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“The fantasy of being your own boss and filling your days as you wish is a powerful one. However, if you’re not careful, you could spend those golden years trying to earn more or pinching every penny.” There are just about as many ways to ruin your retirement as there are light bulbs on Broadway […]

Colleagues Applauding Senior Businessman

“Contemplation of retirement can be both exciting and intimidating. Obviously, planning for the beginning of retirement should start early.” While you may be thinking about retirement for a long time, with visions of tropical beaches or grand trips overseas, when the date starts to get closer, it’s time for some real analysis and planning, says […]

miniature woman standing over a pile of coins

“Roth IRAs are powerful and flexible financial planning tools. They are also complex. As a result, many people aren’t familiar with all aspects of a Roth IRA.” There is a lot that most people don’t know about Roth IRAs, as detailed in the article “9 Surprising Facts About Roth IRAs” from the balance. Some of […]

Nest Egg

“Proposed U.S. legislation would make it easier for employers to offer annuities in 401(k) retirement plans that provide retirees fixed payments for as long as they live.” The role of annuities in retirement planning is one aspect of the Secure Act that was passed by the House in May and is still awaiting a vote […]

financial coach with clients

“What should you do with the money in your 401(k), when you leave your job?” Your first instinct when leaving a job, for retirement or a new opportunity, may be to take your money with you, by rolling it into an Individual Retirement Account (IRA). That may not be such a bad idea. However, keep […]

Grandfather Helping Teen

The stretch IRA may disappear into the past. The House recently passed the Setting Every Community Up for Retirement Enhancement Act, known as the Secure Act, and it’s widely expected to pass the Senate. While its name sounds like it’s looking to help Americans with retirement, it is possible the bill will reduce the value […]

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While it is taxable on withdrawal, the contributions lower your taxable income. It comes as a surprise to some retirees that the withdrawals from a 401(k) are taxable. However, it is important to remember that the contributions are beneficial, because they lower taxable income, according to Market Watch in “How 401(k) savers can avoid a […]

Happy old couple

Even if net worth is not high, a second look at your plan can be beneficial. The Federal Tax Cut and Jobs Act is a good reason for people, regardless of the amount of their assets, to either create an estate plan or review an already existing plan, according to the Atlanta Business Chronicle in […]

Hand Putting Note Reading "401K" into Piggy Bank

RMDs are legally required and it is best to study up on them, because taxes can be 50%. Required minimum distributions (RMDs) are not always a common name to retirees but they should be, according to Forbes in “5 Things to Know About RMDs“. The withdrawals are legally required and you have to take them, […]

miniature human standing over piled coins

If you receive an inheritance, it is wise to consider the impact. There are many things that can be inherited and one must be careful of the impact on a family’s tax liability, according to the Orange Town News in “Will I Pay Taxes on My Inheritance“. Here is a partial list of different assets […]