A Wealth of Common Sense

MAY 9, 2024

Your favorite tax expert Bill Sweet joined me on the show again this week to discuss questions about downshifting your risk as you approach retirement, the most tax-efficient way to pay for a medical procedure, when DIY investors should consider an advisor, the Rule of 55 and how to prepare for taxes in retirement.

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Medical Retirement Taxes 141

Nerd's Eye View

NOVEMBER 4, 2022

A recent study shows that while many consumers have expressed an interest in ESG investing, such funds within retirement plans have received limited allocations from investors. ” to pass by the end of the year, while passage of other proposed tax measures appears to be less likely. Pundits continue to expect “SECURE 2.0”

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Financial Planner Financial Advisor Retirement Planning Medical 240

Talon Wealth

OCTOBER 26, 2023

Retirement planning 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 retirement planning is even more important. That means you should plan for your retirement savings to last at least 18 years, if not more.

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Retirement Planning Retirement Planning Medical 98

James Hendries

SEPTEMBER 25, 2022

Many workers have been dreaming of retirement since they first entered the workforce. However, once this retirement date draws near, the prospect of giving up your primary source of income may be nerve-wracking, even if you’ve diligently saved and planned. Draft a Retirement Budget. Rolling Your Savings Over.

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Retirement Medical Healthcare Budgeting 98

Random Roger's Retirement Planning

APRIL 2, 2024

Northwestern Mutual published a report about the state of retirement and of course all the numbers are grim. million to retire, up about 50% from 2020, while the average retirement account balance is $88,000. I've been pushing back on the idea of have a number, a retirement number, for a very long time.

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Retirement Taxes Numbers Accounting 94

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.

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Retirement Insurance Insurance Coverage Taxes 98

MainStreet Financial Planning

NOVEMBER 8, 2024

As December unfolds, it’s easy to overlook year-end tax planning amid the holiday hustle. However, dedicating a few moments now can lead to significant savings come tax season. To help you retain more of your hard-earned money and reduce your tax liability, consider these five strategic moves before the year concludes.

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Taxes Medical Consulting Education 83

MainStreet Financial Planning

MAY 17, 2023

We speak daily with clients who are contemplating where they might live in retirement. Now is the time to explore various retirement housing options and strategies for aging individuals. From aging in place to retirement communities, consider your individual preferences and needs when choosing the most suitable housing option.

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Retirement Medical Financial Planner Planning 94

Carson Wealth

OCTOBER 3, 2024

Retirement is an exciting milestone—a time to leave behind the hustle and bustle of work and embrace a new chapter filled with more freedom and opportunities to enjoy life. Planning well in advance ensures that your retirement years will be financially secure, fulfilling, and less stressful than your working years.

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Retirement Healthcare Retirement Planning Taxes 96

Darrow Wealth Management

APRIL 15, 2024

It goes by many different names: semi-retirement, partial or phased retirement, second career, and so on. But typically, it means the same thing: working in some capacity after retiring early. As more workers consider the growing appeal of semi-retirement, some ask — is working part-time in retirement a good idea?

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Retirement Retirement Planning Insurance Medical 91

Carson Wealth

SEPTEMBER 5, 2024

However, choosing the right Medicare plan is crucial to ensure that you have the coverage you need as you move into retirement. Part B (Medical Insurance): Covers certain doctors’ services, outpatient care, medical supplies, and preventive services. Consider your medical history and any ongoing conditions.

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Healthcare Medical Planning Retirement 141

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. A Roth conversion will lower the Required Minimum Distributions (RMDs) from tax-deferred accounts.

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Taxes Education Retirement Financial Advisor 98

WiserAdvisor

OCTOBER 4, 2022

Retirement planning can be a bit complex. There are multiple factors to weigh in, right from healthcare and inflation to estate planning, business succession planning, tax planning, and more. Given the complexity and magnitude of things necessary for a comfortable retirement, starting planning from a young age is also essential.

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Budgeting Retirement Healthcare Food 102

Carson Wealth

JANUARY 25, 2023

Mike Valenti, CPA, CFP ® , Director of Tax Planning Tom Fridrich, JD, CLU, ChFC ® , Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” This can result in additional tax owed, plus penalties and interest.

