Retirement Planning

Retirement on the Horizon: A Financial Planning Checklist

Retirement planning checklist

Retirement is one of the biggest events you will experience in your lifetime and requires you to have a retirement checklist to plan your finances correctly. Starting that next phase of life brings about significant changes, both personally and financially. Financial freedom and security in retirement does not just happen. Retirement planning takes time, carefully…

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Qualified Charitable Distribution Strategies

qualified charitable distributions

It’s time to take a fresh look at Qualified Charitable Distributions after the Tax Cuts and Jobs Act Many taxpayers, especially retirees with little or no mortgage interest, will no longer itemize their deductions due to the new tax law. Taxpayers will see a nearly doubling of the standard deduction (to $24,000 for married filing…

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Individual Retirement Account (IRA) Contributions

Traditional vs. Roth IRAs

In an era where pensions are few and far between and future Social Security benefits are in question, it’s important for individuals and their families to save for their own retirement savings. A great and simple way to save for your retirement (with potential tax savings) is through an Individual Retirement Account (IRA). IRA contributions…

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Financial Planning Checklist

Have you thought about how much money you need to retire?  Or if you have enough insurance—or even the right kind? Or if there is anything more you can do to save taxes throughout your lifetime?  These are just a few questions you can answer by doing a comprehensive financial plan. According to a national…

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10 Roth IRA Conversion Questions and Answers

Converting traditional IRA (Individual Retirement Account) funds to a Roth IRA can be a powerful tax savings opportunity. Here are some frequently asked questions on the topic: 1. What is the main difference between traditional IRA and Roth IRA?  A traditional IRA provides tax-deferred growth. A Roth IRA offers tax-free growth. 2. What’s the tax…

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Don’t Forget: 60 Day IRA Rollover Rule Has Changed

Beginning in 2015, taxpayers can only make one 60-day “indirect” IRA-to-IRA rollover per 12-month period (not based on a calendar year) regardless of the number of IRAs that you own.  Prior to 2015, many taxpayers followed Proposed Treasury Regulation Section 1.408-4(b)(4)(ii), published in 1981, and IRS Publication 590-A (“Contributions to Individual Retirement Arrangements (IRAs)”) which…

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