Greetings!
On behalf of the entire AFM team we wish you a happy start to 2022! To kick off our latest newsletter, we discuss the current impact of inflation and whether it's here to stay or not, how the new RMD tables will affect retirement account withdrawals, and the importance of choosing the right executor for your estate. As always if there's a topic you would be interested in learning more about, please let us know.
The AFM Team
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Markets rallied to finish out the year, with all three major U.S. indices notching gains for the month, quarter, and year.
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INFLATION RETURNS AFTER A LONG HIATUS |
An old foe returned in the fall of 2021, one we had not seen in more than 30 years, as inflation arrived abruptly after years of lying dormant.
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NEW REQUIRED MINIMUM DISTRIBUTION TABLES |
Starting this year, there will be a change to the calculation of required minimum distributions (RMDs) from retirement accounts.
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WITH GREAT POWER COMES GREAT RESPONSIBILITY: THE ROLE OF THE EXECUTOR |
If you have a will, it is key to have a capable and qualified executor to ensure your affairs and are administered accurately and according to your wishes.
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- Nicolette Davicino is engaged!
- Carl and his family participated in the American Heart Association Heart Walk
- Ryan and John took first place in the 41st Annual Boy Scout Golf Classic
- Chris was awarded the Norma Severns Award for Leadership
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WHEN DO I GET MY TAX FORMS? |
For all brokerage accounts, we have received the following timeline from NFS:
· 2021 tax forms will be mailed to clients in waves beginning January 21, 2022
· Most 1099 tax forms will be available online between January 21 and February 12 and the majority will be mailed by February 12, 2022
· As in past years, NFS has applied for and received a mailing extension from the IRS that will permit the generation of some non-retirement 1099 tax documents from after February 12, but no later than March 5
In addition, AFM will send realized gain & loss reports at the beginning of March
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2022 RETIREMENT PLAN LIMITS |
Employees can contribute $20,500 to a 401(k), 403(b), 457(b) plan, or the federal government’s Thrift Savings Plan, an increase of $1,000 over the prior year. The catch-up contribution for those 50 or older remains at $6,500.
The IRA contribution limit is still $6,000, plus a $1,000 catch up for those 50 or older.
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Armstrong, Fleming & Moore, Inc.
Providing financial planning and investment advice since 1983
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Securities offered through Commonwealth Financial Network®, Member FINRA/SIPC. Fixed Insurance products and services and advisory services offered by Armstrong, Fleming & Moore, Inc., a Registered Investment Adviser, are separate and unrelated to Commonwealth.
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