It can be really hard to figure out tax stuff, especially when it comes to retirement accounts like Roth IRAs. People always ask me if Roth IRA distributions need to be reported on tax returns. In short, it depends on the kind of distribution. Allow me to explain it in simple terms so you fully … Read more
Here’s how to fix the issue and stay out of tax trouble. This is part of a series on Roth IRAs: What to Do and Not Do When Investing and Trading. You can save for retirement by putting money into a Roth IRA, but if you put too much money into it in one year, … Read more
What is a 72(t)? The Key to Early Retirement Account Access Have you ever needed to take money out of your retirement account before the magic age of 70? If so, Rule 72(t) could help you get out of paying taxes on early withdrawals from your retirement account without having to pay a fine. I’ve … Read more
Most of us work for decades to get to the point where we can retire. After years of saving, planning, and dreaming about your golden years, picking the exact date of your retirement may not seem like a big deal. But believe me when I say that the time you retire can have a big … Read more
The Dream vs. Reality of Retirement Debt The general belief for decades has been that you should definitely, definitely not have any debt before you retire. Many of us heard stories as kids about “mortgage-burning parties” where our grandparents celebrated being free from debt. But is this still the best way to handle money in … Read more
Using tax avoidance strategies to transfer wealth is a smart way to keep your legacy and heirs from having to pay too much in taxes. Still, it requires careful planning and oversight to ensure techniques don’t cross the line to tax evasion. What is the benefit of assessing your tax options? Determining the best way … Read more
The consequences of not saving enough for retirement can play out in numerous, yet subtle, ways. The results aren’t always disastrous, but they’re almost always sad. Maybe you have an elderly neighbor who still works a part-time job. Or, perhaps you know someone who moved in with an adult child to afford their bills. Sometimes, … Read more
Do you have a 401(k) plan through work? You can still contribute to a Roth IRA (individual retirement account) and/or a traditional IRA as long as you meet the IRAs eligibility requirements. You might not be able to take a tax deduction for your traditional IRA contributions if you also have a 401(k), but that … Read more
You’re not the only one who wants to retire but isn’t sure if their savings will last. One of the questions I get asked most often is if a $4,000 monthly income will be enough to enjoy their golden years. Today, I’m going to answer this question in more detail to help you decide if … Read more
Navigating the process of changing a beneficiary can seem daunting, but understanding the essentials can make the transition smooth and aligned with your estate planning goals. Keeping your beneficiary designations up-to-date ensures your assets are distributed according to your current intentions, avoiding potential legal challenges and family disputes. This guide will help you stay informed … Read more