What is Financial Vision? If you know what your finances will look like in 10, 20, or even 30 years, then you have financial vision. Financial vision is the ability to see your future finances clearly. In the same way that most of us aren’t born with 20/20 eyesight, perfect financial vision is rare, but …
Do you need a tax preparer? If you’re used to doing your taxes on your own or with a DIY software service, it can be hard to tell. Here are a few reasons you might want to enlist the help of a tax professional. 1. You have a complex return Whether you’re retired, own rental …
The SECURE Act is the largest piece of retirement legislation to pass Congress since the Pension Protection Act of 2006. Signed into law at the end of December 2019, the SECURE Act went into effect on January 1st, 2020. But that quick turn-around has left many Americans wondering how the bill will affect their retirement …
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1. Missed Deadlines What it is If you don’t take your RMD or take it after the December 31st deadline, you will be subject to a 50% penalty. That means half of your withdrawal goes directly to the IRS. What you can do about it You have the option to appeal the penalty for a …
Continue reading “4 Common RMD Mistakes You Might Be Making”
1. Plan Ahead The easiest way to prevent overspending is to make a shopping list and check it twice. Knowing what you plan to buy can help prevent impulse purchases; it also gives you the opportunity to comparison shop before you commit to a store or a price. Plus, keeping the number of forgotten wish …
What is Power of Attorney? Power of attorney (POA), broadly defined, is a legal document that gives someone the authority to act on your behalf in legal, financial, and even healthcare matters. This person, called the agent or attorney-in-fact, is required to act in your best interests. Power of attorney documents can be incredibly useful, …
Want to strengthen your relationships, improve your physical health, and relieve stress? The answer, according to several scientific studies, might be gratitude. Believe it or not, gratitude can also positively impact your finances—and not just because it’s free. Gratitude draws our attention to the parts of our financial lives that are overlooked, underutilized, or ignored. …
In 2024, the Bureau of Labor Statistics predicts that 65-69-year-olds will make up 36% of the workforce. Since most Americans with health insurance receive coverage through their employer, workers approaching 65 must choose between remaining on their employer’s plan or enrolling in Medicare. This is a highly individual decision, with many variables at play. When …
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1. Max Out Your Contributions There’s still time to max out the contributions on your retirement account. Making the maximum contribution to your IRA or 401(k) boosts savings and reduces your taxable income. In 2019, contribution limits increased to $19,000 for 401(k)s and $6,000 for IRAs and Roth IRAs. If you’re over 50, you can …
“Can I enroll in Medicare without claiming social security?” In our office, we hear this question every day. To some, that may sound surprising; under the current law, most people become eligible for social security benefits at age 62 and Medicare at age 65. However, as we advise most of our clients, claiming social security …
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What is a Stretch IRA? A Stretch IRA is an inherited IRA account where the beneficiary has chosen to “stretch” taxable distributions over the course of their own life expectancy. When an IRA is inherited by someone other than the original owner’s spouse (called a “non-spousal beneficiary”), this person can either take advantage of the …
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One in four Americans say they will never retire, according to a recent poll from the Associated Press-NORC Center. Their number one motivator? Money–or lack thereof. However, we know that most older workers will need to stop working at some point due to injury, illness, layoffs, or family responsibilities, and they’ll need a solid retirement …
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