Workplace retirement plans like 401(k)s offer tax benefits for your retirement savings. The tax benefit you receive depends on the type of contributions you make. Its important to understand the way your distributions are taxed so you can make informed decisions about what to do with your money. There are 3 types of contributions a … Read more
Traditional individual retirement accounts (IRAs) and Roth IRAs are both widely used investment vehicles for workers trying to accumulate long-term assets. However, the way these two accounts work is different, with each having its own advantages and disadvantages. While they each offer tax benefits, there are limits to how much you can contribute, and these … Read more
The Pre-Tax Advantage of 401(k) Plans (And Why It’s Changing for Some) Hey there, fellow retirement savers! If you’ve ever wondered whether your 401(k) contributions are pre-tax or not, you’re in the right place. This question seems simple on the surface, but recent changes to retirement tax laws make it more complex than ever Let’s … Read more
Many people continue to work in retirement. Their reasons vary. Some may need to earn additional income to support their retirement lifestyle. Some enjoy the social aspect of working and the work they do. Others are asked to take positions on a temporary basis to fill vacancies. If you plan to collect Social Security, what … Read more
Choosing the right retirement plan for your employees is an important decision, and requires thorough research. To evaluate different options, such as SIMPLE IRA vs. 401(k) plans, here are some key preliminary questions to ask: As a small business owner looking into retirement plans, I’ve spent countless hours researching the age-old question: is a SIMPLE … Read more
The Hard Truth About Late-Start Retirement Planning Let’s face it – hitting 60 with little to no retirement savings can feel overwhelming. You might be thinking “I’ve missed the boat” or “What’s the point of even trying now?” I totally get those feelings. As someone who works with pre-retirees, I hear these concerns almost daily. … Read more
Managing assets like real estate in an irrevocable trust can sometimes present challenges, but trusts also provide many benefits. Selling a home held in an irrevocable trust is possible, though it requires following specific guidelines to ensure the process is handled correctly. At Casey Lundregan Burns, P.C., we have spent generations guiding families in Massachusetts … Read more
Though pensions come in two types—defined-contribution and defined-benefit—the most common type of traditional pension is the defined-benefit plan. During an employees working years, the employer contributes to the plan. (With a defined-contribution plan, the employee does, too.) After the employee retires, they receive monthly benefits for the rest of their life from the plan. Their … Read more
Dealing with a loved one’s finances after they pass away can feel overwhelming One question I hear constantly from grieving families is can you access a bank account without probate? The short answer is yes, you often can — but only in specific situations After helping hundreds of families through this process I’ve seen firsthand … Read more
Individual retirement accounts (IRAs) encourage savers to stay the course and not withdraw money before the age of 59½. Withdrawals prior to 59½ incur a 10% penalty tax levied by the Internal Revenue Service (IRS) in addition to any regular tax that is due. However, there are a few exceptions to this rule, such as … Read more
