Why Now May be a Good Time for Roth IRA Conversions
A down market may present retirement planning opportunities, such as a Roth IRA conversion. Here's why.
COLA Increase Announced for Social Security
The Social Security Administration announced a substantial COLA increase for Social Security recipients. Will it make a difference?
How to Cut Costs in Retirement
As you plan for retirement, it's advisable to identify where you can cut costs. Here are some pointers.
Retirement Planning By the Numbers
There are certain ages that are significant when planning for retirement. Here are some milestone ages to be aware of.
Required Minimum Distribution (RMD) Rules Have Changed for 2020
The rules for 2020 Required Minimum Distributions has (temporarily) changed. Don't take your RMD until you read this.
Social Security Benefits Will Increase 1.3% in 2021
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3% in 2021.
Budgeting for Retirement
When retirement is near, budgeting is critical. It could mean the difference between enjoying your retirement, and outliving your money.
August 31 is the Deadline to Roll Back RMDs
Did you take an RMD before the CARES Act passed? There's still time to roll back your withdrawal.
What You Need to Know About the NJ Pension Exclusion
Where you will live is one of the most significant retirement decisions you will make. Is NJ right for you?
Avoid These Pandemic-Prone Mistakes When Planning for Retirement
Planning for retirement, especially during a pandemic, can be stressful. Avoid these retirement planning mistakes to ensure you achieve your retirement goals.
What to do with Your 401(k) Plan After Unemployment
Few life events are more stressful than a job loss. If you or someone you know is in this situation due to COVID-19, you’ll likely have several questions about job hunting, unemployment insurance, and health care. You may also be wondering, “What should I do with my 401(k) retirement plan?” People leaving an employer typically […]
How the CARES Act Impacts Required Minimum Distributions
What is The CARES Act? The CARES Act, signed into law on Friday, March 27, is a relief bill for individuals, small businesses, and non-profit organizations, whereby the government gives up current tax revenue to provide financial relief for individuals. Much of the talk surrounding the CARES Act centered on the immediate economic stimuli, such […]
SECURE Act Webinar Recording Available Now
There is a high likelihood the SECURE Act will affect your retirement and estate planning. Passed into law in December 2019, the “Setting Every Community Up for Retirement Enhancement (SECURE) Act” created the most significant changes to retirement income planning since 2006. More than 100 people attended our webinar on February 12 to learn how […]
Webinar: How the SECURE Act Changes Your Retirement and Estate Planning
There is a high likelihood the SECURE Act will affect your retirement planning. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed into law in December, creating the most significant changes to retirement income planning since 2006. Join us for a 1-hour webinar where we will discuss the major changes made by […]
What You Need to Know About the Recently Passed SECURE Act
On December 20, 2019, Congress passed, and the President signed the “Setting Every Community Up for Retirement Enhancement Act,” better known as the SECURE Act. The Bill contains the most significant changes to retirement planning since the Pension Protection Act in 2006 and has something in it for everyone. We first wrote about the SECURE […]
9 Common Mistakes to Avoid in Retirement
You’re heading to the finish line – retirement is approaching, or maybe you’ve already retired. You’ll want to steer clear of mistakes that can derail your plans to live comfortably in retirement. Here are the most common pitfalls to avoid: #1: Not having a financial plan The biggest mistake is not having a formal plan […]
Teach Your Children Well
Does your teenage or college age child work part-time? If so, one of the best things you can do as parents is to encourage them to start saving money. Saving money from a job — rather than spending it — teaches discipline, responsibility, and the value of hard work. But what type of an account […]
What Does Retirement Mean to You?
As you progress through youth and middle age, retirement moves from being a vague abstraction to an impending reality. How should we prepare for this major change in our lives? In addition to planning for financial security, we should consider the content of our retirement years. How will the activities we choose express our values, […]
Three Changes to Retirement Accounts You Should be Aware Of
Lost in all the tax law changes that went into effect this year were several changes made to IRA and Roth IRA accounts that bear mentioning. IRS Blessing of the Backdoor Roth IRA The amount of money you can contribute to a Roth IRA is typically limited and direct contributions are completely disallowed if you […]
Tax Bill Alert
Don’t look now but another tax bill is working its way through the House Ways and Means Committee. If passed in its present form, it makes additional changes to retirement plans (among other things), including IRAs and 401(k) plans. The bill also includes technical corrections to the Tax Cuts and Jobs Act of 2018 law, […]
Don’t Forget your RMD
When it comes to retirement accounts such as Individual Retirement Accounts (IRAs), 401(k)s and 403(b)s, there are two magic ages to remember. The first is age 59 ½ when you can begin accessing your retirement accounts penalty-free. The second may be lesser known, but can be more costly if forgotten. Starting at age 70 ½ […]
“To Retire or Not to Retire” is the Question
The baby boomer generation consists of 78 million people, all born between 1946 and 1964. Every day 10,000 more in this group reach the age of 65 and are confronted with one of the biggest decisions of their lives – whether or not to retire. Choosing how to spend your time, your changing family dynamics […]
Where Do You Plan to Live in Retirement?
Whether you are approaching retirement or have already retired, you have probably thought about your options regarding residential living in your senior years. Should you remain in your current residence indefinitely or look for a situation that might better fit your evolving needs? This is one of the most important decisions an individual or couple […]
Roth Conversions and the New Tax Law
Roth IRAs have been around since the Tax Payer Relief Act of 1997. During that time, the use of the Roth IRA has grown significantly and can serve as a valuable part of tax and cash flow planning in one’s financial plan. The main method of funding larger contributions to a Roth account is via […]
IRAs and 401(k)s: To Roth or Not to Roth
The Roth IRA was created in 1997 and quickly became popular. One of the main differences between it and the traditional IRA is when you are entitled to receive the tax deduction. Here’s some insight into which might be best for you. In 1997 the Taxpayer Relief Act was passed, establishing one of the most […]
Social Security System is Not Going Away
Retirement security and protection against the risks of disability and premature death are among the most important challenges families face when they contemplate their financial goals and objectives. Americans have developed a structure of social insurance, called the Social Security system, to help provide a foundation for success in these areas. However, in recent times, […]
Making the Most of Your Social Security Benefits: A Strategy for Widows
Elizabeth (name changed) contacted her financial advisor after her husband passed away earlier this year. One of the important issues discussed was the proper strategy to use in order to maximize her Social Security benefits. Elizabeth is 64 years old and earning $150,000 per year, with plans to retire at age 66. Her late spouse […]