This article reviews some of the ways in which you may optimize your charitable giving and get a head start on preparing your taxes for 2019 in light of the new tax legislation. Specifically, it reviews a facet of the Tax Cuts and Jobs Act of 2017 (TCJA) that hasn't truly altered but [...]
Whether you're getting ready to retire or already enjoying it, one thing is true: You want to get the most out of your earnings and protect them from unnecessary fines. This may seem easier said than done, especially when mandatory minimum distribution (RMD) rules change from time to time and RMD and withdrawal strategies have [...]
Until 2023, if you're under age 50, you can contribute up to $6,500 to one or more IRA accounts. If you are 50 or older, the limit is slightly higher ($7,500). * You can contribute to a year-specific IRA any time between January 1 and the next year's tax deadline (usually April 15). So [...]
When inflation rises and markets fall, what does this mean to your investment strategy? Breaking into the investing world can be daunting. After all, it's normal to hesitant when doing something new. But what to do when the market turns upside down? The fact is that market ups and downs are an integral part [...]
How to know how much you can spend Self-control is a personal trait that can make a person an excellent saver, but paradoxically, it can put them in difficulty when it comes time to dip into those savings. Numerous studies, including ours*, show that wealthy retirement investors typically don't spend much of their retirement [...]
Over the past few months, the Fed has made it clear, both in word and deed, that controlling runaway inflation is its top priority. Unfortunately, the Fed's series of rate hikes didn't help traditionally balanced portfolios while hurting stocks and bonds - a historic rarity. Not only are interest rates rising, but they are [...]
Saving for retirement is easy and simple if you have a 401(k) plan while you work. But what if your employer doesn't offer a pension plan? Or, what if you are self-employed? Fortunately, you have options for saving for retirement. 2 options designed for all investors Consider contributing to a Traditional IRA or Roth [...]
Like saving for a home, retirement, or any other long-term goal, charitable giving requires a strategy. Having a formal plan in place and updating it annually can help you achieve your philanthropic goals while maximizing your tax savings. Here are 5 long-term strategies that I regularly share with my clients to help them get [...]
How to anticipate and prepare Have you considered expected healthcare costs in your retirement plan? According to a model we developed in partnership with Mercer Health & Benefits, average health care costs, even with Medicare, can exceed $5,000 per year. * Although costs vary from person to person, it is possible to estimate your [...]
Tax season is here and you can still contribute for 2021, but you may be wondering where to pay your dues. When it comes to IRAs, you have two main types to choose from – Roth and traditional. Making that choice - and knowing when and how much you can contribute - isn't always [...]
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