Allison Rumschik

About Allison Rumschik

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Coronavirus Precautions Announcement

Hello from Sycamore,

As you are aware, the current coronavirus which is a new variant known as COVID-19, is spreading from person to person in parts of the United states and has recently been diagnosed in Indiana. To help our clients and our community we will be fully operational during this time but will only be conducting business remotely. It will still be business as usual, just over the phone, email or Skype. We will do our best to answer every call or email as quickly as possible.

If you have a scheduled review during the weeks of March 16 – July 5, 2020, these will be conducted over the phone only. If you wish to reschedule please contact our office.

We do realize that this may seem abundantly cautious, but at Sycamore our clients and community are our number one priority.

We appreciate your patience and understanding as we all work together to stay healthy.

Thanks for your business and trust!

Allison Rumschik
Sycamore Financial Group

By |2020-05-19T22:55:03+00:00March 16th, 2020|2020 Newsletters|0 Comments

The Low Down on Retirement Accounts

Hello from Sycamore,

It’s that time of year again – if you are over 70 ½ and haven’t taken your Required Minimum Distribution (RMD) for the 2018 tax year, you can expect to be hearing from us!

What is an RMD?

An RMD is the minimum distribution you must withdraw from your retirement account each year.

When do I have to begin taking RMD’s?

You must begin taking your RMD on April 1 of the year following the calendar year in which you reach age 70 ½. What does this really mean?

Example: Your 70th birthday was June 30, 2017. You reach age 70 ½ on December 30, 2017. You must take your first RMD (for 2017) by April 1, 2018.

Example: Your 70th birthday was July 2, 2017. You reach age 70 ½ on January 1, 2018. You do not have to take an RMD for 2018. You must take your first RMD (for 2018) by April 1, 2019.

Then each year after this you must take your RMD by December 31 of that year.

Can I take more than my RMD amount?

You can withdraw more than the minimum amount required. The total amount you withdraw will be included in your taxable income.

Can I take withdrawals before 70 ½?

Yes. Once you reach 59 ½ you may take withdrawals with no early withdrawal penalty. You will still be responsible for regular income tax on the complete amount withdrawn.

You may also withdraw funds prior to age 59 ½ however, you will need to pay an extra 10% early withdrawal penalty in addition to the regular income tax.

Highlights for 2019

Retirement Savings Plan Contribution Limits have changed.

  1. 401(k), 403(b), 457 plans and federal government Thrift Savings Plan contribution limits increases from $18,500 to $19,000 annually.
    1. Catch up contributions for those over age 50 remains unchanged at $6,000.
  2. IRA contribution limits increase from $5,500 to $6,000.
    1. The additional catch up contribution remains at and additional $1,000 over the annual limit, now making it $7,000.
  3. SIMPLE IRA contribution limits have increased from $12,500 to $13,000.
    1. Catch up contributions limit for those over age 50 remains at $3,000.

For questions or concerns, please don’t hesitate to contact us with any questions.

Thanks for your business and trust!

Allison Rumschik
Sycamore Financial Group

*Past performance does not assure future results. Investors cannot invest directly in the stock market indexes such as the S&P 500. Investment return and principal value of an investment will fluctuate. Investor value, when sold may be worth more or less than their original cost.

By |2019-10-31T05:02:35+00:00December 5th, 2018|2018 Newsletters|0 Comments