Financial News and Updates Articles by Charles W. Rawl

Internal Revenue Service Waives 50% Penalty for Missed 2021 and 2022 RMDs within the 10-Year Period

As a member of Ed Slott’s Master Elite IRA Advisor Group, Mr. Rawl has direct access to Ed and his team of IRA experts. Ed Slott and Company is a valuable resource for knowing the facts and applying that to artful IRA planning. By Ian Berger, JD IRA Analyst Last Friday (October 7, 2022), the IRS waived the 50% penalty on missed 2021 and 2022 inherited retirement account RMDs for beneficiaries subject to the SECURE Act 10-year payout period. The guidance was in IRS Notice 2022-53. The [...]

By cwrawl|2023-01-16T17:13:28-06:00October 10, 2022|Categories: Articles, The Slott Report|Tags: IRAs, IRS, RMDs|

Navigating Qualified Charitable Distributions in 5 Easy Steps

What is a qualified charitable distribution (QCD)? A QCD is a distribution from an IRA that goes directly to a qualifying charity and is not included in the taxable income of the IRA owner. A QCD cannot be made from an employer plan. A QCD can be up to $100,000 a year, per individual. 1. Either an IRA owner or a beneficiary can do a QCD. The individual must be at least age 70½ at the time of the transaction. Reaching age [...]

By cwrawl|2022-10-25T13:28:53-05:00August 31, 2022|Categories: Articles, The Slott Report|Tags: Life Insurance, QCDs, Taxes|

Q&A Inherited IRAs

The SECURE Act changed some of the rules for inherited IRAs. It is important to understand these rules so that you can be Tax Savvy and Income Maximized in retirement. As a member of Ed Slott’s Master Elite IRA Advisor Group, Mr. Rawl has direct access to Ed and his team of IRA experts. Ed Slott and Company is a valuable resource for knowing the facts and applying that to artful IRA planning. By Andy Ives, CFP®, AIF® IRA Analyst Each week, the Ed Slott team answers [...]

By cwrawl|2022-08-15T13:55:32-05:00August 3, 2022|Categories: Articles, Life Insurance|Tags: IRAs, QCDs, RMDs|

RMD Aggregation and Age Requirements of Roth and Traditional IRA Accounts

As a member of Ed Slott’s Master Elite IRA Advisor Group, Mr. Rawl has direct access to Ed and his team of IRA experts. Ed Slott and Company is a valuable resource for knowing the facts and applying that to artful IRA planning. By Sarah Brenner, JD Director of Retirement Education Question: Can an RMD from an inherited IRA be taken out of your own traditional IRA? Jack Answer: Hi Jack, Aggregation of required minimum distributions (RMDs) can be complicated and we get a lot of questions [...]

By cwrawl|2022-08-15T13:57:56-05:00July 28, 2022|Categories: Articles, Life Insurance|Tags: IRAs, RMDs|

The Power of Life Insurance, A Case Study

Life Insurance Case Study Prepared by Lion Street In this case study, a life insurance policy’s rate of return is compared to a taxable investment’s return. An additional comparison is made with the policy being owned by an irrevocable trust. In the right situation, life insurance can help our clients’ income and legacy plans be Tax Savvy, Income Maximized and Risk Managed. Please view this Lion Street PDF one-pager on tax-equivalent returns. Click to view or print PDF View [...]

By cwrawl|2022-08-12T13:46:22-05:00May 31, 2022|Categories: Articles, Life Insurance|Tags: Life Insurance, Lion Street|

Your Will Is the First Step Toward Defining Your Legacy

Popular Misconception About a Last Will & Testament A popular misconception about having a Last Will & Testament is that you need to own wealth or be of a certain age before it matters. Everyone needs a will, no matter how young or how limited your assets. Developing a Wonderfully Rich Retirement® and defining your legacy begins with a first step. This article on the Well + Good website is a good read for everyone, especially young adults. The author lays out four key reasons everyone needs a will: [...]

By cwrawl|2022-05-06T17:11:47-05:00May 6, 2022|Categories: Articles|Tags: Legacy, Will|

Long-Term Impact of Short-Term Inflation on Health Care Costs in Retirement

Even if inflation is only “transitory,” the long-term effect of inflation on health care costs in retirement can be dramatic. In the not-too-distant future, a healthy couple’s lifetime retirement health costs may exceed their lifetime Social Security Benefits. Please read this HealthView Services 2022 Healthcare Cost Report. A well-thought out retirement income plan must be income maximized and risk managed. View and Print this PDF About HealthView Services HealthView Services is a leading provider of health care cost-projection software. Its [...]

By cwrawl|2022-05-02T08:38:09-05:00April 29, 2022|Categories: Articles, Smart Investing|Tags: Health Costs, inflation, Retirement Income|

Last-Minute IRA Tax Deadlines and Rules

April 18 is Tax Day for 2022. It is delayed from the 15th because the IRS offices were closed Friday. Generally speaking, each taxpayer’s bill to the U.S. Treasury is settled at this point, but there are exceptions. Read this Slott Report for insights. Going forward, now is the time to be planning for 2023 and future years. Becoming Tax Saavy throughout your retirement years requires years of advance planning and is an ongoing process. Tax laws will remain dynamic and will never be static. By Andy [...]

By cwrawl|2022-04-25T13:17:25-05:00April 18, 2022|Categories: Articles, The Slott Report|Tags: IRAs, Taxday, Taxes|

President Biden’s 2023 “Green Book” Proposal is a Reminder: No Better Time to Plan Than Now

The U.S. Treasury Department recently released its 2023 “Green Book,” containing this Administration’s proposed tax increases on high-net worth individuals and businesses. While the attached Lion Street article emphasizes that little from the President’s Green Book will become law, it highlights the ongoing focus on, and the risks related to, tax increases on the affluent and on businesses. This is a briliant reminder of the great opportunity in time we have to take advantage of existing income and estate planning strategies before they go away. Our mission is to [...]

By cwrawl|2022-04-06T08:14:00-05:00April 6, 2022|Categories: Articles, News|Tags: Lion Street, Retirement Planning, Taxes|

SECURE Act Rules Impact Owners of Inherited IRAs

Owners of inherited IRAs may be in for a jolt. In a surprise announcement, annual required minimum distributions (RMDs) will be required for those who recently inherited individual retirement accounts (IRAs). In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020 and put in place a “10-year rule.” It was expected that the IRA balance would be required to be withdrawn by the end of that 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were [...]

By cwrawl|2022-03-18T12:35:49-05:00March 18, 2022|Categories: Articles, News|Tags: Beneficiaries, IRAs, Taxes|

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Charlie Rawl is keenly focused on helping his clients work toward their retirement dreams through a comprehensive financial strategy. He has distinguished himself throughout his career as a troubleshooter and problem-solver, designing and implementing creative solutions to often-complex challenges.

He has three decades of experience in financial services, encompassing commercial banking, insurance and investment management. This diverse experience gives him an invaluable perspective in conducting detailed analyses and creating state-of-the-art wealth management and retirement income solutions.