As we enter the new year, we want to share some best practices for investors regarding their IRA. Galleon suggests the following: 1 - Contribute the maximum amount. For the 2021 and 2022 tax years, investors under age 50 can invest up to $6,000 (or the lesser of taxable compensation) in their traditional and Roth [...]
When you think about your future retirement, there are many things to consider. This article focuses on retirement tax strategy optimization, and why it's important to think about how your different sources of income, such as Social Security or a pension, retirement accounts, and other assets, will interact. During retirement, your tax bracket may [...]
As 2022 draws to a close and preparations are made for the coming year, we have compiled a list of five strategies that can assist you in maximizing your savings, minimizing your tax burden, and remaining on pace to achieve your financial objectives. This article focuses on how you can optimize your year-end [...]
As many of us take stock of the last year and look ahead to 2023, we do so with either anticipation or trepidation. This article focuses on methods for creating a charitable giving strategy. Despite a very difficult economy, investors made a significant global philanthropic impact, donating billions of dollars to charitable causes [...]
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 [...]
What comes to mind when you hear the words "social security benefits"? Maybe you're curious about the future of Social Security or worried about its availability when you start claiming it. Some of my clients wonder why we bother to incorporate this into their financial plans. While there have been some disturbing headlines, I'm [...]
Recently, many of my clients have come to me with questions about converting to a Roth IRA. Moving money from a traditional IRA to a Roth IRA (often referred to as the “pay taxes now or later” debate) presents some complications. It's also irreversible, so it's understandable that many investors struggle to make the [...]
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