IRS Confusing Tax Policy That Could Affect Your Retirement or Future Generations

IRS Tax Policy that Could Affect Retirement

The New 10-year-Rule for Inherited IRA Distributions Intro: Fairness and honesty…I think these are things that most of us want in our daily dealings. Then, enter the IRS; more of a political entity than a fair and honest public trust institution. After all, the IRS does stem from the Executive branch of the US Government. […]

What Does Retirement look like to you?

This is a question that we try to ask all our clients who are gearing up for retirement. You would be surprised how many times we hear an answer along the lines of “I haven’t really thought about it”. We spend roughly 2/3rds of our lives working, saving, and investing for the day that we […]

Financial Advice in your 60’s

Portrait of senior businessman talking on mobile phone, hard lig

If you are like most Americans, your 60’s will be spent transitioning from work-life to retirement. This transition will be among the most exciting time of your life as well as the most stressful. The years leading up to and through retirement require an abundance of planning and it can be overwhelming. This blog consists […]

7 Steps to Get Your Retirement Plan Back on Track

7 Steps To Get Your Retirement Plan Back On Track

7 Steps to Get Your Retirement Plan Back on Track 2020 has thrown quite a few wrenches into people’s retirement plans. Here are a few ways you can begin getting back on track in the second half of the year. Make Catch Up Contributions if you can For 2020, 401(k) contributions are limited to $19,500 […]

Tax-Savvy Withdrawals In Retirement

Tax-Savvu Withdrawls In Retirement

The main purpose of saving and investing is to accumulate enough assets that will both supplement your income and allow you to maintain a comfortable lifestyle in retirement. Doing so requires discipline, patience, and most importantly, a plan.   However, once you’ve successfully reached retirement that does not mean that the planning stops. You need […]

Why now may be the right time for a Roth Conversion

Roth Conversation

A Roth IRA conversion is when you convert traditional IRA assets (paying the taxes now) into a Roth IRA in order to enjoy tax-free growth and withdrawals later. Currently, there are multiple factors converging to make Roth conversions more promising than ever before. Factors The market is well off its highs Although we do not […]

Your Pre-retirement Checklist

Your Pre-retirement Checklist Here are some steps you can take to prepare for retirement whether you are 10 years away, 1 year away, or even six months away. 5-10 Years away Accelerate Savings-In 2020, you can contribute up to $19,500 to a 401(k), 403(b), 457(b), or the federal government’s thrift savings plan, plus an additional […]

2020 Contribution Limits

contribution limits

New IRS Contribution Limits 2020 How much can you save for retirement in 2020? The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2020: 401(k) contribution limits are up; traditional IRA contribution limits stay the same; almost all the other numbers are up. Workplace Plan Limits The amount you can contribute to […]

5 retirement planning mistakes and how to avoid them

How To Manage My Money

5 retirement planning mistakes and how to avoid them The generation that has begun entering retirement is known as the “baby boomers”. They were born between 1946 and 1964 and were raised during the biggest, most sustained, economic boom in human history. Right now, approximately 10,000 boomers are retiring every day. Unfortunately, planning for retirement […]

7 Frightening Financial Facts for Halloween

Today is Halloween and many are looking forward to a day of activities like trick-or-treating, carving pumpkins, festive gatherings, donning costumes, and eating treats.  In honor of the day, we have put together a list of 7 frightening financial facts: 1. More Americans own cats than stocks52% of Americans report not owning any stocks. 50% […]

10 years from retirement

Creating a comfortable retirement is probably the single biggest financial challenge that anyone can face. A study has found that 56% of workers surveyed had less than $10,000 saved towards retirement. Worse yet, nearly one-third of workers age 55 and older reported no retirement savings. The 10 years leading up to retirement is the […]

5 Ways that the SECURE Act Could Impact Your Retirement Savings

bbpwm-website-5 Ways that the SECURE Act Could Impact Your Retirement Savings

With pensions disappearing the responsibility now falls on ourselves to save and invest for retirement. However, there are clearly still flaws in this as almost 1/4th of Americans do not have enough saved for retirement. This has led to the House of Representatives to pass the SECURE Act, which would affect your ability to save […]

Is a back-door Roth right for you?

Roth IRAs are typically off limits for many higher-income earners, due to strict income caps on contributions. However, there is another way into a Roth, the back-door method. Using this method, you open a traditional IRA, make a nondeductible contribution and then, at a later date, covert the funds into a Roth IRA. The appeal […]

5 reasons why people outlive their money in retirement

Every year since 1996 TransAmerica runs it annual Retirement Survey. This report canvases thousands of every day working Americans concerning retirement preparedness. While reading through the 2017 survey I was not surprised to find that the number one fear among Americans concerning retirement was outliving their money.  Running out of money in retirement should be […]

Are You Using This Retirement Savings Account?

Are You Using This Retirement Savings Account? Do you make less than $122,000 a year ($193,000 if married)? Do you have children with earned income less than that? If you answered yes to either of these, then are you contributing to a Roth IRA? If you are good for you! If you are not, then […]

2019 Guide to Retirement

  Last Tuesday JP Morgan had its annual call that discusses the changing trends and topics in the retirement landscape. We wanted to put together a summary of the most important points brought up during the call along with some of our thoughts. Market Outlook JP Morgan’s Chief Economist Dr. David Kelly pointed out that […]

4 Ways to Boost your Social Security Benefits

With the disappearance of pensions and longer life expectancy, social security benefits have become an increasingly important part of retirement planning. So, how can you make the most of your social security? Here is a quick list of four ways you can maximize your benefit. 1. Work Longer Nobody likes this idea; however, the fact […]

Plan Now for Less Pain Later

Whether you are approaching retirement or still in the height of your working years, it is always a good idea to review your estate plan and named beneficiaries on accounts. We have discussed in the past the benefits of doing such here and here. Naming beneficiaries can direct your money to your loved ones in […]