When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Let’s take a look at some commonly asked questions and answers on 401(k) tax considerations for contributions and withdrawals. Yes, you’ll still pay taxes on … Read more
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Are you living on Social Security benefits and wondering if homeownership is still possible for you? Good news – the dream of owning your own home doesn’t have to end just because you’re relying on Social Security income! It seems like everywhere we look, people are buying homes later in life – even well into … Read more
In this guide, I’ll break down the three main types of retirement that have become standard options for today’s retirees: traditional retirement, semi-retirement, and temporary retirement. Each offers unique advantages and comes with its own set of considerations. Let’s dive in! Traditional Retirement: The Classic Approach Traditional retirement is what most people picture when they … Read more
Have you ever wondered if you can move those individual stocks you own into your 401(k) account? Maybe you’ve got some company shares or a brokerage account full of stocks that you’d rather have growing tax-deferred in your retirement account I get this question from readers frequently, and the answer isn’t as straightforward as you … Read more
For most people, the answer is yes. These strategies could help minimize the hit on this retirement income source. Social Security was never meant to be the sole source of income for retirees. Even so, with a maximum annual benefit north of $45,000 if you file at full retirement age, it can provide a significant, … Read more
The holiday season is here, bringing plenty of celebrations—and gifts! If you receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), it’s important to know how gifts might affect your benefits. Let’s break it down so you can enjoy the season without worry. Have you ever worried about accepting money from family or … Read more
Yes you can live in a house owned by your trust, but the specific arrangements depend on several factors including the type of trust your role (trustee or beneficiary), and various legal and financial requirements. Whether you’ve already placed your home in a trust or are considering doing so, understanding the rules will help you … Read more
Planning for retirement isn’t just about having enough money saved, it’s about understanding how much you’ll actually spend. Retirees who take the time to estimate their monthly expenses often enjoy more financial peace of mind. Whether you’re approaching retirement or already there and looking to make the most of your budget, let’s explore the average … Read more
Are you worried that your $500k retirement nest egg might not be enough? You’re not alone With all the headlines about needing a million dollars (or more!) to retire, it’s easy to feel anxious. But here’s some good news – retiring comfortably with $500,000 is absolutely possible with smart planning I’ve helped many clients figure … Read more
