Retirement Planning
Individual Retirement Account (IRA) Contributions
In an era where pensions are few and far between and future Social Security benefits are in question, it’s important for individuals and their families to save for their own retirement savings. A great and simple way to save for your retirement (with potential tax savings) is through an Individual Retirement Account (IRA). IRA contributions…
Read MoreWhen Should I Switch from Managing My Own Investments to Utilizing the Services of a Financial Advisor?
Not every investor feels like they need a professional financial advisor. Many investors feel that they have the knowledge to manage their investments on their own. In addition, some people just don’t want to pay the fees of a financial advisor for something they feel they can do themselves. When it comes to investing, a…
Read MoreRetirement Planning Strategies to Avoid Higher Medicare Premiums
When planning for their clients’ retirement, most financial advisors tell their clients to utilize 401(k) accounts and IRAs to accumulate as much as possible in these tax-deferred accounts. Allowing these accounts to grow tax-deferred is a great way to save for a person’s secure retirement. However, accumulating a large 401(k) or IRA can come along…
Read MoreRetirement on the Horizon: A Financial Planning Checklist
Retirement is one of the biggest events you will experience in your lifetime and requires you to have a retirement checklist to plan your finances correctly. Starting that next phase of life brings about significant changes, both personally and financially. Financial freedom and security in retirement does not just happen. Retirement planning takes time, carefully…
Read MoreQualified Charitable Distribution Strategies
It’s time to take a fresh look at Qualified Charitable Distributions after the Tax Cuts and Jobs Act Many taxpayers, especially retirees with little or no mortgage interest, will no longer itemize their deductions due to the new tax law. Taxpayers will see a nearly doubling of the standard deduction (to $24,000 for married filing…
Read MoreFinancial Planning Checklist
Have you thought about how much money you need to retire? Or if you have enough insurance—or even the right kind? Or if there is anything more you can do to save taxes throughout your lifetime? These are just a few questions you can answer by doing a comprehensive financial plan. According to a national…
Read MoreRoth IRA Conversions – 10 More Questions That Go Beyond The Basics
Last month we covered the basics of a Roth IRA conversion. (If you missed it, Read it Here). This month we’ll discuss a few more mechanics of converting along with conversion strategies to maximize tax savings. Let’s get to the Q&A… 1. First, can you provide clarity on the timing of the conversion and when it’s income for tax…
Read More10 Roth IRA Conversion Questions and Answers
Converting traditional IRA (Individual Retirement Account) funds to a Roth IRA can be a powerful tax savings opportunity. Here are some frequently asked questions on the topic: 1. What is the main difference between traditional IRA and Roth IRA? A traditional IRA provides tax-deferred growth. A Roth IRA offers tax-free growth. 2. What’s the tax…
Read More