Retirement
Non-financial questions to consider before retirement
Non-financial questions to consider before retirement The decision to retire is clearly predicated on one’s financial situation. We’ve been helping people retire for a few decades now and have noticed that those who thrive the most during retirement are those who periodically contemplate non-financial issues in addition to crunching numbers. Borrowing from research and journalism,…
Read MoreImportant tax changes for 2024
Important tax changes for 2024 Every year, there are changes to laws that affect our taxes. In our January newsletter, we outlined the new 2024 tax brackets which are adjusted annually based upon inflation factors. If your taxable income (gross income less deductions) is exactly the same in 2024 as it was in 2023, your…
Read MoreWhen are Roth IRA distributions taxable?
When are Roth IRA distributions taxable? From Ken in Satellite Beach: I thought once you turned 59 ½ Roth IRAs are tax free but a 63 year old co-worker insists he had to pay some tax last year when he withdrew from his Roth IRA. What gives? Ken, it is possible to owe taxes on…
Read MoreHow do I make charitable donations from my 401(k)?
How do I make charitable donations from my 401(k)? Direct donations from a 401(k) to charity on a tax favored basis are not possible. However, direct donations to charities from IRAs, called Qualified Charitable Distributions, are permitted. There are a few requirements to make those donations completely tax-free, chief among them is you must be…
Read MoreWill a stock market decline kill my retirement?
Will a stock market decline kill my retirement? Key Points: Those with a sound plan based on realistic goals and expectations who stay diversified, patient, and disciplined have little reason to worry that the stock market decline seen in 2022, or even declines much worse, will radically derail their retirement. While the exact timing…
Read MoreWhat are the new RMD rules?
Have RMD rules changed? Required Minimum Distributions (RMD) are back in 2021 after a one year COVID-related waiver in 2020. No changes were made this year to the Required Minimum Distribution (RMD) rules for IRAs, 401(k)s, 403(b)s and other retirement accounts but changes are coming in 2022. To determine the RMD for a given year,…
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