Financial Dynamics Blog

We help individuals and families work toward achieving their ideal retirements.

COVID-19 and Your Retirement Plan: How to Get Back on Track

July 15, 2020

Has the coronavirus pandemic affected your retirement plan? Like many Americans, you may be worried about your ability to retire on time (or at all) because of the health and economic impacts of COVID-19. If you have experienced adverse financial effects, you can still take action to improve your future finances. These actions include: Earmarking…

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Financial Dynamics’ Ricky Lafon Earns CFP® Credential

July 9, 2020

Virginia native has provided financial planning at Midlothian firm for over 5 years. MIDLOTHIAN, Virginia—Financial Dynamics & Associates is proud to announce that Advisor and Retirement Planner Ricky Lafon has earned the CERTIFIED FINANCIAL PLANNER™ (CFP®) certification. The mark is one of the highest-regarded credentials in the financial services industry, given its rigorous requirements for…

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Couple going over assets

Your Biggest Retirement Plan Assets

June 15, 2020

With the stock market experiencing volatility due to COVID-19, and with economic uncertainty high, you may be concerned about the health of your retirement plan assets. Yet rather than looking at the situation abstractly, it’s important to scrutinize the different areas that make up your retirement plan assets to get a sense of where you…

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Business people talking

High-Income Earners & Retirement Planning: How to Save More

May 15, 2020

As the coronavirus crisis has shown, the unexpected can happen at any time, threatening both health and finances. While that doesn’t mean you should panic, high-income earners may want to reassess their retirement planning so that they have more of a cushion and flexibility regardless of what happens later in life. In particular, consider saving…

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retirement contribution limits 2020

Retirement Plan Contribution Limits for 2020

April 15, 2020

While the coronavirus pandemic and associated economic and stock market declines may cause you to consider putting retirement plan contributions on hold, it’s important to stay focused on your long-term retirement planning goals. If you have the means, you should generally continue to invest in retirement savings accounts, perhaps even to the 2020 retirement plan…

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Computer with refinance on screen

Financial Planning Tips for Down Markets: Refinance Your Mortgage or Other Debt

April 10, 2020

Although interest rates were low before COVID-19 sent our economy into a downturn, the Federal Reserve has slashed them to near-zero in response to the crisis. You may find that such low interest rates are an opportunity to save money by refinancing your mortgage or other debt. Refinancing can be a good option to reduce…

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Family Loan

Financial Tips for Down Markets: Make Low- or No-Interest Loans

April 10, 2020

The economic decline from the COVID-19 pandemic may have a silver lining for lending: a rapid drop in interest rates. This can make it an ideal time to make low- or no-interest loans to your loved ones while minimizing tax impacts for yourself. Tax Implications for Low- or No-Cost Interest Loans It is natural for…

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Calculator and a Down Market

Financial Tips for Down Markets: Harvest Tax Losses

April 10, 2020

While a stock market downturn like the one we are experiencing now can leave investors anxious, you can help make the most of this challenging situation through a variety of financial planning strategies, such as tax loss harvesting. By “harvesting” the tax losses within a taxable investment account like your brokerage account, you can increase…

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Roth IRA vs Traditional IRA written in the notepad.

Financial Tips for Down Markets: Convert to a Roth IRA

April 6, 2020

As the impact of the COVID-19 pandemic sends shudders of uncertainty into our markets and economy, you may be feeling a lack of control over your investments. But while your retirement accounts have likely suffered recent losses, stock market corrections can provide financial planning opportunities that help enhance wealth when markets recover. One such opportunity…

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