Ed Slott is one of the best tax experts in the country. He has said many times that an “IRA is an IOU to the IRS.” Simply stated, your large 401k accounts and Personal IRA’s have 3 huge TAX problems for individuals, families, and the next generation as well. The 3 Tax problems heading your […]
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A crucial decision arises for anyone who works past age 65 and wishes to continue contributing to an HSA. Congrats! You are turning 65 and received a letter from Medicare WARNING you about lifetime penalties if you DON’T sign up for Medicare. However, since we are living longer, some are working past 65 because they […]
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Tax-savvy withdrawals in retirement are often overlooked or ignored by investors. That’s bad news when the Required Minimum Distribution (RMD) comes along! Also, the Widow’s Penalty is overlooked as well. To explain this in simpler verbiage, the widow’s penalty is when a surviving spouse ends up paying more taxes on less income after the death […]
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High income earners may face limitations when contributing to a Roth IRA due to income restrictions. However, there are several strategies they can employ to maximize the benefits of a Roth IRA or find alternative ways to achieve tax-efficient retirement savings. Keep in mind that tax laws may change, so it’s essential to consult with […]
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As the year draws to a close, individuals and businesses alike are turning their attention to year-end tax planning. The landscape of tax laws and regulations is constantly evolving, and staying informed is crucial for optimizing financial strategies. In 2026, several key considerations and opportunities emerge for individuals and businesses to make informed decisions that […]
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Traditionally, the main concerns pre-retirees have are The 3 Tax problems heading your way are the Required Minimum Distribution (RMD), the Widow’s Penalty, and the Inherited IRA. However, according to a recent survey by HSBC, “Retirement Reinvented”, the average response….It’s Inflation. Yes, inflation tops retirement concerns here in the US. Planning for retirement has […]
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According to WISER, The Women’s Institute for a Secure Retirement, half of women over 25 say they have trouble saving for retirement. When planning for retirement, we don’t want to “fall short.” To make sure, we must account for a multitude of factors: 1. How much income do I need? 2. How long will I […]
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Account Preservation for the Next Generations A trusteed IRA combines the tax benefits of a traditional IRA with the control and preservation benefits of a trust. How Is a Trusteed IRA Different from a Typical Custodial IRA? While traditional custodial IRAs and trusteed IRAs are treated identically for tax purposes during your life, the trusteed […]
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I know what you’re thinking. Awesome! A conversation about Life Insurance my favorite subject! Ok, maybe not that much enthusiasm, however, if that Cash Value Life Insurance could be used for… Income-tax-free death benefit to protect heirs at death, replacing lost income Tax-deferred growth of policy cash values over lifetime Tax-free distributions from the policy […]
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Research suggests written financial, income, and tax savings plans help you achieve your retirement goals. The concrete benefits for individuals of having a written retirement plan are clear, according to a Hearts & Wallets survey of 5,794 U.S. Households. The research shows that Americans who have a retirement plan enjoy increased savings, better asset allocation, […]
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