The Chicago Financial Planner

OCTOBER 21, 2021

Saving for retirement is a major undertaking for most of us. Health savings accounts (HSA) provide another vehicle to save for retirement. An HSA can serve as an additional retirement savings vehicle on top of your IRA or 401(k) to help cover healthcare and other retirement expenses. Click To Tweet.

Retirement Planning 193

Retirement Planning Accounting Retirement Planning 193

Nerd's Eye View

AUGUST 23, 2023

Act, passed in December 2022, created the ability for individuals over age 70 1/2 to make a one-time Qualified Charitable Distribution (QCD) of up to $50,000 of IRA funds into a CGA, with the amount distributed to the CGA being excludable from the donor's taxable income. But the SECURE 2.0 legislation at the end of 2022.

Taxes 246

Taxes Retirement Clients Estate Planning 246

Carson Wealth

JANUARY 5, 2023

Qualified retirement plans – such as 401(k)s, 403(b)s and IRAs – offer clear tax advantages. Traditional 401(k)s, 403(b)s, and IRAs offer a tax deferral on contributions and growth until distribution. One of those is the Required Minimum Distribution (RMD) rule. Jamie Hopkins, Managing Partner, Wealth Solutions. RMD Basics.

Distribution 98

Distribution Retirement Planning Taxes 98

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. This gives you ample time to grow your savings and investments for retirement. IRAs and 401(k)s are primarily designed to help fund retirement not pass wealth onto future generations.

Distribution 98

Distribution Accounting Retirement Retirement Planning 98

Carson Wealth

MARCH 7, 2024

By Jake Anderson, CFP ® , Wealth Planner When helping clients begin retirement planning, the same questions often arise: What should my retirement plan look like? Your lifestyle, goals, family situation, and risk tolerance will give a unique signature to your retirement plan. How much should I be saving?

Retirement Planning 143

Retirement Planning Retirement Planning Risk Tolerance 143

Wealth Management

APRIL 11, 2024

Accumulation-phase planning software won't cut it for solving your clients' complex retirement income puzzles, but there are dedicated applications that can.

Retirement 116

Retirement Distribution Clients Planning 116

The Big Picture

FEBRUARY 27, 2023

Recall last week , we were discussing thinking about the impact of retiring Baby Boomers on the equity markets and of rising rates on housing. The demographic question touches on a big issue: $6 trillion dollars in 650,000 (401k) retirement plans held by 10s of millions of Americans.

Distribution 325

Distribution Retirement Retirement Planning Taxes 325

Nerd's Eye View

DECEMBER 28, 2022

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0

Tax Planning 246

Tax Planning Taxes Planning Retirement Planning 246

Nerd's Eye View

DECEMBER 28, 2022

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0

Tax Planning 246

Tax Planning Taxes Planning Retirement Planning 246

Nerd's Eye View

JULY 24, 2024

When the original SECURE Act was passed in December 2019, it brought sweeping changes to the post-death tax treatment of qualified retirement accounts.

Distribution 190

Distribution Retirement Accounting Tax Planning 190

Carson Wealth

MARCH 28, 2024

Retirement planning 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 retirement account, also known as an IRA. Are you financially ready for retirement?

Retirement Planning 142

Retirement Planning Retirement Planning Taxes 142

Wealth Management

JUNE 26, 2024

Notice 2024-55 clarifies two exceptions to the 10% additional tax.

Retirement Planning 110

Retirement Planning Distribution Retirement Planning 110

The Big Picture

SEPTEMBER 6, 2023

It was made as an independent film because none of the studios were interested: Nobody wanted to finance it; once it was financed, no one wanted to distribute it; even after a distribution deal was inked, no one wanted to show it or review it. But it almost wasn’t made at all.

Distribution 306

Distribution Retirement Sales 306

Advisor Perspectives

NOVEMBER 13, 2023

Research on tax-efficient retirement distribution strategies aims to sequence withdrawals from taxable, tax-deferred, and tax-exempt accounts to maximize after-tax spending.

Taxes 126

Taxes Retirement Management Distribution 126

Abnormal Returns

MAY 24, 2023

wsj.com) Aging What you can learn from a 'retirement mastermind group.' humbledollar.com) Distributions What do required minimum distributions measure? (peterlazaroff.com) Trusts What is the difference between a personal representative and trustee? obliviousinvestor.com) When should you name a professional trustee?

Distribution 245

Distribution Education Financial Planning Retirement 245

Nerd's Eye View

JANUARY 31, 2024

In late 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, introducing several significant changes to retirement planning. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.

Financial Advisor 246

Financial Advisor Estate Planning Nonprofit Financial Planner 246

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. However, it doesn’t mean that delaying IRA distributions is the right move for everyone. The IRS may also require annual distributions during this window.

Distribution 81

Distribution Tax Planning Retirement Taxes 81

Nerd's Eye View

JANUARY 13, 2023

From there, we have several articles on retirement planning: The latest rules for 2023 Required Minimum Distributions from inherited retirement accounts. Why relying on Treasury Inflation-Protected Securities (TIPS) to support the bulk of retirement income needs could be risky.

Financial Planner 241

Financial Planner Retirement Planning Compliance Retirement 241

Nerd's Eye View

AUGUST 7, 2024

Although the 'one big pot' mindset might be the simplest approach to estate distribution, it may not be the one that results in the most wealth being passed down or the most equitable distribution of assets between each beneficiary. Read More.

