Each spring, the tax documents emerge from their hibernation as people prepare the information they need to meet their civic duty. Oftentimes, your accountant (CPA) or Financial advisor might take this opportunity to talk to you about deferring some of your income for tax purposes, but what does that mean, and is this right for you?
It is often said that “half of marriages end in divorce.” So how do you navigate the choppy waters of divorce? How do you make good, educated and unemotional decisions in an incredibly emotional environment? Here are 4 areas to consider when going through a divorce: Division of Assets, Division of Debts, Children, and Spousal Support (Alimony).
Two things in life are certain: death and taxes, but have you ever considered the impact your death has on the taxability of your assets? Depending on how you are saving, you could potentially be passing a tax burden onto your heirs.
Before claiming social security there are some things you should know. When do you meet your full retirement age because that impacts how much you collect. Take a look at your longevity, your Cost of Living Adjustments (COLA) and your spousal benefits. Lastly, keep in mind that there may be taxes and penalties that come with claiming too soon. We realize that this is a complex subject and encourage you to work with a financial planner, CFP® or ChFC® who is proficient in retirement planning.
Planning for retirement and retirement itself is both a game of numbers and psychology. Both areas serve to create the most successful planning and, ironically, a focus on each of these areas individually serve the other. The numbers are the foundation and lifeblood of any retirement plan. Most people, even the ones actively saving for retirement, do not have a clear and specific idea of what their investments will be and what they can expect from them when they retire.
I can understand and appreciate the overwhelming list of tasks that a business owner sometimes has to accomplish. Perhaps on that list there may be the task of setting up a retirement plan for employees. There are three retirement options employers could consider implementing, depending on what they are hoping to accomplish, Payroll Deduction IRA, Simple IRA, or 401(k).
"There are a few ways that a financial professional can operate their business. This article outlines 4 of the major business structures in the financial industry, and tells how your advisor’s compensation might look in each structure. Understanding the structure of your financial advisor’s practice will help you understand the way they approach their clients and the advice they provide."
"In its second time in as many years there has been legislative changes that will have an impact on the retirement planning landscape. Accompanying the Tax Cuts and Jobs Act of 2017 which was signed into law on December 22, 2017, the Secure Act..."