retirement planning Archives - Cowen Tax Advisory Group

Retiring from Retirement: Reentering the Workforce in 2022

July 11th, 2022

The COVID-19 pandemic threw a sharp curveball in the trajectories of countless lives, the aging workforce being no exception. From those who resigned from their positions out of health concerns to those who took their employers up on early retirement offers, many Americans suddenly exited their careers, assuming that chapter of their life had drawn …

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2021 RMDs: What You Need to Know

August 13th, 2021

Anyone approaching age 72 or older, with a qualified retirement plan, needs to know about RMDs. An RMD is a Required Minimum Distribution, a forced withdrawal from a qualified retirement account with funds that have never been taxed. Examples of these accounts include IRAs, 401(k)s, 403(b)s, or SEP IRAs. RMDs were subject to different rules …

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How to Achieve 20/20 Financial Vision

February 18th, 2020

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 …

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How will the SECURE Act impact my retirement?

January 9th, 2020

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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4 Financial Benefits to Be Grateful For

November 14th, 2019

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. …

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Four Money Moves to Make This Fall

October 23rd, 2019

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 …

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Stretch IRA: What It Is and Who Should Consider It

September 25th, 2019

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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5 Retirement Risks You Need to Plan For

August 29th, 2019

The best retirement plans let you hope for the best and prepare for the worst. From stock market free-falls to soaring inflation, there are five major retirement risks that your retirement plan must be ready to handle. In this article, we explore each risk, as well as strategies you can use to keep your nest …

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Exile on Annuity Street: Retirement Planning with the Rolling Stones

July 19th, 2019

The Rolling Stones are no strangers to controversy. Since the band’s creation in 1962, the Stones have wrecked hotel rooms, dressed in drag, and consumed enough narcotics to incapacitate several elephant herds. The band’s 2019 No Filter tour is no exception. The headlines are less racy now that Mick Jagger and Keith Richards are well …

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Are You Financially Independent?

July 3rd, 2019

What does it mean to be financially independent? The definition of financial independence varies, depending on who you ask. To some, being financially independent means having more money than you could ever spend; for others, it’s liberation from debt and a paycheck-to-paycheck lifestyle. Then there’s the FIRE movement, as in Financial Independence, Retire Early, a …

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What Are My Social Security Alternatives?

June 28th, 2019

Social security is in trouble and many Americans have begun seeking social security alternatives to safely plan for retirement. The Social Security Administration suggests that your social security benefit make up about 40% of your income. If social security is only 40% of your earnings, how can you prepare for retirement without being too dependent …

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Tag: retirement planning

Retiring from Retirement: Reentering the Workforce in 2022

2021 RMDs: What You Need to Know

How to Achieve 20/20 Financial Vision

How will the SECURE Act impact my retirement?

4 Financial Benefits to Be Grateful For

Four Money Moves to Make This Fall

Stretch IRA: What It Is and Who Should Consider It

Exile on Annuity Street: Retirement Planning with the Rolling Stones

Are You Financially Independent?

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