A financial plan is a written document that lays out your future financial, business and lifestyle goals and maps out comprehensive strategies for achieving them. Contrary to popular belief, financial planning is not just for the wealthy. Instead, it is…
Too often, individuals planning for their golden years forget to consider the federal taxes they will need to pay on their Social Security benefits. Unfortunately, these oversights can take a considerable bite out of one’s expected income in retirement. Generally,…
According to the U.S. Bureau of Labor Statistics, the median number of years that wage and salary workers aged 25 and older had been with their current employer in January 2022 was 4.9 years, the same as in 2021 and…
One of the primary objectives of financial planning is to ensure that individuals have more than ample spendable cash flow during their retirement years. Navigating the careful balance between spending too much and possibly running out of funds or spending…
Women spend a significant portion of their lives putting their families first, tending to the needs of husbands, children and aging parents often before themselves. The problem is that as they approach retirement age, many women find themselves without ample…
The beginning of a new year often comes with many changes. For 2023, some of the most significant transformations are occurring in the retirement industry, thanks to the recent passage of the SECURE Act 2.0. While some of the new…
Spouses saving for an eventual retirement during their working years often have different timelines for leaving the corporate world behind. While a difference in retirement dates can eliminate one income stream and help couples ease slowly into their golden years,…
With the end of the year around the corner, you have a limited amount of time to maximize your retirement savings opportunities in the most tax-efficient manner. Following are some steps to consider taking before December 31. Max out your…
The SECURE Act signed into law at the end of 2019 brought new restrictions to non-spouse beneficiaries of inherited individual retirement accounts (IRAs), requiring them to empty those accounts within 10 years of the original owner’s death and pay the…
The IRS recently issued guidance extending the deadline for retirement plans and individual retirement accounts (IRAs) to adopt amendments reflecting legislation passed into law in 2019 and 2020. The previous deadline for calendar year plans has been postponed from December…
