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One of the Biggest Mistakes Retirees Make

As Featured In: In our previous blog post, Use the Bucket Plan to Secure Your Dream Retirement, we mentioned one of the biggest mistakes we see retirees make. In this article, we would like to dive deeper into what that mistake is, why...

Use the Bucket Plan to Secure Your Dream Retirement

As featured in: Happy New Year! If retiring is part of your 2024 plan, generating an income to replace your paychecks will be top of mind. If you are like most pre-retirees, you may have questions such as, “When can I stop working?”,...

Plan Now to Reduce Your Taxes in Retirement

Historical Tax BracketsIf we were to take a poll asking, “Who has an issue with the amount of taxes we pay?” we’re sure many hands would go up. However, if we had a time machine and were to travel back several decades...

Strategies Today To Pay Less Tax in Retirement

To have the ability to create tax efficient income in retirement, you should begin by setting the table correctly in your accumulation years.  Most people understand the concept of diversification:...

The Three Numbers You Need to Know Before You Retire

One of the more confounding issues that pre-retirees must wrap their head around is how to create a growing stream of income from their savings after their paycheck stops.  To solve for this, consideration should be...

A Holiday Gift From Congress?

Congress spent the final days of 2022 on new reforms designed to help Americans save more for retirement.You may hear the changes called SECURE Act 2.0, which is a follow-up to the Setting Every Community Up for Retirement Enhancement...

New Retirement Contribution Limits for 2023

The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached...

5 Reasons to Consider Roth Conversions Now

Should you consider converting your IRA into a Roth IRA?  The decision to initiate a Roth IRA conversion depends on your personal and financial situation.  However, it's not an "all or nothing" proposition...

3 Savy Moves to Consider Now

It’s natural to think “defense” during a bearish market season. But why not mix in some “offense” with your defense? Here are three moves we can discuss together that may be helpful during the current...

Read this Before you Make Charitable Donations

Inheriting Your Spouse's IRA, a Cautionary Tale

With compassion, we would like to share a story with you. About a year ago we had a prospect named Jill come into our office. She was tragically widowed several years ago at the age of 52. She had three children, two who were in...

How are Your Social Security Benefits Calculated?

A simple explanation of how your Social Security benefits are calculated How Much Will I Get From Social Security? Social Security benefits are based on your lifetime earnings. Earnings are reported to Social Security through a W-2...

Left your job? Should you Rollover, Stay Put or Withdraw your 401(k)?

When you leave your employment, what should you do with the retirement plan left behind? Well, the best advice we can give is: It depends on your unique circumstances. Reasons to Leave Assets in the Company Plan: Generally, plan assets...

4 Ways 529 Plans Can Benefit Estate Planning

4 Ways 529 Plans Can Benefit Estate Planning You may be familiar with the role 529 plans play in helping families set aside funds for future education expenses. Established in 1996 under Section 529 of the Internal Revenue Code, these...

SECURE your IRA - Review your Beneficiary Forms Now

When it comes to your retirement accounts, do you know who your beneficiaries are? These types of accounts have complex distribution rules and significant tax implications for those who inherit them. This complexity is compounded if...

The Tax Bomb Called the Widow's Penalty

The widow’s penalty is often an unexpected and unwelcome surprise to a surviving spouse who has not had to deal with the disadvantages of being a single tax filer in decades but now faces a higher tax liability even though they...

Using IRAs to Help Children in 5 Easy Steps

Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compoundinterest, saving tax-free in an IRA from childhood can provide a significant head start on financial security.Saving $6,000 in an IRA...

Inheriting an IRA as a Non-Spouse is Now More Complicated

Pre-tax retirement accounts are a fairly new retirement planning tool all things considered. It wasn’t until 1975 that the Traditional individual retirement accounts (IRAs) first became available. And in 1981 the Internal Revenue...

END OF THE YEAR TAX PLANNING FOR RETIREES

The end of the year is the perfect time to review your tax situation and begin tax planning for next year. Year-end tax planning for retirees provides a chance to identify available avenues for you to think strategically and lower your...

2021 Limits for IRAs, 401(k)s and More

On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.401(k)sThe salary deferral...

You Can Avoid Higher Medicare Premiums

Whether you’re receiving Medicare benefits now, or will begin soon, it’s important to understand how income-based premiums are calculated for Medicare Parts B and D. Your premium is determined by your modified...

The Social Security Administration Announces 2021 COLA

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...

