SLIDIN’ AWAY

BY JOELLEN COLLINS

In December, on a quiet night at home, I watched a tribute to Paul Simon and his music. As a younger woman, I adored Simon & Garfunkel, and often caught their lyrics running through my consciousness. Those words seemed especially relevant to me and the choices I made in my life. Some were comforting, like “A Bridge Over Troubled Water.” Those lyrics symbolized my blanket of comfort from my friends and family when scary or hateful things crossed my path.

Even with maturity, I still crave the lift I get from listening to the beautiful songs available to my generation. The “Homeward Bound” Grammy presentation praising the life and work of Paul Simon was a surprise to me, a woman who lives alone and doesn’t always have someone with me to share the inspiration. It was a magical show, and I am lucky to have seen it. Instead of nudging the person next to me, a way of reacting to exquisite performances, I called my daughters and closest friends to tell them to catch it if they could.

Kristin Hovencamp, CPWA®, is an Investment Executive and Director of Business Development with HAZLETT WEALTH MANAGEMENT, LLC.

Your RMD is the minimum amount you must withdraw from your retirement account each year, starting at age 73. Retirement plans include IRA, SIMPLE IRA, SEP IRA, or employer retirement plans, such as a 401(k). Contributions to retirement accounts are made pre-tax, and distributions are taxed as ordinary income.

The SECURE Act 2.0 changed another essential provision relating to RMDs. The 50% penalty for failing to take an RMD decreased to 25% of the RMD amount not taken. Even better news, the tax will be reduced to 10% if corrected within two years. Remember to submit a corrected tax return. These new rules went into effect in 2023. SECURE Act 2.0 highlights Congress’s commitment to helping individuals and employers prepare for a more secure future. The Act offers numerous financial planning tools to take advantage of, including the highlighted changes to RMDs.

Kristin Hovencamp is an Investment Executive at RJFS and Director of Business Development with HAZLETT WEALTH MANAGEMENT, LLC, which is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investing involves risk, and you may incur a profit or loss, regardless of strategy selected. Raymond James and its advisors do not offer tax or legal advice. Please discuss any tax or legal matters with the appropriate professional. 675 Sun Valley Road, Suite J1 + J2 Ketchum, Idaho 83340 208.726.0605. HazlettWealthManagement.com