officer, was installed as a board member of the Red River Estate Planning Council earlier this summer. Congrats! Red River Valley Estate Planning Council Brian Halverson, President, and Jon Benson, Trust Officer, were invited to present Dollars for Scholars scholarships to graduates in Hillsboro, North Dakota. Dollars for Scholars
Keeping Things Personal
In a world that is becoming faster all the time, there is a tendency to lose a sense of connection or personal interaction. For example, the personal banking industry makes it easy for us to forgo a visit to the bank to make a deposit or withdrawal, pay a bill, or sign a document. We […]
Meet Michelle Hoppe
Michelle Hoppe is an administrative associate who primarily supports personal trusts. She enjoys spending time with her family and friends. Early morning coffee dates are her favorite.
Below she shares a few things about herself.
Tell us about yourself.
I grew up on the Canadian border in Minnesota, near Baudette. I learned about life with my two brothers and two sisters from some pretty amazing parents. I also have a crazy amount of extended family that I am close with, most of whom live near Baudette.
Self-Trustee vs. Corporate Trustee for Your 401(k) Plan
Early in my career, I attended a three-day training in the Twin Cities for 401(k) plan administration. I met my niece one evening for dinner and she was shocked to hear that it took three days to train on 401(k) plans. I didn’t have the heart to tell her that I was attending a basic […]
Charitable Contributions from IRAs
When planning your IRA withdrawal strategy, you may want to consider supporting a favorite charity with tax-free contributions from your IRA. These contributions are known as qualified charitable distributions (QCDs) or charitable IRA rollovers.
How QCDs Work
You must be 70½ or older in order to make QCDs. You direct your IRA trustee to make a distribution directly from your IRA (other than SEP and SIMPLE IRAs) to a qualified charity. The distribution must be one that would otherwise be taxable to you.
You can exclude up to $100,000 of QCDs from your gross income in 2018. If you file a joint return, your spouse can exclude an additional $100,000 of QCDs in 2018.
Don’t Let Emotions Swing with the Markets
It’s no secret that investing is an emotional process. Markets swing and news organizations take full advantage to pump their ratings and incite fear, oftentimes without fully understanding the economy or how markets work.
Even veteran investors can act impulsively and lose perspective when markets correct or become volatile.
All of this said, volatility is normal.
That’s why it’s essential for all of us to consider the big picture during periods of market stress. If you’re contemplating a change to your portfolio, there are two important questions you should ask: have my goals changed? and has my time horizon changed?
What are catch-up contributions?
If you are 50 or older, or you will reach age 50 by the end of the year, you may be able to make contributions to your IRA or employer-sponsored retirement plan above the normal contribution limit. Catch-up contributions are designed to help you make up any retirement savings shortfall by bumping up the amount you can save in the years leading up to retirement.
Catch-up contributions can be made to traditional and Roth IRAs, as well as to 401(k) plans and certain other employer-sponsored retirement plans. But if you participate in an employer-sponsored retirement plan, check plan rules – not all plans allow catch-up contributions.
How much can you contribute as a catch-up contribution? It depends on the type of retirement plan you have and the tax year for which you are making the contribution.