Estate Planning 246

Estate Planning Taxes Assets Planning 246

Getting Your Financial Ducks In A Row

APRIL 3, 2023

We’ve covered a lot of ground with regard to how various tax laws impact your retirement plans: pensions, IRAs, 403(b) and 401(k) plans. State Tax The big deal with state tax laws and retirement plans is that some states have special tax deals for money inside of retirement plans.

Retirement Planning 113

Retirement Planning Retirement Planning Taxes 113

Nerd's Eye View

DECEMBER 15, 2023

Also in industry news this week: Most businesses that operate in the U.S., Also in industry news this week: Most businesses that operate in the U.S., Also in industry news this week: Most businesses that operate in the U.S.,

Financial Planner 246

Financial Planner Retirement Taxes Insurance 246

Nationwide Financial

AUGUST 24, 2022

Key Takeaways: Preparing for retirement is important. Knowing their monthly expenses, social security plans, long term tax implications, and more can be important steps in helping clients prepare for retirement. Like a lot of people my age, I find myself thinking more and more often about retirement these days. We all know that.

Retirement 122

Retirement Planning Taxes Retirement Planning 122

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 (..)

Financial Planner 246

Financial Planner CFP Financial Advisor Retirement Planning 246

Abnormal Returns

AUGUST 10, 2022

ofdollarsanddata.com) 15 reasons you may regret an RV in retirement. whitecoatinvestor.com) How to use in-kind distributions for RMDs. (awealthofcommonsense.com) 'Dying with zero' is a worthy goal, that is difficult to accomplish in practice. kiplinger.com) An example of putting an emergency fund into action. humbledollar.com).

Distribution 246

Distribution Financial Planning Retirement Accounting 246

Carson Wealth

AUGUST 1, 2024

As you move toward retirement, you can’t be content just to accumulate assets. You need to develop a retirement income plan that can help guide you when it comes time to turn savings into sustainable retirement income. of Social Security benefits are paid to retired workers and their dependents.

Retirement 143

Retirement Taxes Distribution Tax Planning 143

Getting Your Financial Ducks In A Row

OCTOBER 17, 2022

In 1974, Congress passed the Employee Retirement Income Security Act (ERISA) that, among many other provisions, provided for the implementation of the Individual Retirement Arrangement. The Education IRA was also introduced, with features similar to the Roth IRA (non-deductible but tax-free upon qualified distribution).

Retirement 90

Retirement Distribution Taxes Retirement Planning 90

Wealth Management

DECEMBER 15, 2023

Act regarding individual retirement accounts, including changing when the first required minimum distribution can be made from the account, new rules for inhe The panel of experts will discuss and answer questions about the changes made by SECURE 2.0

Retirement Planning 105

Retirement Planning Retirement Distribution Planning 105

WiserAdvisor

MARCH 13, 2024

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

Retirement Planning 105

Retirement Planning Retirement Planning Estate Planning 105

Covisum

JANUARY 9, 2023

is significant legislation signed into law on December 20, 2022, and is expected to have several impacts on retirement income planning. It contains several provisions designed to improve Americans' retirement security, including later required minimum distributions (RMDs), 529-to-Roth rollovers, and other tax planning opportunities.

Retirement 93

Retirement Planning Tax Planning Distribution 93

Nerd's Eye View

JANUARY 1, 2024

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 (..)

Retirement Planning 246

Retirement Planning Compliance Startup Clients 246

Integrity Financial Planning

MAY 8, 2023

You may know plenty about the differences between traditional IRAs and Roth IRAs, as well as the risks to your IRAs in this market, but what happens to an IRA (or other retirement account) that still has money in it when its owner passes away? 2] You can recieve the inherited IRA in your name and take distributions over the next 10 years.

Accounting 87

Accounting Retirement Distribution Retirement Planning 87

Integrity Financial Planning

OCTOBER 17, 2022

Optimizing your retirement savings takes more than just making sure your IRA isn’t at risk in this market. Know these 3 ages that can help you get the most out of your retirement accounts. At age 50, workers with certain qualified retirement plans can make annual “catch-up” contributions in addition to their normal contributions.

Retirement 95

Retirement Accounting Retirement Planning Distribution 95

Carson Wealth

JULY 7, 2022

Once upon a time, people would put money in their 401(k) or IRA accounts and know that – should their retirement savings outlive them – their loved ones would inherit the rest and all would essentially be well. . How Did the SECURE Act Affect Inherited Retirement Accounts? May help you with tax diversification while in retirement.

Accounting 98

Accounting Retirement Distribution Taxes 98

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. ” This meant annual required minimum distributions (RMDs) were out. Another key aspect that the 2019 Secure Act changed was the required minimum distribution age.

Distribution 79

Distribution Taxes Retirement Accounting 79

Nerd's Eye View

AUGUST 2, 2023

These include tapping employer-provided resources for adoption support, seeking out grants from charitable organizations, or, if funds are very tight, taking out loans or taking distributions from retirement plans (as the SECURE Act created a new opportunity for parents to withdraw up to $5,000 from their IRAs or employer-sponsored plans without the (..)

Taxes 246

Taxes Planning Financial Advisor Strategic Planning 246

Carson Wealth

DECEMBER 27, 2022

Act has passed, making it the largest retirement legislation since the original Secure Act hit in the late 2019. 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.

Retirement 98

Retirement Retirement Planning Distribution Taxes 98

Carson Wealth

AUGUST 4, 2022

When putting away for retirement, we often dream about all the things we’ll be able to do with that money – traveling, going out to eat, maybe trying new hobbies. . Of course, there are always the everyday household expenses to account for in your post-retirement budget. Ways to Start Planning Early for Retirement Health Care Costs.

Retirement 98

Retirement Insurance Insurance Coverage Taxes 98