Financial News and Updates
Financial Stability
A big part of planning for your retirement future is accounting for the “what-ifs.” No matter how careful anyone is, unexpected changes can occur: accidents, illness, and deaths. That’s where insurance comes in. Life insurance and the features it offers are definitely worth considering, and not only to provide for
Fine-Tuning Your Retirement
It’s been a while since the Secure Act of 2022 came about, but it’s time to refocus on its impact in 2024. Did you know that, beginning in 2024, Roth 401(k)s are no longer subject to RMDs? This means that Roth savers, whether in a 401(k) or an IRA, can
Planning to Retire Before Age 65? Here’s What You Need to Know
Regardless of whether you decide to retire before age 65 or are compelled to do so by medical conditions or other family situations, you need to ask yourself the same question: How are you going to handle health insurance? Whether by need or choice, a large number of Americans retire
Financial Conflict Between Couples
Strategists who work with couples have found there to be a few conflicts that are most common between them. Different priorities: financial management done predominately by one partner, helping adult children, and disagreements over an inheritance. Each seems to resonate in different ways as we all know how common it
What Happens?
We’ve been asked a few questions regarding what happens to those portions of your estate that aren’t treated consistently with what you say in your will. Many people assume wills and trusts are the pillars of a perfect estate plan. However, asset titling–the way you own an asset–is just as
Roth IRA Vs Traditional IRA
Having just taken a look at your traditional IRA, you may be wondering if the time is now to convert it to a Roth IRA. Choosing between a Roth and a traditional IRA requires you to estimate what your tax situation will be when you start drawing from the account.
It’s That Time of Year
It’s usually around this time of year, when individuals are preparing paperwork for filing their tax returns, that we are asked what the deadlines for contributions are, and what happens if one spouse is non-working but still wants to make IRA contributions. As a general rule, you have until tax
Tax Breaks For Retirees in 2024
Retirees need to take full advantage of every available tax break they can. This is especially true if you’re living on a fixed income; you need that money to last, so every cent counts. However, holding on to your money during retirement is easier said than done. It’s easy to
The Busyness of Life
What does retirement really, truly mean? What are your plans for after you retire? We’ve been thinking about this recently. Many would define it as “retreating from the ‘busyness’ of life.” When do you plan on retiring? How old will you be? How long do you think you’ll spend in
Bridge the Gap
We’ve heard many times that it’s a good idea for retirees to put off receiving Social Security payments, as waiting can allow you to get more out of them than if you were to start as soon as age permits. One way to make this more feasible is to include
Stay Active During Retirement
Retirement is a new beginning. As a new retiree, you enter a new stage of your life, where your time is now regulated by you and you alone, rather than revolving around your work. Unfortunately, many new retirees find this isn’t what they’d expected it to be. Many people begin
Money in College Savings Accounts Can Instead Be Put Towards Retirement
Starting in 2024, due to the Secure Act 2.0, up to $35,000 of the money in a 529 college savings account to be rolled over to a Roth IRA for the beneficiary of the 529 account. Although funds in a college savings account going unused is rare, it’s not unheard
Seven Different Ways
We thought we’d bring to your attention an article recently published by AARP that discusses seven different ways retirement income will be different this year: “For most people, retirement finance is a delicate balance between income that’s likely less than what you made while working and expenses that may be
A Sudden Influx of Cash?
Annuities are one way to leverage a sudden influx of cash that may or may not have been expected, such as a bonus, inheritance, or sale of a small asset you had never factored into your financial profile. The reason they can be leveraged is because, unlike traditional tax-advantaged retirement
Retirement With $5 Million
There was a recent report from the Employee Benefit Research Institute on an analysis of retirement accounts using the 2018 Survey of Consumer Finances. According to the analysis, a $5 million retirement nest egg puts you in the top 0.1% of households. Then, the question becomes: what does $5 million
Benefits of a Retirement Job
Many Americans, believe it or not, choose to continue work in some capacity during retirement. Obviously, we don’t mean continuing work full-time. That wouldn’t be retirement. But, for those who are generally health with high life expectancy, having a part-time or seasonal retirement job may be a good tactic for
New Law For 2024
If you own a small business or family office you could be required to report ownership details to the federal government… or face stiff penalties and possible jail time. The Corporate Transparency Act went into effect on January 1, 2024, and it requires otherwise unregulated companies to report information about
Estate Planning
We all know that complex estates require sophisticated estate planning. If you have a large estate or own a business, only a qualified estate-planning attorney will have the knowledge and expertise to tailor to your specific needs. Because we have been doing business with you, we may be able to
