CTC Tips: fund your IRA at the beginning of the year

Waiting until the end of the year to contribute to your IRA limits your potential for growth. A Money.com article reported that 70% of IRA contributions in 2013 were made near the contribution deadline. Waiting until then can cost an investor over $15,000 over 30 years: “assuming an investor contributes the maximum $5,500 annually for 30 years…

CTC Podcast Ep. 3: talking retirement with Lavern Holdeman

Lavern Holdeman, our Financial Services Representative for the ECC’s Midwest and Midsouth conferences, retired at the end of January after working for over 50 years — eight of those with Covenant Trust Company. In our latest podcast, Lavern talks about his journey from lawyer to FSR, discusses how retirement planning has changed in the last 50 years,…

IRA Charitable Rollover signed into law

On December 18, 2015, President Obama signed the PATH Act  of 2015  (Protecting Americans From Tax Hikes) that permanently extends the IRA charitable rollover opportunity. Each IRA owner age 70.5 and over may make a tax-free gift of up to $100,000 per year directly from their IRA to eligible/qualified charities, including colleges, universities, and independent…

Millennials and retirement savings

For millennials, retirement can seem like a long ways a way. And you know what? It probably is: for the oldest millennials, retirement may still be 25-30 years down the road. But that doesn’t mean they don’t have to think about retirement for another 25-30 years. What is a “millennial”? The definition varies a bit, but…

CTC tips: invest!

Saving is necessary for any budget or financial plan. However, it’s important to invest, too. Expensive financial goals such as buying a home, paying for college, and preparing for retirement can be difficult to reach without investing – and in some situations, they might not be possible at all. Of course, investing can be scary;…