Tuesday, 07 January 2020
Planning to retire in the next five years or so? Take these key steps today to better position yourself for this life-changing event.
1) Set Your Target Date
You don’t have to etch the date in stone, but you do need a timeline to measure your progress.
- Consider a phased retirement, which lets you transition from full-time work to reduced hours.
- Talk to your employer about how reduced hours will affect your pension, health insurance, and other employee benefits.
2) Envision Your Retirement
Think about what you want to do in your golden years.
- Be realistic in what your lifestyle will be like as you age.
- Think through any additional expenses you may incur.
- Share your vision so we can understand where your accounts should be as you move through your pre- and postretirement years.
Tuesday, 07 January 2020
On Friday, December 20, the SECURE Act (officially titled the Setting Every Community Up for Retirement Enhancement Act) was signed into law. We will review some of the key highlights of the new law.
Wednesday, 20 November 2019
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year.
1. Set aside time to plan
Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There's a real opportunity for tax savings if you'll be paying taxes at a lower rate in one year than in the other. However, the window for most tax-saving moves closes on December 31, so don't procrastinate.
Defer income to next year
Consider opportunities to defer income to 2020, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services. Doing so may enable you to postpone payment of tax on the income until next year.
Monday, 21 October 2019
Established by Congress in 2006, National Retirement Security Week is designed to elevate public knowledge about retirement savings and to encourage employees to save and participate in their employer-sponsored retirement plans. What better time to review the benefits of your retirement plan and determine if you're making the most of them?
Tuesday, 08 October 2019
Like most people, you probably have a vivid, exciting picture of what your ideal retirement will look like. Maybe it’s spending time with family at a beach house, crossing off the book titles that have accumulated on your to-read list, or finally being able to volunteer enough of your time to make a difference for your favorite charity. But there’s no doubt that the journey to retirement is long and winding—and, as with any journey, you’ll encounter challenges along the way before arriving at your desired destination. Adopting good financial habits is a must for plotting a successful retirement journey. Let’s explore five positive ways to get—and stay—on the right track.
Monday, 09 September 2019
Did you know there are ways to take advantage of Roth IRAs even if you exceed the annual income threshold? As of 2020, an income of $139,000 (or $206,000 if filing jointly) makes an individual or married couple ineligible for Roth IRA contributions.[i] A legal tax-loophole exists that you may not have heard of using an IRA conversion strategy sometimes called a “back-door Roth”. In this article, we will review how to utilize this savings technique to help build up your retirement savings for tax-free withdrawals from Roth IRAs.