During the last two weeks of 2022, the US Legislature passed what is known as SECURE Act 2.0. It has many provisions and complexities. But one of the biggest is the expanded use of Roth type savings provisions. We call it Rothification. From SIMPLE IRA plans, to catch up contributions, to electing Roth treatment of employer contributions, there are more opportunities than ever to take advantage of this provision. Let's dig in to the new Rothification provisions.
In case you missed it: watch the replay of our live show. Watch the replay of our live episode of Wealth Wedensday. We discuss: Is ESG Something you consider when building portfolios? Are bank deposits safe in arecession? Can I claim any of my account declines on my taxes? I turned 72 do I have to take an RMD? and more
It's hard to believe 2022 is almost over. As we approach the final few weeks, it is time to look at some year-end tax savings strategies. We will also talk about a strategy to help you reduce future taxes as well.
Inflation impacts all of us, mostly in an unpleasant way. We have all seen the higher prices at the pump and in the grocery store. But the news isn't all bad. Higher inflation also means other things adjust as well. Those include tax provisions, retirement plan contribution limits, and Social Security. These are the key changes for 2023.
One of the biggest retirement questions we hear from clients is about income taxes. It is one of the biggest expenses you will face in retirement. Income taxes can be confusing and intimidating and you need to have a plan. In this episode of our Retirement Planning Essentials, we talk about how to start planning for income taxes in retirement.
Many young people would like to retire as early as they can. It is possible, but there are some major obstacles in front of you. If you want to retire at 57 (or any age for that matter), here is what you need to know.
Protecting your income and your assets is a key part of any financial plan. And normally when we plan for this, we are talking about life insurance. There are several ways insurance can be an effective tool to provide the protection you need.
What happens to your financial situation when your spouse dies? Today we discuss how losing a spouse can impact your income, your savings, and your taxes. We will also share some more updates for 2022 to help you better plan for your future.