A traditional 401(k) or similar employer-sponsored retirement plan is a foundational savings tool for most Americans, yet those who are self-employed may not have access to these traditional savings methods. While you could still reap the tax benefits of contributing to a traditional or Roth IRA, the annual contribution limits are relatively low (less than […]
Few financial instruments carry as much significance as Inherited Individual Retirement Accounts (IRAs). These accounts passed down from generation to generation have long been essential for legacy planning. However, the SECURE Act has made changes that have reshaped the landscape for those inheriting IRAs after 12/31/2019. These changes affect how beneficiaries access and manage these […]
You’re investing for retirement, paying off debt, building up an emergency fund, saving for your kid’s college, and checking all the top financial boxes—now what? If you’re running a surplus each month, it’s so easy to simply funnel money into the basics (401k, IRA, etc.) but is that the best way to truly maximize your […]
The newly enacted CARES Act has suspended Required Minimum Distributions (RMDs) from retirement accounts for 2020, including inherited retirement accounts. This measure will provide some financial relief to those who do not need to take withdrawals from retirement accounts while the account values are low. RMDs are calculated using the account holder’s life expectancy and […]
5 Tax Moves to Consider Before April 18th Even though we are a few months into 2016, it is not too late to save on your 2015 taxes or increase the amount of tax-free or tax-deferred savings you are making. As you are compiling your tax information and meeting with your tax professional, please consider […]
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