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Genovese Burford & Brothers Blog

Read the latest posts from the Financial Advisors of Genovese Burford & Brothers.

Will You Be Impacted By The SECURE ACT?

Will You Be Impacted By The SECURE ACT?
2019 brought the second major piece of Congressional action in the past 24 months with passing of the SECURE Act (Setting Every Community Up for Retirement Enhancement).  Although not nearly as sweeping as the Tax Cuts and Jobs Act of 2017, the Secure Act of 2019 creates several updates to the rules around retirement plans in an effort to address the so-called retirement crisis.  As with most regulation, what regulation gives in one hand, regulation takes away with the other.  Here are few of the key changes that may impact you most:   Required Minimum Distributions (RMD’s) Pushed Back to Age 72 If you are only planning to take RMD’s to satisfy the IRS, this change is most welcome.  Mirroring current law, individuals reaching age 72 will still be able to delay their first RMD until April 1 of the year following the year for which they must take their...
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Schwab Drops Trade Fees on ETFs to $0, TD Matches

From Investment News, "Just 10 hours after Charles Schwab announced it was eliminating trading commissions on U.S. stocks, exchange traded funds and options starting Oct. 7, rival TD Ameritrade Holding Corp. upped the ante by cutting the same commissions starting Oct. 3." Mike Genovese commented, "We believe Fidelity will follow suit shortly, so all GBB fee-based clients should benefit equally from these cost reductions from our primary custodians." GBB's Investment Director, Rich Cheever, commented, "A price war broke out this month between brokerage firms when Charles Schwab announced that it was eliminating commission for online trading of U.S. stocks, exchange-traded funds and options effective October 7th.  TD Ameritrade has followed suit and eliminated online commission for ETFs and U.S. listed stocks as well.  Fidelity has not made an announcement yet, but we expect that they will be forced to eliminate commissions as well to stay competitive.  The announcement doesn’t impact trading of mutual...
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