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Health savings accounts (HSA) provide another vehicle to save for retirement. Many of you have the option to enroll in high-deductible insurance plans that allow the use of a health savings account via your employer. HSA accounts can only be used in conjunction with a high-deductible health insurance plan.
One of the best tax deductions for a small business owner is funding a retirementplan. Beyond any tax deduction you are saving for your own retirement. You deserve a comfortable retirement. If you don’t plan for your own retirement who will? For the Solo 401(k) you will generally use a prototype plan.
By Jake Anderson, CFP ® , Wealth Planner When helping clients begin retirementplanning, the same questions often arise: What should my retirementplan look like? Your lifestyle, goals, family situation, and risk tolerance will give a unique signature to your retirementplan. How much should I be saving?
Retirementplanning is a journey that generally takes decades to complete and most of us start out along the do-it-yourself path. More than likely, your first step was to enroll in an employer-provided plan such as a 401(k) or setting up an individual retirementaccount, also known as an IRA.
For most people, Social Security benefits are calculated using a single formula, which takes into account the individual's history of earning income on which they paid Social Security tax. This lack of clarity made retirementplanning significantly more challenging.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirementplanning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirementplanning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0
We’ve covered a lot of ground with regard to how various tax laws impact your retirementplans: pensions, IRAs, 403(b) and 401(k) plans. But we’ve primarily focused on the US income tax laws (the IRS) affect your plans – and there are many nuances that you need to take into account with regard to state tax laws.
The original SECURE Act, signed into law in December 2019, changed many of the long-standing rules governing IRAs and other retirementaccounts, and no single measure in the legislation had a more seismic impact on planning than the changes to the post-death distribution rules for retirementaccounts.
Within this framework, the concept of the five pillars of retirementplanning emerges as a valuable strategy. These pillars provide a comprehensive framework for building a resilient and sustainable plan. In addition to traditional health insurance, you can also explore the Health Savings Account (HSA).
Realistic RetirementPlanning My children have consistently (and kindly) remarked about how grateful they are to have been able to graduate (with honors) from fine universities without any debt. Our retirementplanning took a hit to do so. Much retirementplanning advice focuses on saving more and saving earlier.
Retirementplanning is a critical part of financial security that many women still overlook. However, remember that as a woman, you have a longer life expectancy than a man, which means retirementplanning is even more important. Consider early retirement tax planning.
Retirementplanning can be a difficult and confusing process for couples. By focusing on a few key areas, setting financial goals, and doing your research, you can find ways to enjoy retirement together. Set Financial Goals In retirement, educate yourself on your financial situation and investment strategy.
Historically, advisors haven't had many avenues to manage clients' 401(k) planaccounts, since unlike traditional custodial investment accounts, advisors generally lack discretionary trading authority in employer-sponsored retirementplans.
thinkadvisor.com) Vanguard is entering the cash management space with the Cash Plus Account. flowfp.com) Small businesses overstate the costs of starting a retirementplan. (riabiz.com) Why women are still struggling to make progress in the world of financial advice. riabiz.com) Avise is a cooperative platform for advisers.
Among other measures, the proposal would amend the current 5-part test that determines fiduciary status for retirementaccounts by defining as a fiduciary act a one-time recommendation to roll funds from a company retirementplan to an Individual RetirementAccount (IRA), strengthen advice standards for independent insurance professionals, apply to (..)
Podcasts Christine Benz and Jeff Ptak talk with Mark Miller, author of "Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track." (the-long-view.simplecast.com) the-long-view.simplecast.com) A discussion about when it is time to adjust your retirementplans.
Historically, advisors haven't had many avenues to manage clients' 401(k) planaccounts, since unlike traditional custodial investment accounts, advisors generally lack discretionary trading authority in employer-sponsored retirementplans.
There are many important birthdays when it comes to retirementplanning. So, as you approach your retirement, it’s crucial to have a few of these in mind as key milestones. 1] IRA holders can contribute $7,500 a year to their accounts. [1] 1] But you can begin to claim at 62 if that fits into your financial plan.
humansvsretirement.com) Jon Luskin talks with Steve Chen about DIY retirementplanning tools. humbledollar.com) Why spending money in retirement can be so difficult. forbes.com) Why you may want to ditch your target-date funds in retirement. nextavenue.org) Don't retire from work without a plan.
wsj.com) RetirementRetirementplanning is a moving target. humbledollar.com) Retirement is, in part, about declaring career victory. contessacapitaladvisors.com) Personal finance Early retirement doesn't mean you shouldn't fund your retirementaccounts.
