Greetings loyal PLANADVISER readers. The focus of this weekend’s mailing is health care and retirement—a topic that is clearly on many peoples’ minds. Even before the outbreak of the coronavirus pandemic earlier this year, retirement plan advisers were growing increasingly focused on the links between physical wellness and financial wellness. Collected below is a series of articles and reports on just that. We hope you find our reporting useful and consider sharing some of what you read with a client or colleague. Stay well!
Mark Waterstraat, president of consumer solutions at Alegeus, offers simple steps to coach clients through managing their health care finances after a layoff. For example, did you know that individuals can use HSA funds to pay COBRA premiums tax-free?
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One overlooked benefit of HSAs is that people can actually spend money on qualified health care expenses out of pocket and then reimburse themselves tax-free via the HSA once they enter retirement.
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The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.