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Taxes Medical Distribution Accounting 98

Carson Wealth

DECEMBER 28, 2022

While everyone has different financial goals and objectives, one smart strategy can be to reap the benefits of tax-advantaged accounts to help mitigate your tax burden, whether for today or down the road. What Are Tax-Advantaged Accounts? . There are two types of tax-advantaged accounts: . Tax-Deferred Accounts .

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Accounting Taxes Retirement Planning 98

Integrity Financial Planning

JUNE 27, 2023

However, it is a common goal for retirees to create and maintain generational wealth in retirement. Prior to your retirement years, diversifying your investment portfolio can be a good way to grow your wealth. This can help minimize taxes, avoid probate, and ensure the smooth transfer of assets to heirs and beneficiaries. [5]

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Retirement Healthcare Financial Planning Estate Planning 98

Clever Girl Finance

FEBRUARY 2, 2024

Starting early with investing for retirement is so important to secure your future self. This means that saving for retirement should be a component of your overall financial portfolio and wealth-building strategy. So, let’s discuss how to save for retirement in your 20s! How do I start putting money away for retirement?

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Retirement Taxes Accounting Risk Tolerance 89

Carson Wealth

JUNE 27, 2024

1 With ever-increasing life expectancies, it’s no wonder 63% of American adults say they’re more afraid of running out of money in retirement than they are of death. 2 That’s why it’s vitally important to consider longevity risk when you’re planning for your financial needs in retirement. What Is Longevity Risk?

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Retirement Budgeting Healthcare Risk Tolerance 97

MainStreet Financial Planning

OCTOBER 24, 2024

Whether you’re new to HSAs or looking to optimize your existing one, this guide will break down everything you need to know about these tax-advantaged accounts. The funds can be used for qualifying medical costs like doctor visits, prescription medications, dental care, and vision services. What is an HSA?

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Accounting Medical Healthcare Taxes 88

Integrity Financial Planning

FEBRUARY 3, 2023

With the new year in full swing, tax season is just around the corner. Filing federal income taxes can be a long and complicated process, and mistakes are bound to happen here and there. As many of us know, these small mistakes can cost you big in tax returns and penalties. Is the Standard Deduction Right for You?

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Taxes Math Accounting Medical 82

Random Roger's Retirement Planning

APRIL 28, 2024

Writing for Bloomberg, Allison Schrager suggests that in order to enjoy retirement, we should work a little longer. Ann Tergesen at the Wall Street Journal reports that while most people expect to retire at 65, 62 ends up being more like it. I haven't even mentioned coming up short in retirement savings. Summing up Schrager.

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Retirement Insurance Food Taxes 87

Random Roger's Retirement Planning

NOVEMBER 13, 2023

A couple of interesting retirement planning items from my reading today. First are two articles about people's reluctance to start to spend down their retirement savings from Kitces and Morningstar , it is a difficult psychological pivot to go from accumulating to decumulating. Also the tax brackets will be going up a little too.

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Retirement Retirement Planning Commission Medical 75

Nationwide Financial

MARCH 6, 2023

For example, they could make most of their charitable contributions and medical expenditures in a year they plan to itemize. Even if a client believes they would not be subject to estate or gift tax under current law, you may want to re-examine the value of their assets to determine whether they exceed a lower exemption amount.

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Tax Planning Taxes Planning Distribution 78

Million Dollar Round Table (MDRT)

JUNE 4, 2023

If you meet someone and tell them you’re a financial advisor who works with medical professionals to help them avoid taxes in retirement, you’re engaging in direct marketing. You’re talking about your brand to someone who doesn’t know it.

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Medical Financial Services Retirement Financial Advisor 90

Carson Wealth

FEBRUARY 2, 2023

By Kevin Oleszewski CFP ® , MST, EA , Senior Wealth Planner Multiple retirement savings vehicles are available but having options can be overwhelming. Similar to how different foods affect the way the body is fueled, retirement contribution choices affect the fuel for retirement.

