Some IRA planning and investment strategies may appear easy to execute, but errors can lead to unexpected taxes or penalties, loss of the IRA’s tax-exempt status, and even disinherited beneficiaries. Where can things go wrong? Here are five common IRA misconceptions, as well as tips for making a more informed choice.
If you need funds to cover an unexpected expense, taking a loan from your 401(k) account may sound appealing. Although many retirement plans offer these loans, borrowing from your 401(k) comes with unique risks and costs that can seriously compromise your long-term retirement savings. If you’re considering a 401(k) loan, it’s critical to weigh the pros and cons.
We all know we should be saving for retirement. But, according to EBRI’s 2018 Retirement Confidence Survey, many Americans aren’t prepared. In fact, 79% of respondents said they plan to work in retirement! Of course, life gets in the way of taking action, and retirement seems so far off. But whether or not you’re prepared, it will be time to retire before you know it. Read on for 10 reasons to make saving for retirement a priority today.
As a financial planner, I am often asked by clients about which retirement savings tools are right for them. Many clients have questions about how Roth 401(k) plans in particular compare to other retirement saving strategies. To help clarify, I have put together the following list of frequently asked questions and answers to help you decide if Roth 401(k) contributions are right for you.
The purpose of financial aid is to help bridge the gap between the cost of attending college and the amount that students and their parents can afford to pay. Unfortunately, many students forgo applying for financial aid because they assume they won’t qualify. Don’t let these common myths dissuade you from applying for financial assistance or lead you astray during the application process.
Being aware of retirement options and social security benefits can help you assess how financially secure you will be during your golden years.
2020 has been a year to remember for so many reasons that it is easy to forget the significant legislation passed by Congress late last year that could potentially impact how you plan for retirement. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is considered by many to be the most significant retirement planning legislation in a generation, and it has raised many questions.
Are your financial planner and CPA working together as a team on your behalf? For many people, this isn’t the case—but it should be. By incorporating tax planning into your investment strategy, you can make better informed decisions to maximize your dividends while maintaining tax efficiency.
Changes in the health care marketplace, rising medical costs, and the tax advantages that health care savings accounts (HSAs) offer make them an attractive planning tool for many individuals covered by high-deductible health plans (HDHPs). I have had some questions from clients recently regarding HSAs and what they entail, so I thought it would be helpful to outline some Frequently Asked Questions, below:
Starting fresh is always a great feeling, but the scale of what we set out to accomplish at the beginning of the year sometimes becomes overwhelming as the months go by. The question is, how can you stay motivated to meet your financial goals throughout the year?
