Retirement Planning

The Tax Cuts and Jobs Act has made tax planning more critical than ever, and the recently enacted Secure Act has created challenges for most financial plans that were put in place prior to January of 2020. Understanding how these legislative acts impact you and knowing what actions to take as a result can be critical to the success of your retirement goals.

What you shold know about the Secure Act

The SECURE Act was signed into law by President Trump in December and went into effect on January 1st of this year. The new law was intended to expand opportunities for individuals to increase their retirement savings, but also brings about some significant changes to retirement and financial planning. Here are the two most important changes …

What will happen when social security runs out

You have likely heard that the Social Security fund is projected to run out of money around 2035. With that deadline only 15 years away it is likely to impact everyone who is not already enrolled in Social Security as well as many who are. What will happen when the fund runs out? You may …

Roth vs Traditional IRA

In our last article, Year-End Tax Planning Strategies, we briefly discussed the potential benefits of a Roth IRA over a Traditional IRA. This article will dive deeper into the differences between these two retirement planning options and provide some guidance on when one makes more sense than the other.  Contribution Limits You can make 2019 contributions …

5 things you can do right now to help improve your retirement years

When most people think about retirement planning, they focus on growing their money, but they often overlook other critical issues. Eventually you will be shifting gears to preserve what you saved over the years. Taking a few simple steps today can help equip you for the time when that shift takes place. THE INCOME PLAN Build …

Five things every IRA owner should know

According to the Bureau of Labor Statistics, the average worker currently holds ten different jobs before age forty, and this number is projected to grow. The BLS also reported that the median employee tenure is between 4.0 and 4.3 years with men lasting a little longer than women. Each job change brings the potential need to roll over retirement funds, which …

8 security tips in light of the equifax data breach

Earlier this month, Equifax – one of the largest credit reporting agencies in the country – announced that a security breach resulted in the theft of sensitive information for 143 million Americans. Information stolen included social security numbers, birthdates, addresses and credit card numbers. Even if you don’t believe you are a customer of Equifax there …

Avoid the Hidden traps of retirement plan loans

When you are looking for a loan, one option you can consider is to take out a loan from your retirement plan. These loans do not require a credit check, and they generally have very favorable interest rates. For employees who are having trouble securing a loan, borrowing from their retirement plan can be an …

How to save for your child’s college education

The cost of a college education is rising by three to four percent a year, so it is never too early to start saving for your child’s future college tuition.  Before you start saving however, make sure to consider the options that will maximize your savings while minimizing your tax burden. 529 Plans A 529 plan …

Six myths about health savings accounts

If you qualify for one, a Health Savings Account is an incredibly compelling way to pay for your future medical costs. Not only does it allow you to bypass the 10% threshold for deducting your medical expenses, it also provides for tax-free growth when you use the proceeds for medical expenses. With significant medical expenses in …

The impact of your pension on your social security benefits

Many public sector workers do not pay into Social Security because they pay into a separate state or local pension fund. Since Social Security benefits are based on the Social Security wages earned during working years, public-sector workers who do not pay into Social Security will not be eligible for Social Security benefits at retirement. …

Will vs. Trust: which is right for you

Have you ever thought about who you would like to give your money, real-estate, or that special family heirloom to after you pass away? Most of us have, but have you taken the necessary steps to ensure that your belongings are received by that person or persons? The two most common methods of transferring your …

Year-end review of your retirment accounts

As we head into the final few months of 2019 you should take some time to review the contribution limits of your retirement accounts and determine if you can make additional contributions before the deadline for 2019. You should also take this opportunity to review your records to make sure you avoid the number one …