Are you scratching your head trying to figure out how to report that IRA distribution on your tax return? Don’t worry – you’re not alone! Every year, millions of Americans take distributions from their Traditional IRAs and then face the sometimes confusing task of properly reporting these withdrawals to the IRS. In this comprehensive guide, … Read more
Retirement planning can feel like trying to hit a moving target. When you think you know the magic number for a comfortable monthly income in retirement, things like rising costs, changes in the market, or changes in your lifestyle can move the goalposts. Adding to the uncertainty right now, though, is the fact that the … Read more
Are you curious about how long Roth IRAs have been helping Americans save for retirement? I know I am! As someone who is crazy about retirement planning, I find it interesting that one of our best tax-advantaged investment vehicles is still pretty new compared to other retirement accounts. In fact, the Roth IRA has only … Read more
Is $5 Million Enough for Your Golden Years? Welcome, fellow retirees! Today we’ll answer the big money question that’s probably been on your mind: how far does $5 million go in retirement? If you’ve saved this much money (or plan to), you may be wondering if you’ll be set for life or if you’ll still … Read more
Are you wondering if you can turn your future pension payments into cash right away? Maybe you’re having money problems or just need a big lump sum for a big purchase. It’s not as simple as you might think to answer “can I sell my pension?” Let’s go over everything you need to know about … Read more
People who get Supplemental Security Income (SSI) or want to get it may be wondering, “Can I own a house on SSI without losing my benefits?” The short answer is yes, you can own a house while getting SSI. In fact, your main home is usually not taken into account when figuring out your SSI … Read more
It can be hard to figure out if you need to report your Roth IRA on your taxes. You’re not the only one. The connection between Roth IRAs and taxes can be tricky, especially since these retirement accounts are known for their tax benefits. At our tax firm, we’ve helped hundreds of clients with this … Read more
The world of trusts is not one-size-fits-all. What kind of trust you pick should depend on how you want your assets to be managed now and in the future. Terry Ruhe, senior vice president and regional trust manager for U.S. Trust, says, “A trust can help you deal with specific tax issues or protect you … Read more
Are you wanting to buy your first home but having trouble saving enough for the down payment? Your Roth IRA could be the answer you’ve been looking for since you opened it. Let’s go over everything you need to know about using your retirement savings to buy a house before you start taking money out. … Read more
When you hit your 40s, is it too late to start building real wealth? No way! In fact, your 40s can be the best time to speed up your journey to wealth. You’re in a great position to make a lot of money now that you have a stable job, the chance to make more … Read more