Nerd's Eye View

JANUARY 26, 2024

Also in industry news this week: A House committee has advanced a bill that would extend several expired business-related tax measures from the Tax Cuts and Jobs Act and would increase the value of the Child Tax Credit The SEC released its examination priorities for 2024, which include a focus on advisers' adherence to their duty of care and duty of (..)

Financial Planner 187

Financial Planner Retirement Planning Financial Advisor Retirement 187

Abnormal Returns

NOVEMBER 6, 2023

(citywire.com) Creative Planning is expanding its reach in the retirement plan space. papers.ssrn.com) Taxes A 2023 year-end tax planning guide. thinkadvisor.com) The 10 best financial advisor conferences to attend in 2024. citywire.com) Choreo is buying the wealth management business of BDO USA.

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Wealth Management Retirement Planning Tax Planning Financial Advisor 244

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 240

Financial Planner CFP Financial Advisor Retirement Planning 240

Nerd's Eye View

DECEMBER 22, 2023

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that Envestnet has published research highlighting a number of key trends that they believe will shape the growth of the advisory industry in 2024 and beyond, which reflect at a high level advisors' ongoing shift towards providing (..)

Financial Planner 215

Financial Planner Fee Only Tax Planning Retirement 215

Carson Wealth

DECEMBER 8, 2023

That must mean it’s time to roll up my sleeves and get to work on year-end financial planning – with an emphasis on 2023 income tax. One consideration this year is that we’re two years from the expiration of the Tax Cuts and Jobs Act of 2017 (TJCA). AGI impacts multiple other tax considerations.

Planning 143

Planning Retirement Planning Taxes Insurance 143

Fortune Financial

FEBRUARY 28, 2023

When we look at projected healthcare costs for an average retired couple in 2022, the amount needed to cover healthcare expenses approaches approximately $315,000 after tax. In other words, it could cost over a quarter of a million dollars of our retirement funds to cover out-of-pocket healthcare expenses.

Retirement Planning 52

Retirement Planning Retirement Planning Healthcare 52

Ballast Advisors

NOVEMBER 27, 2023

Here are some things to consider as you weigh potential tax moves between now and the end of the year. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. Doing so may enable you to postpone payment of tax on the income until next year.

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Taxes Retirement Planning Distribution Retirement 40

Nerd's Eye View

DECEMBER 25, 2023

And as 2023 draws to a close, we wanted to highlight 25 of the most popular and insightful articles that were featured throughout the year (that you might have missed!). Read More.

Financial Advisor 202

Financial Advisor Financial Planner Insurance Clients 202

Carson Wealth

DECEMBER 27, 2023

By Ryan Egolf, EA, Senior Tax Planner As the New Year quickly approaches, it’s time to put a bow on your 2023 financial plan. In some cases, those payments are tax-free. Check into your employer’s short- and long-term disability plans, as they are usually the most affordable options.

Planning 89

Planning Retirement Planning Insurance Taxes 89

Your Richest Life

JANUARY 20, 2023

Student Loan and Roth Account Matching Employers will be able to match employees’ student loan payments to a workplace retirement account beginning in 2024. Before this change, matches on employer plans were pre-tax. Now, you can make these contributions after taxes, which means the earnings can grow tax-free.

Retirement Planning 105

Retirement Planning Retirement Planning Accounting 105

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. A partial retirement helps with the emotional transition There are two phases of retirement planning: time and money.

Retirement 91

Retirement Retirement Planning Insurance Medical 91

Carson Wealth

APRIL 25, 2024

Retirement planning: Calculate retirement needs and contribute regularly to retirement accounts. Tax Planning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits. Why most of us retire earlier.”

Financial Planning 97

Financial Planning Planning Retirement Insurance Coverage 97

Trade Brains

DECEMBER 7, 2023

The course covers an introduction to personal finance, credit cards, life insurance, health insurance, investment instruments, loans, income tax and planning, budgeting and building a strong portfolio. Also, you will learn how to plan your taxes, credit score importance and how to budget your income to create a portfolio.

Budgeting 59

Budgeting Certification Education Asset Allocation 59

Darrow Wealth Management

DECEMBER 23, 2022

Congress is once again poised to make sweeping changes to the retirement and tax rules in the last two weeks of the year. retirement changes. In the new bill, the age when retirees must begin drawing from non-Roth tax-deferred retirement accounts would increase to 73 in 2023 and 75 in 2033. The Secure Act 2.0

Retirement 86

Retirement Retirement Planning Distribution Taxes 86

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. It's ok, it happens.

Retirement 73

Retirement Retirement Planning Commission Medical 73

Carson Wealth

DECEMBER 27, 2022

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. Act reduces the penalty for missing an RMD from a 50% penalty tax to 25%.

Retirement 98

Retirement Retirement Planning Distribution Taxes 98

Integrity Financial Planning

MAY 16, 2023

designated Roth 401(k) accounts in 2024 will not have to take RMDs in their lifetime. [4] The reason RMDs exist is that many retirement accounts are pretax vehicles, meaning the money that you have put into them has not been taxed yet. 7] Planning for RMDs is essential for retirement planning.

Accounting 88

Accounting Retirement Retirement Planning Taxes 88

WiserAdvisor

MARCH 22, 2024

This inquiry paves the way for financial planning and unravels the complexity of individual aspirations, lifestyle choices, and the inevitable uncertainty of future needs. Enter the “10X rule” for retirement savings, a popular benchmark that simplifies the daunting task of retirement planning into a more tangible goal.

