MainStreet Financial Planning

MARCH 7, 2023

It is March…that means you have just about 5 weeks left to get organized and submit your tax return. The tax deadline is April 18, 2023 (some taxpayers in disaster areas in California, Georgia and Alabama have an extended deadline). Gathering all your documents is crucial to complete a tax return free of mistakes.

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Park Place Financial

NOVEMBER 29, 2022

Retirement Planning 5 Ways to Catch Up on Retirement Planning Later in Life Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. Retirement is a significant investment, which is why so many financial experts recommend establishing goals and starting when still a younger adult. SIMPLE 401(ks) and IRAs

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Integrity Financial Planning

JUNE 12, 2023

As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023.

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Carson Wealth

AUGUST 25, 2022

often fail to consider sequence of return, housing, longevity, health or family risks faced in retirement. Focus on Your Retirement Plan Rather Than a Magic Number. would be “How do I plan for retirement?“ Social Security is a federal retirement plan originally created under the Social Security Act of 1935.

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Fortune Financial

FEBRUARY 28, 2023

When we look at projected healthcare costs for an average retired couple in 2022, the amount needed to cover healthcare expenses approaches approximately $315,000 after tax. In other words, it could cost over a quarter of a million dollars of our retirement funds to cover out-of-pocket healthcare expenses.

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Cordant Wealth Partners

SEPTEMBER 8, 2022

This article will discuss the key features of the Microsoft 401(k) plan, and after reading it, you should leave with a clear game plan of how to: Maximize the match (free money! ) The key benefits of any 401(k) plan (including Microsoft’s) include: Free Money : A company match on your contributions.

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WiserAdvisor

JANUARY 16, 2024

This data can serve as a baseline for tailoring your retirement plan, taking into account factors such as inflation, your current age, and your desired retirement age. Assessing and planning your expenses is crucial to ensure financial security in your golden years.

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MainStreet Financial Planning

NOVEMBER 10, 2022

Estates of decedents who die during 2023 have a basic exclusion amount of $12,920,000, up from a total of $12,060,000 for estates of decedents who died in 2022. The annual exclusion for gifts increases to $17,000 for the calendar year 2023, up from $16,000 for the calendar year 2022. SmartAsset’s Federal Income Tax Calculator for 2022.

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Good Financial Cents

JANUARY 19, 2023

A major decision in retirement planning is whether to make pre-tax or Roth (after-tax) 401k contributions. Pre-tax contributions go into your retirement account with money that has not been taxed, and then taxes will be paid when the funds are withdrawn in retirement.

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WiserAdvisor

SEPTEMBER 13, 2022

However, it may still be advised to start planning your retirement as soon as you can. Retirement planning is a long process. It can take several years to understand your future needs and accumulate enough savings to prepare for a financially secure retirement. This leaves a lot of room for other financial goals.

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Good Financial Cents

SEPTEMBER 29, 2022

In this guide, we’re going to present the 10 best long-term investment strategies for 2022. The table below provides a quick summary of each of the 10 best long-term investment strategies for 2022, along with the main features and benefits of each. Below is our list of the 10 best long-term investment strategies for 2022.

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Abnormal Returns

DECEMBER 14, 2022

Podcasts Christine Benz and Jeff Ptak talks with Jamie Hopkins of Carson Wealth about some common retirement planning questions. peterlazaroff.com) Dan Kemp and Ollie Smith talk with Joe Wiggins author of the new book "The Intelligent Fund Investor." (ft.com) Who really benefits from 529 plans?

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Fortune Financial

NOVEMBER 22, 2022

The clock is ticking for taxpayers who wish to minimize the taxes they will owe in the spring. The IRS does not tax what you divert directly from your paycheck into your retirement or health savings accounts. In 2022, the limit for a 401(k) plan is $20,500 or $27,000 if you are age 50 or above.

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Darrow Wealth Management

NOVEMBER 17, 2022

In November 2022, proponents of the Massachusetts ‘millionaires’ tax (question 1) won their bid to nearly double the income tax rate on individuals with taxable income over $1M a year. As proposed, the new legislation would increase these tax rates to 9% and perhaps even 16% , respectively, starting in 2023.

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Nerd's Eye View

APRIL 19, 2024

Also in industry news this week: The Office of Management and Budget (OMB) has completed its review of the Department of Labor's new "fiduciary rule ", indicating that it could be released in the coming days or weeks (though, like its predecessors, its ultimate disposition is likely to be determined in the courts) The IRS announced this week that it (..)

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Nerd's Eye View

FEBRUARY 8, 2023

Roth contribution options and employer matches) are common to other workplace-defined contribution plans, the TSP has certain unique attributes, including lower fees than many private-sector plans and a fixed-income investment option exclusive to the plan. While many features of the TSP (e.g.,

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WiserAdvisor

JULY 27, 2023

The advent of ChatGPT in 2022 brought about a revolutionary transformation across various industries, showcasing the potential of artificial intelligence in shaping our future. Personalized guidance, empathy, and a deep contextual understanding are integral to effective retirement planning.

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Integrity Financial Planning

OCTOBER 17, 2022

There are rules and regulations that can help you avoid higher taxes and penalty fees and help you structure your income to minimize taxes. Know these 3 ages that can help you get the most out of your retirement accounts. Age 59½ is the earliest you can withdraw funds from an IRA account and pay no early withdrawal penalty tax.

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WiserAdvisor

SEPTEMBER 14, 2022

However, it may still be advised to start planning your retirement as soon as you can. Retirement planning is a long process. It can take several years to understand your future needs and accumulate enough savings to prepare for a financially secure retirement. This leaves a lot of room for other financial goals.

