Tag Archives: retirement plans
The IRS is providing high-income taxpayers with two years of relief from a Secure Act 2.0 provision that would have required them to begin allocating catch-up contributions to their 401(k)s on a Roth basis beginning in 2024. Section 63 of the Secure Act 2.0 called for 401(k), 403(b) and 457(b) plan participants age 50 and […]
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. Rather, it is a critical planning tool that can help all individuals at all income levels make informed […]
As you gather documents to prepare to file your tax returns, it is a good time to review your retirement accounts, simplify them and ensure your investment strategy continues to meet your current and future needs and goals. According to the Bureau of Labor Statistics, the median amount of time that workers have been with […]
Memorable vacations do not happen by chance. They require a certain level of effort and advance planning to ensure that you stay within your budget and maximize your actual time away for fun, sightseeing and relaxation. The more you plan, the more likely your getaway will meet your expectations. With this in mind, it is […]
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 law’s provisions will not take effect until future years, others will need to be addressed […]
Growing a family, buying a first or second home and retiring from your professional career are exciting life events that most of us love to talk about but few of us plan for in advance. If we put off planning for these happy occasions, imagine how little time we actually devote to planning for life’s […]
The inflation adjustments to various provisions of the tax code increase significantly in 2023 due partly to rising consumer prices and persistent inflation. It is important to consider these changes as you engage in estate planning and preparing for tax efficiency this year and in the years ahead. In some instances, you could find yourself […]
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 contribution to a workplace 401(k) retirement plan. For 2023, the maximum amount you may defer […]
Like many estate-planning strategies, the decision of whether to invest in a traditional 401(k) retirement savings plan or a Roth 401(k) comes down to taxes. More specifically, does it make more sense for you to pay taxes on your withdrawals in the future after you reach 59½ years old, or on the contributions you make […]
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 31, 2022, to December 31, 2025. The additional time is good news for sponsors and […]