Integrity Financial Planning

JUNE 12, 2023

As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023.

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Carson Wealth

MARCH 28, 2024

Retirement planning is a journey that generally takes decades to complete and most of us start out along the do-it-yourself path. More than likely, your first step was to enroll in an employer-provided plan such as a 401(k) or setting up an individual retirement account, also known as an IRA. Maybe you have a growing family.

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The Chicago Financial Planner

NOVEMBER 27, 2022

One of the best tax deductions for a small business owner is funding a retirement plan. Beyond any tax deduction you are saving for your own retirement. You deserve a comfortable retirement. If you don’t plan for your own retirement who will? You need to start a retirement plan today. Self-employed?

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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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MainStreet Financial Planning

MARCH 14, 2024

As April 15th approaches, taxpayers across the country are gearing up to fulfill their annual obligation – filing taxes. Whether you’ve already submitted your returns or are yet to tackle the paperwork, now is the perfect time for a tax check-up. Other Resources Should I do my own taxes?

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WiserAdvisor

MARCH 13, 2024

Achieving financial freedom in retirement requires meticulous planning, dedicated effort, and strategic management. Within this framework, the concept of the five pillars of retirement planning emerges as a valuable strategy. Without a solid plan, you risk drifting without direction.

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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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MainStreet Financial Planning

FEBRUARY 22, 2024

Managing cash flow in retirement is a crucial aspect of financial planning that can feel daunting after decades of receiving regular paychecks. Consider new expenses like healthcare before Medicare coverage begins and subtract any expenses that will no longer apply in retirement, such as commuting or work-related clothing.

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Your Richest Life

APRIL 15, 2024

Do you have a plan in place for your retirement? For many people, the extent of their retirement planning includes signing up for the plan at work – which is often more of a starting point than a comprehensive retirement plan. There are traditional and Roth 401(k)s, both differentiated by their tax benefits.

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Covisum

FEBRUARY 21, 2023

As a financial advisor, you know that taxes in retirement are one of your clients’ top stressors.

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Integrity Financial Planning

APRIL 12, 2023

For some, taxes are a major expense, so it’s vital that you are strategic about your taxes, both now and in the future. If your tax rate is in the high 20s and 30s, that bill could amount to a high portion of your total costs. Having the right person helping you with taxes can make all the difference.

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Talon Wealth

OCTOBER 26, 2023

We all know retirement is an important milestone that requires careful planning. Of course, one of the most important aspects of retirement planning is managing retirement taxes. Taxes can significantly impact the amount of money you’ll have for retirement. This can be a mistake.

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Nerd's Eye View

MAY 8, 2023

Traditionally, financial advice and tax preparation have existed as 2 related, but separate, services. CPA, EA, or JD) to prepare tax returns and represent clients before the IRS, there has also been the impression that there is simply not enough time for one person to do both.

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Covisum

NOVEMBER 21, 2023

In the dynamic landscape of retirement planning, the article " Managing Taxes in Retirement using the Effective Marginal Tax Rate " published in Advisor Perspectives by Dr. Wade Pfau and Joe Elsasser, CFP(R), provides valuable insights into tax-efficient distribution strategies.

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Talon Wealth

AUGUST 26, 2023

We all know retirement is an important milestone that requires careful planning. Of course, one of the most important aspects of retirement planning is managing retirement taxes. Taxes can significantly impact the amount of money you’ll have for retirement. This can be a mistake.

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Nerd's Eye View

NOVEMBER 30, 2022

Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.

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Abnormal Returns

APRIL 17, 2024

Podcasts Roger Whitney talks retirement challenges with Christine Benz. youtube.com) Sam Parr talks with 'Ryan' and 'Jeff' about the reality of retiring early. podcasts.apple.com) Peter Lazaroff talks with Taylor Schulte and Benjamin Brandt about the new Retirement Podcast Network. Houses get bought and sold.

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Abnormal Returns

APRIL 10, 2024

(morningstar.com) Dan Haylett talks with Eric Brotman, who is the founder and CEO of BFG Financial Advisors, about retirement as 'graduation.' wsj.com) Retirement Some reasons to go back to work after retiring. cntraveller.com) How Social Security fits within your retirement plan.

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Nerd's Eye View

FEBRUARY 15, 2023

Health Savings Accounts (HSAs) feature useful tax advantages that make them a popular savings vehicle. One possible outcome of ‘superfunding’ an HSA, however, is that the account owner may not actually use up all of their HSA funds over their lifetime, which can have significant tax consequences. Read More.