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Nationwide Financial

MARCH 6, 2023

Key Takeaways: Because the 2022 and 2023 standard deductions are relatively high ($27,700 in 2023 and $25,900 in 2022 for married couples filing jointly), it isn’t worthwhile for many taxpayers to itemize deductions. Tax season has begun, and it’s not too early to think about planning for the 2023 tax year.

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Nationwide Financial

JANUARY 25, 2023

Last year’s considerable losses and market fluctuations underscore the need for clients to assess their retirement plans to ensure it aligns with their objectives, financial situations, timelines, and attitudes toward market volatility. Here are some key points to use with clients as you help them assess their retirement plans.

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Ballast Advisors

NOVEMBER 21, 2022

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Certain tax benefits may be available if you can claim an individual as a dependent. Family tax planning. Employee matters.

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Park Place Financial

JANUARY 9, 2023

FINANCIAL PLANNING Tax and Financial Planning Ideas For 2023 Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. Additionally, the government has made changes to tax rules, further prompting Americans to reevaluate their tax and financial strategies. Retirement Savings Accounts .

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Random Roger's Retirement Planning

OCTOBER 13, 2024

The risk of selling volatility this way is that the market gets hit either with a fast decline like the 2020 Pandemic Crash or a slower large decline like in 2022 causing the short puts to get assigned. Munnell along with Teresa Ghilarducci are like the aunties of retirement which I am saying in a positive way. People have busy lives.

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Integrity Financial Planning

JUNE 16, 2022

Starting at age 50, several birthdays are critical to acknowledge because they can have implications for your retirement and tax situation. In 2022, you can contribute up to $6,000 to an IRA if you are under 50 and an additional $1,000 if you are 50 or older. Around the time you retire, your tax situation may change.

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Cornerstone Financial Advisory

DECEMBER 5, 2022

Source: Econoday, December 2, 2022 The Econoday economic calendar lists upcoming U.S. Source: Zacks, December 2, 2022 Companies mentioned are for informational purposes only. IRAs Are One Tool In The Retirement Planning Toolbox. Generally, the money in a traditional IRA isn’t taxed until it’s withdrawn.

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The Chicago Financial Planner

DECEMBER 5, 2021

For 2022 these limits increase to $61,000 and $67,500. For 2022 these contribution limits increase to $20.500 and $27,000, plus the employer-funded profit sharing component in both years. Check with your financial or tax advisor as to how much you will be able to contribute. Investment flexibility . Photo credit: Flickr.

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Walkner Condon Financial Advisors

NOVEMBER 11, 2022

2022 has been a difficult and trying year for stock and bond indexes in both emerging and developed markets. As we look forward to 2023, the IRS recently announced that the contribution limits for employer-sponsored retirement plans are going up. 529 College Savings Plans. The gift limit for 2022 is $16,000.

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The Big Picture

NOVEMBER 27, 2023

This is before we get to the issue of capital gains taxes, which create a hurdle of (minimum) 20% on those pesky profits just to get to breakeven. When you get it wrong, it crushes your retirement plans. Let’s add some color to the discussion on timing itself and add a little nuance.1

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WiserAdvisor

OCTOBER 18, 2022

They not only help you build a significant retirement corpus but also allow you to avail tax benefits. Once you invest in an IRA, you may be able to take a retirement savings contribution credit based on the amount you invest. What is a saver’s tax credit? You can get a tax credit of up to $1,000 a year.

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Fortune Financial

FEBRUARY 4, 2024

Will you end up paying too much in ordinary income taxes for company stock in your 401(k) plan? With our deep expertise and qualifications in NUA strategies, our experts are adept at navigating the complexities of tax-efficient retirement planning. percent for the top 5 percent and 22.7

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Good Financial Cents

JANUARY 24, 2023

While they do share some similarities, there are enough distinct differences between the two where they can just as easily qualify as completely separate and distinct retirement plans. Either plan is an excellent choice, particularly if you’re not covered by an employer-sponsored retirement plan. Not exactly.

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Carson Wealth

DECEMBER 27, 2022

As 55% of Americans say they don’t have enough saved for retirement, this bipartisan legislation primarily seeks to make it easier to contribute to retirement plans and use those funds appropriately for their needs in retirement. Expanded Savings Opportunities. The SECURE 2.0 This is capped at $5,000 per year.

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Fortune Financial

APRIL 11, 2024

The Reality of Unclaimed 401(k) Funds Bankrate shared that more than one-third (37%) of employees surveyed in 2023 said they were “very likely” to search for a new role in the next 12 months — a 5% increase from the same survey in 2022. The next key step is to consolidate all of your retirement accounts.

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Nationwide Financial

APRIL 20, 2023

Tax season is here! For many of us, that means a tax refund. Some general, popular advice you may have heard before, is that if you receive a tax refund, a bonus, or an unexpected financial windfall, you should invest or save it for the long-term, rather than spending it now. Immediate gratification can be hard to resist.

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Carson Wealth

JUNE 2, 2023

by Jake Anderson, Paraplanner Retirement accounts like 401(k)s and IRAs allow individuals to save for their future in a tax advantaged manner. IRA and 401(k) contributions are often tax deductible and gains are tax deferred – meaning you may only pay taxes when you withdraw money from your account.

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Gen Y Planning

MARCH 1, 2022

Yep, it’s about that time—tax time, of course. . The sun’s out a little longer, we shed a few layers, the first blooms of the season are on full display, and taxes are due smack dab in the middle of it all. This year, your 2021 taxes are due on April 18th, 2022. This year, let’s make taxes fun! Let’s take a look.

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