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Archambo Financial Advisors, Inc

 

Aaron S. Archambo, CFP®

 

Mark W. Archambo, CPA, CFP®

 

Debbie E. Mueggenborg, CPA

 

Phone: 918-336-2222

 

September/October 2020

The SECURE Act and You

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect this year, created significant changes to retirement savings rules. From later required minimum distributions (RMDs) from IRAs and 401(k)s to accelerated distributions of inherited IRAs, the SECURE Act affects nearly everyone.

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How to Choose a Trustee

Compared to setting up a trust, choosing a trustee can be relatively simple--but not always easy. Money can drive a wedge between even the closest families, so choosing between a loved one, a professional advisor or a financial institution as trustee isn’t easy.

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How to Repair Poor Credit

Poor credit can raise your borrowing costs or eliminate your ability to borrow altogether, and it can even disqualify you from employment opportunities. If you have poor credit, take heart in knowing you can improve your credit score. Here’s how to start the process:

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Succeeding with Succession

Running a small business is not for everyone, but younger family members often want the challenge of taking over when founding generations retire. Here’s how you can work toward continuing the family business from one generation to the next, even in times of uncertainty like these.

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Lower Care Rental Costs

Renting a car can involve a labyrinth of extra fees and charges, which can raise rental costs dramatically. You may, though, refuse some of these safely to lower what you pay.

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Understand Your Credit Report

Your credit report affects everything from getting a charge card to getting a job, so it pays to know how to request and understand it.

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Find Extra Cash for Retirement

If you’re younger than 40, you can probably name a half-dozen reasons why you don’t have to worry now about saving for retirement. Yet, blink and you will find yourself 20 years older and staring retirement in the face.

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Debt on the Rise

The New York Federal Reserve found that total household debt balances grew to $14.15 trillion in 2019, the largest annual gain since 2007. Here’s how most of it breaks down:

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Lower Auto Insurance Costs

Most states will require that you carry liability coverage. This can prove costly, especially if you are in a higher risk group or have a poor driving record. And if you have a newer car, you may want to carry additional collision and comprehensive insurance to cover your car. There are ways, however, to lower your total insurance costs.

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SECURE Act for Small Business

When 2020 began, business owners found significant changes in the way they may run their qualified retirement plans, thanks to the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Whether or not you sponsor a plan, here is some of what you may want to know about the new law:

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