Posts Tagged ‘retirement’
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Implications of State Taxes in Relocations
With an increase in remote work, business owners and their employees are taking the opportunity to relocate across state lines. But whether for work or retirement, what are the possible tax implications of a move, particularly from a high-tax state to a low-tax state? With more high-tax states auditing these moves to recover lost tax…
Read MoreHow and When Should You Contribute to Your Individual Retirement Account (IRA)?
So, you want to save for retirement? 👏 👏 👏 Making annual contributions to retirement accounts is one of the most effective ways of saving for life after your career. These accounts are designed to save you tax dollars, either now and/or over time, and they are the government’s way of incentivizing you to plan for…
Read MoreFour Ways The SECURE Act Impacts Your Retirement Planning Now
This article was originally published on Forbes on January 23, 2020. Retirement and wealth planning have become more dynamic in recent years as Congress amends the rules on a regular basis. In the past couple of years, two significant tax code changes, each with major impacts on families strategic financial planning, were signed into…
Read More6 Most Important Points to Consider Before Rolling your 401k to an IRA
Gone are the days that someone joins a company out of college, grows with the same employer throughout their career, and then retires off into the sunset with a nice pension. Now, people move from job to job more frequently, and more often than not, they will have to rely on their own retirement savings…
Read MoreSocial Security Benefits: When to claim them if you’re still working
You’ve just celebrated your 65th birthday and you’re ready to claim your Social Security benefits. Not so fast! Although you have reached the traditional retirement age, you enjoy your work and plan to continue working for a few more years. How does this impact your decision to begin Social Security benefits? What is FRA (and…
Read MoreTraditional IRA vs. Roth IRA: Which is Best for You?
Saving for retirement shouldn’t be complicated, but with so many retirement savings options, from 401ks to IRAs and more, knowing the best way to save can be confusing. How much you make, whether you’re self-employed or have a company-sponsored retirement plan are just some of the criteria that will determine what solution is best for…
Read MoreThe Biggest and Costliest 401k Mistakes People Make and How to Avoid Them
When you first start a job and become eligible to contribute to a 401(k) or employer-sponsored retirement savings plan, you fill out a few forms, decide how much you want to have deducted from each paycheck and pick some investment options. Then each month, like clockwork, money is taken from your paycheck and put into…
Read MoreTop 5 RMD (Required Minimum Distribution) Mistakes and How to Avoid Them
When you put earned income into a tax-deferred account like an IRA or a 401(k), Uncle Sam eventually wants to collect those taxes. So starting in the year you turn 70 ½, the IRS requires that you take a Required Minimum Distribution (RMD). It’s important to know when and how much to take to avoid…
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