Roth Conversions – Does it Make Sense?
Among many of the topics that are appropriate to address at the end of the year financially, one of the most important is tax planning. Within that overarching topic is the more specific subject of Roth conversions. In short, a Roth conversion involves the distribution of some or all of your pre-tax IRA assets and […]
A Teacher’s Guide to Retirement Savings
As an educator, you’re dedicated to shaping the future for others, but what about your own? Planning for your financial future is just as important as the lessons you teach. Whether you’re in a public or private school, there are powerful savings strategies tailored to your path. The key is knowing which options are typically […]
Updated RMD Rules for Inherited IRAs
Last week, the IRS updated the RMD (Required Minimum Distribution) rules related to inherited IRAs. This update was significant because individuals, advisors, and the IRS have been debating the interpretation of the “10-year rule” language. If you inherited an IRA from someone other than a spouse after December 2019, the question was, were you required […]
IRA Contributions
The 2023 tax season is almost complete – your tax return is due to be filed by Monday, April 15th unless you extend your return. But, if you have not yet filed your return, you still have a chance to have an impact on your taxes and/or your savings plan. Let us go over some […]
What Are My Options for My Old Employer Retirement Plan?
Have you changed jobs in the past and now find yourself trying to manage multiple employer retirement plans, i.e., 401(k) or 403(b) accounts? If you answered yes, there are a few different options for what you can do with those old employer accounts. You will need to analyze a few factors which should help you […]
Choosing a Retirement Plan for My Small Business
As an employer, you can play a vital role in helping your employees save for their retirement. Most people will need between 70 and 90 percent of their preretirement income to maintain their standard of living in retirement. These days, retirement can be 30 years or longer. By establishing a retirement plan, you can help […]
Net Unrealized Appreciation: Company Retirement Plans with Company Stock
Many employees who work for publicly traded companies have the option of purchasing their company stock within their retirement plan. This turns out to be a win-win scenario for the employee and the company. The employee gets ownership in their employer stock and is connected to, in a sense, the profits and losses of the […]
Maximizing the Savings Power of your 401(k)
If you contribute to a 401(k), it is likely that you are familiar with the benefits of saving to a workplace savings plan and are at least somewhat aware of your salary deferral limit. What most do not realize is that you may be able to sock away more, and even more strategically, than you […]
Retirement Savings Strategy – Do I Need One?
I have so many competing financial needs and I don’t know how to prioritize them. Where should I allocate my discretionary funds – debt, college education, retirement savings? Help me! We hear this plea often. The answer to the above dilemma is best solved with the development and implementation of a holistic financial plan. While […]
Benefits of Investing Your HSA
A Health Savings Account (“HSA”) is an investment account used to save pre-tax funds that will grow tax-free to pay for medical expenses. There is no downside to saving into an HSA due to its triple tax-free nature and a number of benefits. The first benefit is that you are saving pre-tax dollars in an […]