Investing and Global Finance News

Category Archives: Personal Finance

Planning for a More Flexible Retirement

As retirees reach age 73, the IRS requires them to begin taking annual withdrawals from most tax-deferred retirement accounts, known as required minimum distributions, or RMDs. These withdrawals are intended to ensure that retirement savings are eventually taxed, but they can also create unexpected financial challenges if not managed carefully. From higher tax bills to disruptions in investment strategy, RMDs can have a lasting impact. Fortunately, with proper planning and a clear understanding of the options available, retirees can take steps to minimize the burden and maintain greater control over their retirement income.

One decision is when to begin. While the IRS allows you to delay your first RMD until April 1 of the following year, this means taking two distributions in one calendar year—potentially pushing you into a higher tax bracket. However, if you’re still working at 73 and contributing to a workplace retirement plan, you may be able to delay RMDs from that specific plan.

Strategic asset selection also plays a vital role. Although the IRS dictates the total withdrawal amount, retirees can choose which assets to sell. Selling cash or bonds instead of equities during a market downturn can preserve growth potential. This approach also creates an opportunity to rebalance or adjust risk levels within the portfolio.

Planning ahead offers further advantages. Withdrawing funds early or converting traditional IRAs to Roth IRAs during low-income years can reduce future RMDs. Qualified charitable distributions (QCDs) offer another option by satisfying RMDs without increasing taxable income. 

Effectively managing required minimum distributions can help retirees preserve more of their savings, reduce unnecessary taxes, and maintain greater control over their financial future. While the rules around RMDs are fixed, the strategies for handling them are not. By planning ahead, choosing wisely when and where to withdraw, and exploring tools like Roth conversions or charitable distributions, retirees can align their withdrawals with both financial goals and tax efficiency. The key is not just to comply with the rules but to use them thoughtfully to support a stable and sustainable retirement.

Concerns about Holiday Spending

The upcoming holiday season poses challenges for U.S. retailers in apparel, electronics, and home improvement sectors. Businesses are unsure if increased discounts will drive anticipated consumer spending. October’s sales figures indicated a slowdown in economic demand, leading to a mixed holiday outlook as retailers gear up for Christmas shopping. To entice consumers during Thanksgiving, retailers… Continue Reading

BI Trends for 2022

It seems that automation is permeating practically every aspect of our lives. From grocery shopping to banking, communicating to cooking—automation functions and platforms are making every task easier and accessible. And business intelligence (BI) is no exception. Automation is set to be one of the biggest trends in that industry in 2022. Alongside process automation,… Continue Reading

2020 New York Business Journal’s Women of Influence Announced

2020 New York Business Journal’s Women of Influence Announced

Dorit Ungar Black, a founding partner at New York’s Holwell Shuster & Goldberg LLP was named as one of ten  Women of Influence in 2020 by the New York Business Journal. The women recognized this year are all pioneers in the legal, finance, engineering, and real estate industries. They have all demonstrated professional and communal… Continue Reading

Crisis as Opportunity for Female Leadership

Crisis as Opportunity for Female Leadership

The coronavirus pandemic is generating thousands of opportunities for women to showcase their strengths and step into leadership positions. The economies disrupted by COVID-19 will eventually need to be realigned. Businesses around the world will be redefining their operational models and reassessing their business strategies. European Central Bank President, Christine Lagarde, argues that the male… Continue Reading

How to Support Women-Led Businesses During Crisis

How to Support Women-Led Businesses During Crisis

Since the very outset of the pandemic, COVID-19 has had a crippling ripple effect across world economies and international supply chains. In every country, businesses are navigating devastating obstacles: detrimental drops in revenue, debt, and job loss. For small and medium outfits, also known as SMEs, the financial turmoil is particularly devastating. And women-owned SMEs are feeling… Continue Reading

Finding the Balance in Tech and Business

Finding the Balance in Tech and Business

Distinction and nuance are not common these days. Everyone is eager to either be “all in” or “totally against” the newest and coolest fads, fashions, and even phones. Current economic, social, political, and personal realities have yielded a climate of cynicism about the dangers of social media, the disturbing possibilities of digital surveillance on smartphones, and the power stronghold… Continue Reading

New York Offers Grants for Business to Corona Comply

New York Offers Grants for Business to Corona Comply

Corona has forced changes in every part of life. Stores are not the same place we were used to just a few months ago. There are less people walking around, plastic partitions at checkout, customers and clerks wearing face masks, and many more disinfecting stations. These modifications are costly and many businesses, already strapped after… Continue Reading

How Fintech is Helping Small Businesses

How Fintech is Helping Small Businesses

The current ongoing coronavirus pandemic has led to some remarkable business discoveries, including the revelation that fintechs, primarily online financial service companies, are effective liaisons for small business owners as well. The agility and flexibility that most fintech companies have allows them to be responsive in real-time; they experienced fewer policy and bureaucratic hurdles than… Continue Reading