Although you can rollover, or return, your 2020 IRA and other retirement plan February 1st to May 15th distributions as a result of the 2020 waiver of RMDs, there’s another strategy that you can use to reduce future years’ income tax liability and optimize lifetime after-tax distributions for you and your heirs.
Use the CARES Act waiver of 2020 required minimum distributions as an opportunity to optimize your retirement income plan.
As a result of a series of three events, there’s an unprecedented opportunity to do a sizable Roth IRA conversion this year.
Here are five unique ideas that are designed to benefit you and your spouse over your lifetime. A word of caution: Brush up on your presentation skills since each one will likely be met with dead silence and/or outrage depending upon your spouse.
One underutilized strategy for optimizing the longevity of assets when planning for retirement is a staged, or multi-year, Roth IRA conversion plan. There are seven reasons to start this type of plan today.
A surviving spouse who has the same, or even less, income will often be subject to higher federal, and potentially, state, income tax liability.
When presented in the context of retirement income planning, fixed income annuities have proven to be the most appropriate and natural commercial solution for providing sustainable lifetime income.
Lower tax rates under the new income tax law, combined with the likelihood of higher tax rates in the future, support a Roth solo 401(k) contribution strategy.
When you buy a house, typical financing is a mortgage equal to 80% of the purchase price. This enables you to purchase a much more expensive home than you would otherwise be able to do without the mortgage. The goal is to increase your equity in the property over time through a combination of paying down the mortgage and appreciation.
Anyone who wants to avoid tax and receive tax-favored lifetime income on the sale of an unencumbered rental property is a potential candidate for a charitable remainder trust, or CRT.
The process I use to assist clients with preparing for the financial and personal challenges associated with retirement extends well beyond simply recommending investments. It’s about them.
An important, although unplublicized, benefit of fixed income annuities is protection against elder fraud.
While you may be financially prepared to retire, your ability to successfully transition from the workplace to retirement will be dependent upon planning for three important nonfinancial factors.
A Tax Credit Longevity Annuity Plan, or TCLAP, would create tax-favored private pension plans while also providing for long-term care benefits.
I recently did a Google search, “How much do I need to retire?” This is obviously a popular query since it returned 19,600,000 results. After scrolling past the ads, I began clicking on the responses. Excluding retirement calculators, here’s a summary of the top five answers: Yahoo Answers – Best Answer: $750,000 Fidelity: Save at…
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