Be Confident About Your Financial Future.
Feeling Insecure about Your Understanding of the SECURE Act of 2019 and How It Will Impact Your IRA? Read On! This is the first of three posts in our “IRA Updates for 2020” blog series which covers recent developments and ongoing strategies for making the most of your tax-deferred savings. … Read more »
Implementing a “Backdoor Roth” strategy is a terrific way to build after tax retirement balances. Roth IRAs allow for annual non-deductible IRA contributions which grow tax-free and there are never any required distributions as with a tax deductible IRA. This makes Roth IRAs a very appealing savings option for those … Read more »
Congress has managed to pass a significant piece of legislation affecting retirement planning and it is known as the Setting Every Community Up for Retirement Enhancement or SECURE Act for short. There are a number of new provisions in the act, but the three that seem most important to our … Read more »
New inflation-adjusted limits for 2020 IRA and retirement plan contributions have been released by the IRS. Contribution limits have risen slightly for 2020, and income thresholds have increased as well. If you want to begin planning for your 2020 contributions or to maximize your 2019 tax deferred savings, this chart … Read more »
It’s that time of year for seniors again – Medicare Open Enrollment period. When television ads begin in earnest and mailboxes are stuffed full of confusing advertisements for Medicare and its various policies. Open Enrollment begins on October 15th and lasts through December 7th. In an effort to help folks … Read more »
Our responses to the top 3 questions our clients ask as they prepare for retirement As our clients begin approaching retirement, they begin to have new questions for us and it’s our job to help them understand how to prepare financially for a comfortable, worry-free retirement. The notion of retirement … Read more »
As you reach retirement age, you are faced with a crucial, once-in-a-lifetime decision. After years of hard work, do you file for social security at the earliest possible time or do you wait, in order to receive higher payments in the future? The decision is not simple and it can … Read more »
Health Savings Accounts (“HSAs”) are a tax advantaged plan originally intended for people with high deductible health care plans. The idea is that qualifying taxpayers can deduct their annual contributions into these plans, then withdraw the money, tax free, to pay for health care costs. Since many taxpayers will not … Read more »
The Sooner Young Professionals Plan for Retirement, the Better A recent article on Yahoo Finance reported that just one in three workers will have saved enough money to retire comfortably by age 67 and highlights the importance of why starting to save early is key. Delaying contributions to savings by … Read more »
Qualified charitable distributions (QCDs) from individual retirement accounts have risen in popularity. These QCDs allow seniors older than 70 ½ to make a direct transfer to charity, rather than taking their required minimum distribution (RMD). Gifts are allowed (up to $100,000 total) in lieu of or in addition to their … Read more »
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