They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to minimize your overall tax burden before and in retirement. One of the advantages of going to one professional for all of your financial planning needs is [...]
In 2019, return preparer fraud was one of the 12 most common tax scams.[1] Digitization has made tax preparation easier, but has also opened up a whole new world of criminal activity. While there’s not much we can do to stop these threats entirely, there are certainly ways that we can all be smarter and [...]
One truth becomes apparent at tax time: Taxes are complicated. Even if the tax code were to never change, your bracket, filing status, or withholding might. Common life events like marriage, divorce, and your children leaving the nest can mean that you need to adjust your withholding. Knowing when to adjust your withholding is an [...]
10,000 Baby Boomers are turning 65 every day[1], and Social Security will soon start to pay out more than it takes in.[2] While it’s unlikely that the government will ever get rid of the program, there will likely be some changes in the coming years. It’s important to understand the system and to work closely [...]
Here’s proof that funding retirement has changed: In 1970, 45% of private sector employees were covered by a pension plan.[1] Now, 4% are covered.[2] Pensions have largely been replaced by 401(k), IRAs, and similar retirement plans, and retirees must find a way to make their savings last throughout retirement. The SECURE Act responds to this [...]
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is a response to a changing retirement landscape: Americans are living and working longer, working part-time in retirement, and are less likely to have the option to rely solely on pensions. When personal savings must stretch further, it’s important for retirees to have a plan [...]
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest piece of retirement legislation to be passed in years. It will undoubtedly have a major effect on how many Americans approach retirement planning, and particularly estate planning. We’re covering these changes throughout the month and focusing on the elimination of ‘stretch’ IRAs [...]
Donald Trump ended 2019 by signing a 2020 spending bill that includes the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It’s the biggest piece of retirement legislation to be passed in years and it will undoubtedly have a major effect on how many Americans approach retirement and estate planning. This month we’ll cover [...]
A recent Northwestern Mutual survey found that 41% of Americans are stressed about retirement planning, and 46% worry about outliving their savings.[1] And with 62% of Americans stressed about money in general[2], it’s surprising that only 28% of Americans will actually make New Year’s resolutions that are financial in nature, according to a MassMutual survey[3]. [...]
You might have a Christmas to-do list to help you stay on track this holiday season. And while it may be an overwhelming list already, there are a few important financial deadlines you should add to it. It’s the season of giving, so don’t forget to give yourself the gift of tax planning. What you [...]
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