Contributions to a traditional individual retirement account (IRA), Roth IRA, 401(k), and other retirement savings plans are limited by law so that highly paid employees don’t benefit more than the average worker from the tax advantages that they provide. Contribution limits vary by the type of plan, the age of the plan participant, and, in … Read more
As a strategic partner who helps clients navigate and grow in changing circumstances, Tina is responsible for the direct management of the Citizens Wealth Management financial planning and estate planning team, including a team of CERTIFIED FINANCIAL PLANNERS™, estate and tax planners, and trust officers. Most people look forward to their retirement, dreaming of a … Read more
Have you ever stared at your bank account after getting a bonus or inheritance and thought “Should I throw this at my mortgage or stick it in the stock market?” You’re not alone. This financial crossroads keeps homeowners up at night across America and the answer isn’t as straightforward as some “experts” might have you … Read more
Over the last decade, the “financial independence, retire early” (FIRE) movement has become one of the hottest mantras for those under 60.1 But the reality is that leaving the workforce in the prime of your life requires even higher investment contributions and more severe cost-cutting than you might think. Have you ever found yourself daydreaming … Read more
Ever dreamed about your golden years being completely debt-free? Well I hate to burst your bubble, but the reality might surprise you. As someone who’s spent years researching retirement finances, I’ve discovered some eye-opening stats about how much debt the average retiree actually carries. Let’s dive into the uncomfortable truth about retirement debt in America … Read more
For the latest information about developments related to Pub. 590-B, such as legislation enacted after it was published, go to IRS.gov/Pub590B. Distributions to victims of domestic abuse. Beginning with distributions made after December 31, 2023, a distribution to a domestic abuse victim is not subject to the 10% additional tax on early distributions if certain … Read more
The IRA aggregation rule was created to limit the ability of taxpayers to take advantage of ‘abusive’ IRA tax strategies, by requiring that all IRAs are aggregated together to determine the tax consequences of a distribution from any of them. The primary impact of the IRA aggregation rule is to determine how much of an … Read more
Prior to the distribution of an estate by an executor to its beneficiaries, an executor must prepare an accounting which outlines the assets of an estate, its liabilities, and the expenses paid by an estate prior to actual distributions being made. In the vast majority of estates, the accounting that is prepared is called an … Read more
Are you staring at a mountain of debt while also having money sitting in your 401(k)? It’s tempting to think about tapping into those retirement funds to get out from under the crushing weight of debt. I mean, who hasn’t daydreamed about being debt-free overnight? But before you make that call to your retirement plan … Read more
The tax benefits of Roth accounts are clear: Tax-free growth potential and tax-free withdrawals in retirement.1 If you arent able to contribute to a Roth IRA because of the income limits,2 a Roth conversion of eligible retirement assets is another way to fund a Roth account.3 But does it make sense if you are retired … Read more