30 years ago, when financial plans relied mainly on constant investment return projections derived from straight-line appreciation and time-value of money calculations, financial advisors began acknowledging and accounting for the variable and uncertain nature of investment returns.
30 years ago, when financial plans relied mainly on constant investment return projections derived from straight-line appreciation and time-value of money calculations, financial advisors began acknowledging and accounting for the variable and uncertain nature of investment returns.
Like native-born workers, foreign workers need to think about saving for retirement, planning for their children’s college, managing healthcare costs, and all manner of other financial goals. For example, the tax benefits of certain accounts can sometimes work in the other direction if a non-U.S.-born citizens.
podcasts.apple.com) Retirement Why working longer isn't necessarily a good retirementplan. cnbc.com) Retirement is an opportunity to let go of stuff you are carrying around. tonyisola.com) No one cares more about your retirement than you. rogersplanning.blogspot.com) Questions to ask when assessing when to retire.
Seasoned financial advisors have likely worked with clients with a wide variety of workplace retirementaccounts, which can vary in terms of their investment offerings, fees, and other characteristics. In 2022, the TSP underwent a series of changes impacting its many account holders. But given that the U.S.
Are you aware that you have the capability to streamline billing on held-away accounts using AdvicePay and Pontera? Your expertise in advising on 401(k) retirementplans deserves proper compensation, even when direct billing to the plan isn't feasible.
This month's edition kicks off with the news that held-away asset management platform Pontera has raised $60 million in venture capital funding as advisors increasingly seek to directly manage clients' 401(k) and other outside assets – although an ongoing investigation by Washington state regulators over whether advisors' use of Pontera violates (..)
In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirementplanning. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.
Some self-directed retirementaccount platforms allow Solo 401(k)s as well. Most major custodians and brokerage firms welcome these accounts and make the process of opening and funding your account easy. You will also want to inquire about any and all account fees. Investment flexibility . Photo credit: Flickr.
Advisor Today Guest Column January of 2025 is the 50th anniversary to one of the most important pieces of legislation in the retirementplanning arena ever put into law by Congress. What Im referring to is the enactment of ERISA, the Employee Retirement Income Security Act.
Enjoy the current installment of "Weekend Reading For Financial Planners" — this week’s edition kicks off with the news that following previous guidance regarding obligations under Regulation Best Interest (Reg BI) regarding account recommendations and conflicts of interest, the SEC released a new bulletin this week focusing on the duty (..)
While this process might seem relatively straightforward, there are many reporting requirements for non-deductible IRAs (through IRS Form 8606) and numerous IRS rules around timing and accounting that can quickly turn this seemingly simple strategy into a literal lifetime of extra paperwork filing required of the taxpayer if completed incorrectly.
by Jake Anderson, Paraplanner Retirementaccounts 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. IRAs, however, are different.
Notably, this decision has provided both qualitative and quantitative benefits for these advisors, as 85% said they now have more control over their future and 80% saw their assets under management subsequently grow, with a median increase of 42%.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the Department of Labor released the final version of its Retirement Security Rule (a.k.a.
You may be able to do everything online, otherwise contact the plan administrator at your company. There are a number of retirementplan options to consider. If you don’t have a retirementplan in place for yourself, do this today. You work way too hard not to be putting something away for retirement.
peterlazaroff.com) Risk tolerance Five behavioral tricks for long-term investors including 'Have a small side account.' wsj.com) Retirement Why you need a plan in retirement. washingtonpost.com) Rising interest rates change the retirement income equation. blog.validea.com) We've all got out own pain threshold.
In retirementplanning, the concept of vesting is more than a contractual formality; it serves as a retention tool that incentivizes employees to remain with their employer for a certain period. Typically, these contributions are made by an employer into an employee’s retirementaccount as a part of their benefits package.
Unlike most types of retirementplans, the SEP IRA is funded by the employer. A SEP IRA (Simplified Employee Pension Individual RetirementAccount) is a type of retirementplan specifically designed for self-employed individuals and small business owners. What is a SEP IRA? Who is an eligible employee?
Early on in my savings journey I prioritized tax-deferred retirementaccounts over all else. I like the ease and simplicity of 401k contributions coming out of my paycheck before it ever even touches my checking account. The set-it-and-forget-it nature of a workplace retirementplan is one of my favorite features.
Also in industry news this week: A study suggests that simplification is the top reason consumers combine their investment accounts, signaling that the onboarding process for new advisory client assets is a value-add in itself.
Also in industry news this week: While the number of RIA M&A deals has not surged in 2024, the average size of deals has increased, demonstrating interest from (often private-equity-backed) firms in pursuing larger targets Off-channel communication tops the list of concerns amongst RIA compliance professionals, with advertising and marketing coming (..)
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