Planning for Your First Required Minimum Distribution in Retirement
Qualified retirement plans—such as traditional 401(k)s, 403(b)s and IRAs—can help offer clear tax advantages. They offer a tax deferral on contributions and growth until distribution. And while this is beneficial for many, certain rules are in place to help prevent individuals from taking a …
Don’t Blow Your Budget! Tips to Create Your Retirement Spending Plan
Many retirees find that even carefully planned budgets don’t hold up once the structure of a regular work schedule disappears. Spending can creep up in unexpected ways, and despite detailed worksheets and diligent tracking, it’s easy to exceed monthly limits. What looks solid on paper can o …
What Is an Irrevocable Life Insurance Trust (ILIT)?
You’ve probably heard that life insurance can be a great way to provide for your loved ones, but what if there was a way to make sure that money is managed and protected exactly as you intend after your death? Enter the Irrevocable Life Insurance Trust, or ILIT. While it might sound c …
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 …
Tax Law Changes that Could Affect Your Return This Tax Season
It’s that time of year again! W-2s, 1099s, and mortgage statements have begun to hit your mailbox: a daily reminder that it is, once again, Tax Season. Overall, it was a relatively quiet year on the tax front, with one big (beautiful) exception: The One Big Beautiful Bill Act (OBBBA), whic …
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 …
Which Medicare Plan Is Best for You?
Choosing the right Medicare plan is one of the most important decisions seniors face. It’s also one of the most difficult. The healthcare system isn’t user-friendly to begin with. Stack all the Medicare options on top of that, and you’ve got yourself a challenge. That’s why it’s a good id …
Your Most Common Social Security Questions Answered
Chances are we’ve all felt a bit like Rachel on the hit show “Friends” when she looked at her first paycheck in bewilderment and said, “Who’s FICA? And why’s he taking all my money?”
Claiming Social Security Benefits Early
In many cases, our parents, grandparents, and great grandparents started collecting their Social Security benefits as late in life as possible. Their generations believed it was a great way to maximize their benefits. As younger generations, we have spent our entire lives listening to their …
How to Go from Making Money to Making Money Happen in Retirement
It’s a concept that is all too important as 4 in 10 Americans are at risk of running out of money in retirement. The landscape changes when you retire. Your goal now is to conserve, grow, maintain and otherwise hold onto what you already have.
Roth vs. Traditional IRA: How to Decide Which Option Is Best for You
Many of us ignore our retirement accounts for much of our working lives. We look at a pay stub and have a vague sense of the “minuses:” Social Security, insurance, taxes. But the traditional Individual Retirement Account (IRA) is one of the most powerful retirement savings tools available, …