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Fortune Financial

APRIL 11, 2024

The reality for those with various employers is that untracked retirement savings might lead to missed financial growth opportunities and instability. Diligent oversight and management of these retirement accounts is essential for anyone aiming to build a solid financial foundation for a comfortable and secure retirement.

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Talon Wealth

OCTOBER 26, 2023

Retirement planning can be intimidating, especially if you need help figuring out where to start. Determine When to Start Saving When it comes to saving for retirement, earlier is almost always better. Create a Budget Creating a budget allows you to track your expenses and ensure you’re saving enough for retirement.

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Getting Your Financial Ducks In A Row

APRIL 3, 2023

We’ve covered a lot of ground with regard to how various tax laws impact your retirement plans: pensions, IRAs, 403(b) and 401(k) plans. But we’ve primarily focused on the US income tax laws (the IRS) affect your plans – and there are many nuances that you need to take into account with regard to state tax laws.

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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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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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Nerd's Eye View

MAY 17, 2023

Like native-born workers, foreign workers need to think about saving for retirement, planning for their children’s college, managing healthcare costs, and all manner of other financial goals. For example, the tax benefits of certain accounts can sometimes work in the other direction if a non-U.S.-born

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Nerd's Eye View

OCTOBER 26, 2022

Roth conversions are, in essence, a way to pay income taxes on pre-tax retirement funds in exchange for future tax-free growth and withdrawals. Conversely, if the opposite is true and the converted funds would be taxed at a lower rate upon withdrawal in the future, then it makes more sense not to convert.

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Good Financial Cents

JANUARY 19, 2023

A major decision in retirement planning is whether to make pre-tax or Roth (after-tax) 401k contributions. Pre-tax contributions go into your retirement account with money that has not been taxed, and then taxes will be paid when the funds are withdrawn in retirement.

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Advisor Perspectives

APRIL 9, 2024

Having a comprehensive retirement income plan that is regularly updated, accommodates changes in spending needs, inflation, market fluctuations and taxes is crucial for peace of mind in retirement.

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The Chicago Financial Planner

JANUARY 17, 2022

Annuities are often touted as the “cure” for all that ails your retirement. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a specified minimum amount, such as your total purchase payments. An annuity can offer diversification in your retirement income stream.

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Covisum

AUGUST 5, 2022

In the absence of Congressional action, multiple provisions of the Tax Cut and Jobs Act (TCJA) will expire at the end of 2025, and tax rules will revert to what they were before the legislation. The TCJA reduced specific tax brackets and increased the standard deduction. Certain charitable gift deductions moved from 50% to 60%.

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Carson Wealth

AUGUST 23, 2022

Retirement plans like 401(k)s and traditional or Roth IRAs can be an easy and effective way to save for retirement. Many investors favor these accounts for their significant tax advantages, which can include tax-deductible contributions. . However, not all retirement plan contributions are tax deductible.

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Nerd's Eye View

AUGUST 2, 2023

Which means that financial advisors can play an important role in adoption planning – helping clients strategically plan for the costs involved in the process, including accessing tax credits that can significantly defray these expenses. The costs of adopting a child can vary significantly depending on the method of adoption.

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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.

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Abnormal Returns

JULY 18, 2022

(standarddeviationspod.com) A talk with Tony and Dina Isola about the awful situation facing teachers saving for retirement. ngpf.org) Christine Benz and Jeff Ptak talk with Justin Fitzpatrick who is the co-founder and chief innovation officer at Income Lab, which provides retirement planning software.

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Integrity Financial Planning

NOVEMBER 14, 2023

We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Gift Tax Exemptions Each year, you can give up to $17,000 to any number of people tax-free.

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Abnormal Returns

APRIL 15, 2024

riabiz.com) Retirement accounts On the downside of holding non-traditional assets in an IRA. investmentnews.com) Why funds in pre-tax retirement accounts need to be adjusted for taxes. (riabiz.com) Advisortech Cache wants to update the exchange fund for the tech era.

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Talon Wealth

SEPTEMBER 14, 2023

Retirement planning can be a difficult and confusing process for couples. By focusing on a few key areas, setting financial goals, and doing your research, you can find ways to enjoy retirement together. Set Financial Goals In retirement, educate yourself on your financial situation and investment strategy.

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