Most people have heard of 401(k) plans- a tax advantaged way for employees of larger companies to save for their retirement. As traditional employer-paid pension plans have declined in usage, 401(k)s have become one of the most popular retirement benefit choices. A Solo 401(k) (also...
With the changes to the tax code in the 2017 Tax Cuts and Jobs Act, many people who previously were able to take advantage of the charitable deduction through itemizing find that they no longer can do so. However, for clients who are over...
On average, Social Security replaces about 40% of pre-retirement income, making it an important part of retirement planning. As financial planners we are often asked how Social Security works, how it is calculated and the type of claiming strategy we recommend. We wanted...
Real estate agents have financial obstacles and opportunities due to the very nature of how they are paid. Uneven cash flow and being self-employed can make saving for retirement difficult. Most realtors don’t have the advantage of a retirement plan sponsored by their employer and...
If you or a family member are approaching the golden years you might be considering the option of a continuing care retirement community (CCRC). Also known as life plan communities they offer a range of residential units starting with independent living and increasing to...
The IRS recently announced that there will be an increase in the amount you can save in tax advantaged retirement accounts in 2019. Contribution limits are adjusted periodically to keep pace with inflation. For you, this means in 2019 you can save more and potentially...
After being retired for a bit you realize that you may not want to play golf 5 days a week, you miss your co-workers and you are not traveling as much as you thought you would. This is common – more and more people these...
There are many advantages to owning your own business. You are your own boss and in control of your business: how it grows, your brand, who you serve, the direction is takes. Small business owners also often have more freedom having their own business than...
On the most basic level an annuity is a contract between you and an insurance company. You pay the insurance company a lump sum or arrange for a set of payments over time; in return, the insurance company has to make payments to you either...
At long last the IRS has ended the debate over the legality of the “backdoor” Roth IRA. This subject has been widely debated in financial and legal circles for years. The subject was brought up again in December 2017 during the passage of the Tax...