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Distribution Retirement Planning Retirement Taxes 98

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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Retirement Retirement Planning Healthcare Estate Planning 66

WiserAdvisor

OCTOBER 11, 2022

While these can be avoided, there is another cash outflow that can considerably lower your savings and returns and is also hard to avoid – tax. Tax planning is essential. Tax is charged on every penny you earn. Tax evasion is a crime, and missing tax payments can lead to legal hassles that can be hard to get out of.

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Financial Planning Accounting Taxes Planning 80

MazumaBusinessAccounting

MAY 31, 2022

Remember, the IRS recommends keeping tax-related documents for at least six years. Documents such as tax returns, receipts, bank statements, or pay stubs can also be kept in a safe deposit box or simply a locked file at home. Why should you keep some items permanently? for insurance purposes. Why You Should Shred Discarded Documents.

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Certification Taxes Medical Electronics 98

Carson Wealth

NOVEMBER 2, 2023

It varies, depending upon your total income from the 2 nd prior tax year (2022 Income for 2024 Part B premiums). Is medical underwriting required to qualify for a Medigap policy? No, during the initial enrollment period for Medicare Part B, medical underwriting is not required to qualify for coverage.

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Insurance Medical Planning Accounting 143

MainStreet Financial Planning

APRIL 5, 2024

Medical Expense Deduction According to IRS Publication 502 , Qualifying medical expenses exceeding 7.5% of your AGI, may be deducted if you itemize your tax return. This is true for anyone, whether you live in a retirement community like a CCRC or not. What type of healthcare and medical care services are available?

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Retirement Medical Insurance Taxes 52

Harness Wealth

MARCH 11, 2024

As a company founder, early startup employee, or small business owner, you may find yourself in a higher tax bracket as your business grows or you realize gains from equity compensation. But that doesn’t mean you simply have to accept a higher tax bill. Here are 20 tax-efficient actions to consider when filing your taxes in 2024.

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Fortune Financial

FEBRUARY 28, 2023

Thinking about the amount of savings needed for a financially secure retirement can be overwhelming when you think about the unknowns. Unknown global markets and volatility could erode retirement accounts. It could cost more than the projected amount if all retirement funds are in a pre-tax account.

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Retirement Planning Retirement Planning Healthcare 52

Clever Girl Finance

DECEMBER 13, 2023

Saving money is an important task at any age, but as you hit your 40s, the need to save for retirement grows. While savers in their 40s and 50s typically have a decade or two left to save for retirement given the traditional age of 65, emphasizing saving now can set you up for a dream-worthy retirement.

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Retirement Accounting Taxes Insurance 69

Fortune Financial

SEPTEMBER 29, 2022

In our planning with clients, we like to employ a “pay yourself first” approach, especially as it relates to retirement planning. This cycle can repeat itself over multiple years, resulting in minimal or no retirement savings. Planning for retirement is a multi-step process with continuous updates and monitoring.

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Retirement Portfolio Retirement Planning Investing 52

Harness Wealth

OCTOBER 24, 2024

What do you need to optimally complete and file your taxes? This article covers a comprehensive list of the most common forms, documents, and information needed to file taxes. If you need a cheat sheet, download our 1-page tax prep checklist. Use this tax prep checklist as a tool to save time ahead of tax filing.

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Taxes Insurance Insurance Coverage Medical 52

WiserAdvisor

NOVEMBER 14, 2023

Retirement planning is an essential aspect of financial security, especially as one transitions from a phase of regular income to relying on savings and investments. The concept of retirement has undergone a significant transformation in recent times. Traditional retirement plans often rely heavily on pension schemes.

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Retirement Planning Retirement Planning Healthcare 52

Fortune Financial

AUGUST 8, 2023

Healthcare Costs After Retirement — Securing Your Parents’ Future Retirement is a long-awaited phase of life where individuals can enjoy the fruits of their labor and enjoy well-deserved rest. With medical expenses on the rise, planning for healthcare during retirement becomes crucial to ensure a secure future.

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Healthcare Retirement Medical Insurance 52