If you are turning 60 to 63 years of age in 2025 or later, you have a unique opportunity to supercharge your retirement savings with new, more substantial catch-up contributions. Background Historically, the tax laws cap the annual contribution limits to 401(k), 403(b) and other qualified retirement plans. They also provide additional means for individuals […]
You have many options when it comes to saving for retirement. You may contribute pre-tax dollars to a workplace 401(k) plan or traditional IRA, potentially reducing your current taxable income today and deferring taxes until you make required minimum withdrawals in retirement. Depending on your income, you may also put money into a Roth IRA, […]
Effective Jan. 1, 2025, the federal estate tax exemption increased to $13.99 million, or $27.98 million for married couples filing joint tax returns. This means that individual taxpayers can transfer up to $13.99 million in assets to their heirs (or up to $27.98 million for married couples filing jointly) during life or at death without […]
Growing a family, buying a home and retiring from your professional career are exciting life events that people talk about but few plan for. If you put off planning for these happy occasions, imagine how little time you devote to preparing for life’s unfortunate realities, such as losing a job, becoming disabled or passing away, […]
Caring for a family member with a physical, intellectual or emotional disability can be costly. Everyday expenses can include food and shelter, specialized medications, assistive devices, special education, transportation, at-home nursing care, and much more. Over time, these expenses will almost certainly increase. Families must engage in advanced planning to ensure that a loved one […]
If you received a year-end bonus, congratulations! As gratifying as it may be to splurge on something you can enjoy immediately, you may want to take a few moments to consider how you can maximize those dollars for the long term. Following are seven smart money moves to help you use a windfall of money […]
Starting a small business can be an exciting venture for anyone seeking career and financial independence. However, the planning and processes required to achieve those goals can be daunting. Entrepreneurs must consider how they will make money today and save enough to ensure a successful retirement for themselves in the future. One option to consider […]
Asset diversification is an investment strategy designed to help investors minimize exposure to market volatility while attempting to maximize opportunities for high returns over the long term. While diversifying assets does not guarantee any investment objective will be met, spreading out investable dollars over a diverse mix of stocks, bonds, cash and other assets could […]
After years of diligent saving, you probably built a significant nest egg to afford a comfortable retirement, but that doesn’t mean you’re ready to put your feet up and coast through your golden years. Preparing for retirement requires having a plan in place to address your spending habits, rising healthcare costs, changing tax laws and […]
Effective Jan. 1, 2025, employers must ensure their workplace retirement plans comply with the latest provisions of the SECURE Act 2.0, which aims to improve taxpayers’ retirement savings and the costs and complexities businesses incur administering those plans. Since the law’s enactment, employers of all sizes have gained expanded tax credits for establishing employee retirement […]