Nerd's Eye View

OCTOBER 14, 2022

While this will help seniors keep pace with rising prices, it also creates tax planning opportunities for advisors and raises the possibility that the Social Security Trust Fund could be depleted sooner than expected. How advisors can use the principles of ‘self-centered’ shopping to build a loyal client base.

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Nerd's Eye View

NOVEMBER 18, 2022

A potential compromise during the lame-duck Congressional session could see a boost to the child tax credit and extended tax breaks for businesses. From there, we have several articles on tax planning: How advisors can add value for their clients by managing their exposure to mutual fund capital gains distributions.

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Nerd's Eye View

JUNE 21, 2024

million in assets to both retire and pass on a legacy interest (though many have yet to establish an estate plan), according to a recent survey. Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that affluent Americans believe they need an average of $5.5

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Nerd's Eye View

MAY 31, 2024

House of Representatives and is now being considered in the Senate would increase the number of firms classified as “small entities” and would require the SEC to assess the impact of proposed regulation on this newly enlarged class of investment advisers (which tend to have fewer compliance staff and resources available compared to larger (..)

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Nerd's Eye View

JULY 12, 2024

Which suggests that while firms might be tempted to zero in on compensation when it comes to retaining advisors, focusing on these other factors (which do not necessarily involve hard dollar expenses) could pay off in the form of increased advisor (and client) retention over time.

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Darrow Wealth Management

NOVEMBER 11, 2024

Although any investor with earned income can make a non-deductible contribution to an IRA (up to $7,000 in 2024-2025 if under age 50) and still take advantage of tax-deferred growth, it still may not be advisable. Many people end up paying taxes twice. In 2024 and 2025, the highest marginal tax rate is 37%. Yes and no.

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Distribution Taxes Retirement Retirement Planning 95

Integrity Financial Planning

AUGUST 21, 2023

Retirement is different for folks who are running a small business. Your retirement is something that isn’t set up by an employer, and you often must manage it on your own. If you are running your own business and are interested in setting yourself up for retirement, contacting a financial advisor can be a great idea.

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Darrow Wealth Management

SEPTEMBER 11, 2024

If you’ve just inherited a retirement account like an IRA or 401(k) from a parent, sibling, or relative, you may be unsure about what your options are and what to do next. Most non-spouse beneficiaries inheriting an IRA, 401(k), or retirement account from the original account owner must take the money in 10 years.

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Accounting Retirement Distribution Taxes 94

WiserAdvisor

MARCH 13, 2024

Achieving financial freedom in retirement requires meticulous planning, dedicated effort, and strategic management. Without a solid plan, you risk drifting without direction. Within this framework, the concept of the five pillars of retirement planning emerges as a valuable strategy.

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Integrity Financial Planning

SEPTEMBER 11, 2023

After you’ve spent your whole life working, you may find that in retirement, you want to give some money to charity. But if you are living off of income streams from sources like your retirement accounts and Social Security, you may be worried about finding a way to make charity work for your financial picture.

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Darrow Wealth Management

NOVEMBER 20, 2023

If you think retirement planning moves stop at retirement, think again. Although it won’t make sense in every situation, retirement can be a unique opportunity for Roth conversions for some investors. For high earners, converting an IRA to a Roth IRA while you’re still working could be the worst time of all.

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WiserAdvisor

AUGUST 31, 2023

Financial advisors play a crucial role in assisting you before your retire. They can also help you optimize your savings and investment plans, ensuring that you maximize your earning potential while minimizing risks. Here are 5 benefits of hiring a financial advisor after you retire: 1.

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Darrow Wealth Management

JANUARY 16, 2025

Example of a step-up in tax basis on stocks inherited at death What types of assets are eligible for a step-up? Non-retirement assets like stocks in a brokerage account, inherited home , antiques/art/collectables, or other real estate, are generally eligible for a step-up in cost basis.

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Harness Wealth

JANUARY 29, 2025

A full list of tax provisions for states affected by natural disasters can be found here. In this article, well examine the most effective end-of-year tax strategies to help maximize your deductions and reduce your taxable income. Individual Retirement Accounts (IRAs): Contribute up to $7,000 for 2024 ($8,000 if aged 50+).

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Darrow Wealth Management

DECEMBER 23, 2022

Congress is once again poised to make sweeping changes to the retirement and tax rules in the last two weeks of the year. retirement changes. retirement changes. In the new bill, the age when retirees must begin drawing from non-Roth tax-deferred retirement accounts would increase to 73 in 2023 and 75 in 2033.

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Darrow Wealth Management

JANUARY 30, 2023

just upended retirement planning…again. The age when retirees must begin drawing from non-Roth retirement accounts increases to 73 in 2023, then 75 in 2033. Raising the age when withdrawals must begin is great as it gives investors more planning opportunities. The Secure Act 2.0

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Distribution Tax Planning Retirement Taxes 95

Carson Wealth

FEBRUARY 4, 2025

While most taxpayers dont need to worry about estate and gift taxes, having significant assets can make them a challenge. Also, like most UHNW individuals, you may have income from several sources like investments, real estate, and business interests that may require special tax planning. Donate to qualified charities.

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Integrity Financial Planning

AUGUST 28, 2023

In this article, we’ll talk about what happens when you make this conversion and give you some examples of different financial situations for when this could be the right move for you. Like many retirement concerns, a Roth IRA has to be considered and handled delicately. Let’s say you’ve just changed jobs.

