After a rather sleepy 2022 regarding tax and retirement plan changes, many rules impacting retirement planning will take effect in 2023. In this month’s article we’re going to highlight some of what we consider to be changes of specific importance, and how these changes might impact folks like you. Many of these changes may impact […]
Many would agree that Roth IRAs are special retirement accounts. They are funded with after tax dollars, grow tax deferred, and all distributions including accumulated gains are tax free. …Or are they? There are two five-year rules that govern whether your Roth IRA distributions are both tax and penalty free. The rules can be quite […]
Financial Planning | March 11, 2021 The $1.9 trillion COVID relief package signed by President Biden on Thursday isn’t aimed only at lower-income and middle-class individuals. Advisors say that many upper-middle-class earners and even the mass affluent can potentially qualify for a portion of the tax breaks or direct cash payments. Here’s a cheat sheet […]
It seems like many folks we talk to would prefer to pay as little in taxes as possible. Which frankly is understandable. Any dollars that go to pay taxes are dollars that cannot be put to use elsewhere. Many folks would rather direct those dollars toward the things that are most important to them. While […]
You’ve just been notified that you are receiving an inheritance. Someone cared enough about you to include you in his or her estate. Maybe it was a parent, an aunt or uncle, a sibling, or a longtime friend. Maybe you were expecting it. Then again, maybe the notice came as a complete surprise. Regardless of […]
In last month’s publication we explored the complications that can arise when a retirement plan is designed for a married couple (filing taxes jointly) suddenly gets turned on its head at the passing of one of the spouses. This month we will examine the real-life challenges from the view point of fictional couple, William and […]
I’m a creature of habit, and my Saturday morning routine is pretty consistent. I wake up, hop in the shower, get dressed for the day, make a non-fat latte in a to-go cup, pack the previous weeks laundry into the truck, and I’m off to the gym. After about 75 minutes at the gym, I […]
Pending Legislation Could Affect Inherited IRAs in a Big Way Inherited IRAs, or “Stretch IRAs,” as we know them today could soon be history. There are two retirement bills floating through Congress that aim to overhaul America’s retirement system. The first to be passed by the House of Representatives on Thursday, May 23rd, is the […]
What’s the difference between average rates of return and real rates of return? Let’s say you begin with $100,000. You invest all of it in marketable securities. Then the market goes up 25% over a 1-year period. In that case your $100,000 becomes $125,000 if you sell your securities. That’s pretty exciting. We know that […]
The TAX CUTS & JOBS ACT is in the books. It may be seen as a benefit to individuals as well as some business structures. Whether you are for or against the tax cuts, and their impact on the country and economy, it’s best to discuss how to take advantage of the new changes. In […]