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Gallup Sun

Saturday, Dec 03rd

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Letter to the Editor: Commissioners delay mill levy decision

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We write to thank the county commission for holding off voting on a fourth mill levy for RMCHCS. We are sending this letter to summarize the suggestions of community members at this meeting.

Community members support the use of tax funds to keep our hospital open, but believe that clear measures are needed to ensure that...

What is a prohibited investment in an IRA?

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The IRS restricts specific investment options for an IRA.

These restrictions do not allow investment in collectibles, antiques, and other assets. Here is a list: If an IRA invests in collectibles, the amount invested is considered distributed in the year invested. The account owner may have to pay a 10% additional tax on early distributions.

Here are some examples of prohibited assets held in an IRA:

• Artwork

• Rugs and other home furnishings

• Antiques

• Precious metals, some exceptions for gold bullion

• Gems, diamonds, other precious stones

• Stamps and coins as collections

• Alcoholic beverages

• Certain other tangible personal property based on the exact...

Use math, science when planning your retirement

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First and foremost, I want to let you know that I would never try to sell you on anything. I have learned in my 40 years of experience that if I try to talk you into something, anybody can come right along and talk you out of it, so that is not my objective. However, with math, science, and reason, I would like to reaffirm some very important facts and figures about your retirement planning:

1. We all know the market is cyclical, it goes up, and it goes down. We have had the longest upmarket, “Bull Market,” in the history of the stock market; over the last nine years. Thus, Reason alone tells us that we are due for a market correction, “Bear Market.” Math and science prove...

Seven ways to improve 401(k) performance

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Improve 401(k) performance with these tips

In addition to the below tips, make sure to fully understand asset allocation and the fees being charged. Many 401(k) plans have fees subtracted by the firm that invests and manages the account. If a client is 59 1/2  years old and still working at the same firm where the 401(k) is, the funds can be rolled to a self-directed IRA without any tax exposure. This allows the client to select an asset allocation that might be more timely, especially as retirement age draws closer.

A 401(k) at a former employer can be rolled to a self-directed IRA at any time. This tax-free transfer allows many more options for investing.

1. Be Informed: Be...

Letter to the Editor: Gallup VA will not be closing

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This Fourth of July, as we commemorate our nation’s founding, our community has much to celebrate and much for which we can be grateful. Gallup has long been proud to be known as the most patriotic small town in America. We earned that reputation, at least in part, because of the large number of veterans who call our community home.

We are honored that so many brave men and women who have served our country choose to live in Gallup. As friends and neighbors, we take our responsibility to support these veterans seriously. That’s why when the Federal department of Veterans Affairs proposed closing our local Veterans’ Clinic, as well as the clinics in Las Vegas, Raton, and...

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