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Harness Wealth

DECEMBER 8, 2022

A financial or tax adviser can help you identify ways to capture that loss so you can offset gains from your liquidity event. Max out your retirement contributions. Many states provide tax benefits for 529 contributions, and earnings from a 529 aren’t subject to federal tax when used to pay for eligible schooling-related costs.

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Investing Caffeine

MAY 3, 2023

These are all interesting and important questions, but preparation for retirement is much more important than panicking over issues you have no control over. For many investors, however, the more important questions to ask and answer relate to your retirement strategy. Risk Tolerance: What is your asset allocation?

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WiserAdvisor

FEBRUARY 19, 2024

Blind spots in retirement planning are those aspects that are often overlooked, either intentionally or subconsciously. From seemingly harmless low-interest debt to underestimating the emotional impact of transitioning out of the workforce, various factors can disrupt your peace of mind during your retirement years.

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Darrow Wealth Management

NOVEMBER 17, 2022

The ‘millionaires’ tax will also ensnare taxpayers who exceed the $1M limit after selling a home, business, stock options, or other types of one-time events. Article is a general communication only and should not be used as the basis for making any type of tax, financial, legal, or investment decision.

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Harness Wealth

JANUARY 9, 2025

Backdoor strategies are retirement contribution methods that allow individuals to bypass income limits and contribute to tax-advantaged retirement accounts. The strategies typically involve making after-tax contributions to a traditional IRA or 401(k), then converting those funds into a Roth IRA or Roth 401(k).

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WiserAdvisor

DECEMBER 15, 2023

According to a survey, a significant majority of Americans, approximately 80%, share the common notion that the point of working hard in your adult life is so you can enjoy a nice retirement. After years of dedicated labor and hard work, the prospect of a peaceful retirement appeals to everyone.

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Darrow Wealth Management

AUGUST 8, 2022

The passing of the 2019 Secure Act changed the rules about when non-spouse beneficiaries must begin taking money from inherited retirement accounts. The new guidelines currently wouldn’t alter existing post-Secure Act guidance for beneficiaries who inherited a retirement account from a non-spouse who died before reaching their RMD age.

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James Hendries

SEPTEMBER 27, 2022

You want to retire comfortably when the time comes. The truth is, saving for your retirement and your child’s education at the same time can be a challenge. Answering the following questions can help you get started: For retirement: How many years until you retire? Retirement takes priority.

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James Hendries

SEPTEMBER 20, 2022

When tax rates are stable, it’s wise for you to defer as much income as possible from one year to a later year and to accelerate deductions so that you can postpone payment of the tax. When you eventually realize the income at some future point, it’s possible that you’ll be retired and/or in a lower tax bracket.

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Darrow Wealth Management

JULY 1, 2024

This tax benefit is scheduled to sunset at the end of 2026. Tax planning for 2026 Depending on your situation, income, and goals, your planning options will vary. As with anything in tax planning, it’s important not to let the tax-tail wag the dog.

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Taxes Tax Planning Planning Estate Planning 101

Darrow Wealth Management

OCTOBER 24, 2022

Planning can help optimize annual RMDs depending on your goals and cash flow needs. Mandatory withdrawals from retirement accounts begin for most taxpayers at age 72. For example, what’s the best time of year to take required minimum distributions, how to reinvest it, or if you can avoid paying tax on RMDs.

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Distribution Taxes Retirement Accounting 74

Harness Wealth

MARCH 6, 2025

A good rule of thumb is to set aside at least 30% of every payment you receive to cover your estimated tax obligationshowever, this percentage may need to be adjusted based on your individual tax bracket. On the whole, its advisable to consult a tax adviso r to develop a dependable tax plan.

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Zoe Financial

MAY 18, 2023

From retirement planning to market volatility, equity compensation, family expenses, and major life transitions, it’s easy to feel overwhelmed with financial responsibilities. Those are the years when all your hard work pays off, and the last thing you want to do is worry about how you’ll afford your dream retirement lifestyle.

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WiserAdvisor

FEBRUARY 29, 2024

Navigating the complex world of personal finance, especially with retirement looming on the horizon, can be daunting. Working with a financial advisor can significantly enhance your chances of retiring with more wealth. Hiring the best financial advisors for retirement can lead to better savings and investment outcomes.

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WiserAdvisor

SEPTEMBER 8, 2023

Most people feel a sense of anticipation and excitement before retirement. Yet, amidst the joy and delight, it is vital to remember that the journey to retirement is not one to be rushed. Hasty decisions made before retirement can lead to unexpected financial troubles and compromises.

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Darrow Wealth Management

JANUARY 29, 2024

Common types of assets that will pass via beneficiary designation include retirement accounts, life insurance, and some pensions and annuities. This article is a high-level overview of the various estate planning techniques and considerations when using revocable living trusts from the perspective of a wealth advisor (e.g.

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Darrow Wealth Management

FEBRUARY 20, 2023

There are lots of material legal issues at play which are entirely outside the scope of this article. This can also help with longer term tax planning optimization. Questions to ask the company (and possibly negotiate depending on the answer) Is the company is planning to update the 409a soon?

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Harness Wealth

FEBRUARY 4, 2025

However, unlike stocks and bonds, alternative investments, or alts as theyre commonly known, have unique tax treatments and complex reporting requirements that investors should carefully consider before investing. Can I hold alternative investments in my retirement accounts? This article is a product of Harness Tax LLC.

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Tobias Financial

JULY 5, 2024

In a recent CNBC article, our Wealth Advisor, Catalina Franco-Cicero, MS, CFP®, CTS , was quoted on the topic of tax strategies during periods of unemployment. However, a period of lower income in 2024 could present valuable tax planning opportunities.

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