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Financial planning for people retiring between the age of 55-60

12/14/2018

Inherited IRA's and now IRA's awarded in divorce settlements may not be safe from creditors during bankruptcy.

Retirement assets received in a divorce settlement may be available to creditors, a federal court has ruled. The decision may have far-reaching consequences for clients.

12/10/2018

Delaying your Social Security and pulling more retirement funds from your IRA until age 70 could help minimize the risk of outliving your assets.

Many people have enough saved for retirement to claim Social Security later than they do, according to a new study.

11/30/2018

Starting a small business as a C Corp should be highly considered now that the tax rates have been lowered and provisions like the Qualified Small Business Stock exist.

The new lowered corporate tax rate will probably lead to more C corporations and a resulting increase in taxpayers’ interest in the Sec. 1202 100% exclusion on gain from the sale of QSB stock.

11/26/2018

Consolidation is really the most important part of moving your old 401(k) plan to an IRA or your current 401(k) provider. It is difficult to manage multiple accounts and have a cohesive portfolio strategy with several 401(k) plans.

Most investors don't realize the drawbacks of ignoring an old 401(k) or understand their options.

11/23/2018

529 plans are a great way to save in a tax-efficient manner for your child's education. Providers are cutting fees to stay competitive and many states are offering tax incentives to save in these plans.

Morningstar said that explaining the plans more clearly could help persuade more parents to use them. The lower fees might also help.

11/19/2018

Mutual funds must pay out distributions for gains incurred within the funds - which causes a taxable event for the holder even if they don't sell. With a flat market this year, there will likely be lower capital gain distributions. However, still make sure to check your portfolio so you won't be surprised come tax time.

Investors have good options to avoid the taxman.

11/16/2018

Great article that puts health care costs in retirement into perspective. The average cost is around $5,000 per year per person that increases at a higher rate than general inflation. However, it varies substantially based on your health risk factors.

The anxiety is real — and so are the expenses — but the situation might not be as bad as some imagine.

11/12/2018

New retirement contribution amount limits were released from the IRS. Max contributions are now $6,000 and $19,000 for an IRA and 401(k) respectively.

The IRS released updated figures for retirement plan contribution limits for 2019.

11/09/2018

If your itemized deductions are now lower than your standard deduction because of the new tax law - consider alternative ways of charitable giving like stacking deductions inside a Donor Advised Fund or making Qualified Charitable Distributions directly from your IRA when you are over 70.

The TCJA’s higher standard deduction makes before-tax giving more attractive.

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