Should I Open a Traditional or Roth IRA?
Multiple retirement savings vehicles are available but having options can be overwhelming. Each option comes with different rules leading to a variance of outcomes in the short-term and long-term. It’s not that dissimilar to choosing what to eat.
5 Common Retirement Planning Mistakes
Is your retirement plan lacking? Let’s look at 5 common retirement planning mistakes and how you can get the most out of your retirement plan.
Understanding RMDs on Inherited IRAs
An inherited IRA from a family member or friend can come with more than just unexpected funds; it may also come with potential major tax liability in the form of Required Minimum Distributions (RMDs). Navigating inherited IRA RMD rules can be complex, but understanding the basics now can he …
IRA Pros and Cons: Is an Individual Retirement Account Right for You?
If you’re looking for ways to strengthen your long-term financial plan, an individual retirement account (IRA) can be a valuable addition. Depending on the type, an IRA may offer some distinct tax benefits, such as tax-deductible contributions or access to emergency funds for unplanned medi …
How to Help Protect Your 401(k) During Market Volatility
When the markets experience increased volatility, it’s natural to feel concerned about a potential downturn. Anytime you invest money, you’ll have to contend with the ups and downs of the market. Sometimes those swings can feel like a wild ride: You’ll have periods where your 401(k) grows q …
Inheriting a 401(k): What Happens Next?
Finding out you’ve inherited a 401(k) can bring a mix of emotions and one big question: What do I do now? The answer isn’t one-size-fits-all. Your next steps and the rules you can follow to avoid taxes on a 401(k) inheritance depend mostly on your relationship to the original ac …
Are Retirement Plan Contributions Tax-Deductible?
Retirement plans like 401(k)s and IRAs can be an easy and effective way to save for retirement. Many investors favor these accounts for their significant tax advantages, which can include pre-tax or tax-deductible contributions. Contributions to a 401(k), traditional IRA, and other retirem …
Roth IRA Conversions for High Earners: A Strategic Guide to Tax-Efficient Wealth Transfer
Let’s be honest: If you’re a high-income earner, you’ve likely mastered the art of building wealth, but the IRS seems to have mastered the art of taking its cut. Thus, you might look at your growing traditional IRA and 401(k) and see a future of unavoidable required minimu …
What Is a Safe Harbor 401(k), and Is It Right for Your Business?
As a business owner, you juggle a million decisions each day, from strategic planning to financial oversight. And one of those decisions involves structuring retirement benefits for your company. After all, the right retirement plan can also be part of a tax-smart wealth optimization strate …
Why & How to Use a Roth IRA Conversion in Retirement Planning
With larger traditional IRA account balances and changing tax laws, Roth IRA conversions have emerged as a compelling strategy in retirement planning, offering a range of benefits and opportunities. Converting your tax-deferred retirement plans to a Roth IRA can be a strategic move, particu …
The Basics of Required Minimum Distributions With Your Retirement Account
Many retirement accounts—including 401(k)s and IRAs—give individuals the ability to save for retirement in a potentially tax-advantaged manner. Contributions are often tax-deductible, and gains are tax-deferred. This means your retirement funds can grow without being taxed until you start w …
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Medicare and Managing Health Care Costs in Retirement
Health care costs in retirement aren't going anywhere. Naturally, as our bodies get older, it costs more to keep them running. Let's look at the parts of this vital program and how it plays a part in your financial plan.