The SECURE Act: What You Need to Know

You may have read in the news about the SECURE (Setting Every Community Up for Retirement Enhancement) Act that went into effect on January 1, 2020 and wondered if it will affect your retirement accounts. This Act makes some very...

When Should You Claim Your Social Security Benefits?

Many wonder when the best time to claim Social Security benefits is. The truth is, that’s a complex question. There are as many different answers as there are strategies for claiming benefits. The right answer depends on the individual.

Why You Must Resist the Urge to Let Instincts, Current Trends, or Emotions Guide Your Investing

When the pressure is on—for good or for bad—the individual investor tends to make reactive choices.By letting their emotions take the lead, they usually end up costing themselves a lot of money over time.

How Baby Boomers Can Gain Clarity and Confidence About Retirement

Retirement will happen one way or another; to make it as successful and fulfilling as possible, educating oneself on the basics of retirement planning and actively planning for it must be the top priority as one heads into the transition.

When It Comes to Retirement Funds, What’s Safer--Cash or Stocks?

Many retirees worry about where their money will be safest - cash or stocks. It’s important to not let the psychology of risk avoidance scare you into making a decision that could ultimately cost you in the end.

Diversification Is the Most Commonly Violated Investment Principle

No matter how much or how little risk you’re willing to take on as an investor, it is crucial to have a properly diversified portfolio. Diversification is one of the most violated principles but one of the most crucial to financial success.

How Visualizing Your Retirement Can Help You Set Financial Goals

Organized goal setting and having a clear vision of what you want for your future is not only an important part of retirement planning, it is absolutely essential to achieving the kind of retirement you dream of.

9 Financial Planning Considerations that Change as You Move into Retirement

If you’re nearing retirement, you’re moving into a period of tremendous change, with a lot of critical decisions in front of you. The plan you set now will ensure that you’re able to enjoy the life you’ve worked hard for.

How You Approach Retirement Planning Makes a Difference in Your Financial Future

The retirement income planning process can be extensive but is too important to simply “hope for the best.” Don’t let fear tempt you into avoiding the problem or running away. There is always a way to reach your goals if you remain willing

The Impact of Taxes on Retirement Income

Did you know that an increasing number of retirees pay federal income tax on their Social Security benefits each year? That’s because Social Security benefits become taxable when a retiree’s income exceeds certain limits....

Know your 401(k) options between jobs

Few life events are more stressful than a job loss.If you or someone you know is in this situation due to COVID-19, you’ll likely have several questions about job hunting, unemployment insurance, and health care. You may also be...

How the CARES Act Impacts RMDs

Tucked into the gigantic “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act were two key changes you should know about, regarding required minimum distributions (RMDs). Both were designed to give...

Washington Works Together for Retirement Savings

Last week, the House Ways and Means Committee passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). This bill includes a number of measures designed to strengthen retirement savings – like...

Got HSA? 5 Reasons to Fund a Health Savings Account

Ask the average person contemplating retirement for one of their top concerns after they stop working, chances are they’ll say something about being able to afford healthcare. And its a very rational concern! The Baby Boomer...

Partial Roth Conversions: Accelerating Income to Avoid Higher Tax Brackets

Beginning in 1998, taxpayers have been permitted to both contribute to a Roth IRA (subject to income limits), and to convert existing assets in a traditional pre-tax IRA to a Roth IRA. In 2006, under the Pension Protection Act, the...

What You Don't Know About RMDs May Hurt You

Anyone with a retirement account, such as a 401(k), Roth 401(k), 403(b), 457 plan, and most IRAs (but not Roth IRAs), will have to deal with something called required minimum distributions at some point during their retirement. A...

Our Philosophy, the Economy and the Markets:  2018 in Review

Every successful investor we’ve ever known was acting continuously on a plan; failed investors, in our experience, get that way by reacting to current events in the economy and the markets. We neither forecast the economy, nor attempt to ti

What Should You Do?

It’s been a wild few weeks in the markets, some people are surprised, while some are concerned. Some people will be proactive, and others will be reactive. What should you do?

Retirement and the Taxes you Pay

When creating income from your investments in retirement, the sequencing of your withdrawals, along with the decisions you make regarding how and when to claim social security along with some other pertinent factors, can have a large...

Have I Saved Enough to Retire?

Our experience of over 20 years tells us that pre-retirees are confused about how to go about determining the amount they need to accumulate in order to be “ready” to retire. . We are all aware of the importance of saving...