Tag: Retirement Tax Savings

Retirement Planning Questions That Have Nothing to Do With Money

Feb 10, 2021

retirement planning charlotte nc
Think about these factors before you leave work for the last time

Retirement planning is not entirely financial. Your degree of happiness in your “second act” may depend on some factors that don’t come with an obvious price tag. Here are some non-monetary factors to consider as you plan your retirement. (more…)

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Updated Life Expectancy Tables Create Opportunity for Retirees

Feb 3, 2021

Updated Life Expectancy Tables
Life expectancy table updated for the first time sice 2002.

If you are retired and have reached your seventies, you may have the opportunity to draw a little less income from your retirement savings accounts in 2022. Thanks to updated life expectancy tables from the I.R.S. RMD amounts may be reduced.

Next year, the Internal Revenue Service plans to update the life expectancy (more…)

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Eight Retirement Mistakes to Avoid

Jan 18, 2021

retirement mistakes spilling coffee over desk of papers
Will you avoid these retirement mistakes?

Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible.

No Strategy.

Yes, the biggest mistake is having no strategy at all. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get there – and if you’ve even arrived. Creating a strategy may increase your potential for success, both before and after retirement. (more…)

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IRA Contribution Deadlines are Approaching

Jan 4, 2021

IRA Contributions
Here’s what you need to know

Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. From current and previous IRA contribution deadlines, to RMD deadlines, keep an eye on the calendar.

April 15, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.

Keep in mind that withdrawals from traditional, SIMPLE, and SEP-IRAs are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty. (more…)

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Building a Healthy Financial Foundation

Dec 11, 2020

When you read about money matters, you will sometimes see the phrase, “getting your financial house in order.” What exactly does that mean?  When your financial “house is in order,” it means it is built on a solid foundation. It means that you have six fundamental “pillars” in place that are either crucial for sustaining your financial well-being or creating wealth. (more…)

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Retirement Blind Spots

Dec 9, 2020

Blind man walking in room of light bulbs
Some life and financial factors that can sometimes be overlooked

We all have our “blue sky” visions of the way retirement should be, yet our futures may unfold in ways we do not predict. So, as you think about your “second act,” you may want to consider some life and financial factors that can suddenly arise. Nobody likes having retirement blind spots

You may end up retiring earlier than you expect. If you leave the workforce at “full” retirement age (FRA), which is 67 for those born in 1960 and later, you may be eligible to claim “full” Social Security benefits. Working until 67 may be worthwhile because it will reduce your monthly Social Security benefits if you claim them between age 62 and your FRA.1 (more…)

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Cash Balance Plans

Dec 4, 2020

Piggy Bank money on skateboard
Should professional practices look into them?

In corporate America, pension plans may be fading away. Only 14% of Fortune 500 companies offered them to full-time employees in 2019. In contrast, legal, medical, accounting, and engineering firms are keeping the spirit of the traditional pension plan alive by adopting cash balance plans.1 (more…)

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Do Main Street Self-Employed Individuals Need a Wall Street Strategy?

Dec 2, 2020

Wall St vs Main St
How will the self-employed strategize for retirement?

As Wall Street pushes higher, a pandemic-weary Main Street is relearning how to manage cash flow with the hope of keeping its retirement dreams alive – and for those self-employed, this is paramount.

Self-employed Americans, and the people working for them, account for roughly 30 percent of the nation’s workforce.1

In the best of times, putting aside money for retirement was a challenge for this group. (more…)

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The Social Security Administration Announces 2021 COLA

Oct 30, 2020

Social Security COLA Adjustment
What you should know about the most recent cost-of-living adjustment.

On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020. (more…)

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Taxable Events in Retirement Accounts

Aug 31, 2020

Urgent Tax Liability Notice
What triggers a tax liability for an individual or a trust?

When you distribute, sell, or receive assets from a retirement account, taxes usually follow. It is true for individuals; it is true for trusts. These decisions represent taxable events. (more…)

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More Insights

Mar 8, 2021

I’m sure you’ve heard that the House recently passed the Senate another round of stimulus to try and counteract the economic effects of the COVID-19 pandemic. The new stimulus package could narrow income eligibility to receive a stimulus check, while expanding other types of eligibility and broadening unemployment benefits. But is inflation looming?

Mar 5, 2021

On Monday, Feb. 22, the White House announced several changes to the Paycheck Protection Program (PPP) that went into effect on Wednesday, Feb. 24. These changes are intended to further target “the smallest businesses and those that have been left behind in previous relief efforts.”1 If you’re a small business owner in need of financial … Continue reading “Changes to Paycheck Protection Program”

Mar 3, 2021

The acronym “SPAC” is showing up more often these days because there is some big money behind the revitalized investment approach. SPAC stands for Special Purpose Acquisition Company, and they are sometimes referred to as blank check companies. SPACs raised more than $80 billion through 237 initial public offerings in 2020, accounting for more than … Continue reading “What is a SPAC?”

Mar 1, 2021

Will you pay higher taxes in retirement? Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 72. However, if you have saved and invested much of your life, you may also end up retiring at a higher marginal tax rate than your current one. Tax … Continue reading “Tax Efficiency in Retirement”

Feb 26, 2021

As a parent, of course you want to give your child the best opportunity for success, and for many, attending the “right” university or college is that opportunity. Unfortunately, being accepted to the college of one’s choice may not be as easy as it once was. Additionally, the earlier you consider how you expect to … Continue reading “Countdown to College”

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