Retirement 52

Retirement Retirement Planning Financial Advisor Planning 52

Don Connelly & Associates

APRIL 15, 2024

For most people, there's little to think about when it comes to making contributions to their 401k plans. They enjoy reduced current taxes, deferred taxes on account earnings, and, for most, a matching contribution from their employer. Many retirees are shocked by the amount of taxes they owe on their retirement income.

Education 52

Education Clients Investing Investments 52

Random Roger's Retirement Planning

DECEMBER 30, 2023

They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. The information, analysis and opinions expressed herein reflect our judgment and opinions as of the date of writing and are subject to change at any time without notice.

Asset Allocation 59

Asset Allocation Assets Taxes Investing 59

Darrow Wealth Management

NOVEMBER 20, 2023

If you think retirement planning moves stop at retirement, think again. Although it won’t make sense in every situation, retirement can be a unique opportunity for Roth conversions for some investors. For high earners, converting an IRA to a Roth IRA while you’re still working could be the worst time of all.

Retirement 81

Retirement Distribution Taxes Accounting 81

Random Roger's Retirement Planning

MAY 3, 2024

One sentiment that popped up a few times was the threat of RMDs kicking people into higher tax brackets. Tax brackets from Nerd Wallet. If taxable income married filing joint is $402,901, you're only paying 32% on the $19,000 that is above $383,901, dollars below $383,901 are taxed at the lower rates. What about a $2.5

Taxes 95

Taxes Distribution Accounting Retirement 95

WiserAdvisor

MARCH 28, 2024

It offers tax-deferred growth and, in many cases, matching employer contributions. Additionally, IRAs are retirement accounts you can open and fund on your own. IRAs offer similar tax benefits as 401(k)s, high contribution limits for those aged 50 and older, and help accelerate your savings growth.

Retirement 59

Retirement Financial Advisor Medical Healthcare 59

Good Financial Cents

JANUARY 26, 2023

The stock market has returned an average of between 9% and 11% over the past 90 years and that’s the kind of growth that you’ll need to tap into if you want to retire at 50. Your retirement plan shouldn’t be. Get in touch with an Independent Financial Professional to see if you're on track to meet your retirement goals.

Retirement 122

Retirement Taxes Retirement Planning Accounting 122

Getting Your Financial Ducks In A Row

MAY 22, 2023

It is key to note that, although these exceptions allow the distribution of funds without triggering the 10% penalty, in most cases the account owner is still liable for the ordinary income tax on distributions. Consult your tax advisor for additional information. Normal distribution – take your withdrawal after age 59½ 2.

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Distribution Medical Accounting Taxes 100

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.

Startup 59

Startup Taxes Medical Retirement 59

Darrow Wealth Management

JANUARY 9, 2023

was signed into law December 29th, 2022, bringing more major changes to tax law. Here are the top five Roth-related retirement changes following the passing of Secure Act 2.0. 529 plan to Roth IRA rollovers. The individual must be the designated beneficiary of the 529 plan and move funds to a Roth IRA in their name.

Accounting 59

Accounting Taxes Tax Planning Distribution 59

Random Roger's Retirement Planning

APRIL 16, 2024

Fixed income, meaning intermediate and longer term duration, is having a rough 2024 after a meh 2023 and terrible 2022. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. The title for this post is inspired by the following post on Threads.

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Taxes Marketing Marketing Investing 70

Random Roger's Retirement Planning

NOVEMBER 15, 2023

Contributions can be deducted from your income and you can take money out without tax or penalty for qualified medical expenses. They became insanely expensive for whatever reason, expensive relative to other insurance plans I mean and I never understood why. With the HSA contribution we save $2000 in taxes. Will it be worth it?

Insurance 73

Insurance Taxes Medical Accounting 73

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 245

Tax Planning Taxes Planning Retirement Planning 245

Random Roger's Retirement Planning

MARCH 1, 2024

We mentioned that after starting with six expected rate cuts for 2024, consensus backed off to three and maybe now less, Slok says no rate cuts. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

Taxes 52

Taxes Economy Marketing Marketing 52

Random Roger's Retirement Planning

APRIL 29, 2024

From the start of 2024 it was closer to the S&P 500 than XYLD which sells monthly calls but ISPY felt more of the market's downside move in early April than XYLD. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

Asset Allocation 71

Asset Allocation Portfolio Clients Retirement 71

Random Roger's Retirement Planning

NOVEMBER 1, 2023

We did that and now, only two years from penalty-free IRA withdrawals, we are back to saving into tax-advantaged accounts. I've said a couple of times recently they haven't made economic sense for a while, well maybe 2024 will work out. For a few years, we focused on trying to build up taxable savings in case something went wrong.

Retirement 54

Retirement Budgeting Accounting Planning 54

Random Roger's Retirement Planning

MARCH 30, 2024

It looks like it tracked closely for the last six months of 2023, then turned down to start 2024 and then traded flattish since mid-January like maybe it lightened up on equities? They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation.

Asset Allocation 76

Asset Allocation Portfolio Assets Management 76

MainStreet Financial Planning

JANUARY 3, 2024

The IRS and Social Security Administration recently announced changes for 2024. The maximum amount of earnings subject to Social Security tax (taxable maximum) will increase to $168,600 from $160,200. In 2024, eligible employees may contribute up to $3,200 to a FSA (Flexible Spending Account). per mile, up 1.5 cents from 2023.

Taxes 92

Taxes Retirement Planning Accounting Planning 92

WiserAdvisor

JANUARY 16, 2024

This data can serve as a baseline for tailoring your retirement plan, taking into account factors such as inflation, your current age, and your desired retirement age. In the unfortunate event of your passing, the funds held in a 401(k) can be passed on to your heirs, offering them a tax-advantaged account.

Retirement Planning 52

Retirement Planning Retirement Planning Financial Advisor 52