Early Retirement

EARLY RETIREMENT? 10 STEPS TO GET YOU THERE! When it comes to retirement, there is always a thought in the back of your mind saying, “how can I get there earlier?” Though some plan for traditional retirement, there is a vast majority that would love nothing more than to retire early to fully enjoy their golden years. With the right planning, that goal is achievable. There are 10 steps you … Read more

New Law Helps Businesses Make Their Employees’ Retirement Secure

NEW LAW HELPS BUSINESSES MAKE THEIR EMPLOYEES’ RETIREMENT SECURE The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 as part of a larger spending bill. If your small business has a current plan for employees or if you are thinking about adding one, you should familiarize yourself with the new rules. Here are three provisions of interest to small businesses: … Read more

Planning For Succession and Retirement

PLANNING FOR SUCCESSION AND RETIREMENT Success and Retirement Plan For Your Business: Business owners are in a unique position when it comes to retirement. Not only do they need to save up for the years ahead. They also have to create the building blocks for a succession plan. Although it may be tricky, you can put both wheels into motion by deciding on these things: The date you want to retire. … Read more

Taxes Affecting Your Retirement

TAXES AFFECTING YOUR RETIREMENT Over the span of your working days, Social Security taxes are withheld from your salary or self-employment tax. Many people are surprised to find out that their Social Security benefits may be taxed once they retire. The amount you could be paying depends on your other forms of income. If you fall within a certain tax bracket, you will be required to include 50% to 85% … Read more

Retiring and moving to another state? Know about possible taxes

When many retire, they want to move to another state for multiple reasons. Before you move, you should be knowledgeable about the state and local taxes of the state/town you’d like to reside in. However, establishing residency for tax purposes might not be as simple as you think. Finding which taxes are relevant A big motivation for moving to another state may be no personal income tax. However, many states … Read more

Why you should make catch up contributions before year-end

If you reply “yes” to any of the questions above, then read on to see how making catch-up contributions by the end of 2018 can benefit you. What are catch up contributions? In short, to define catch-up contributions. They are additional payments made beyond the regular yearly limits that can be made to specific retirement accounts. Their purpose is to assist taxpayers to who were not able to save a considerable amount … Read more

Retirement planning: Why you should consider state and local taxes

It is common to hear friends moving out of state when they are talking about retiring. Mainly due to taxes. Before you plan on moving to Florida or another state to retire, make sure that you are factoring in state and local taxes into your decision. Different tax to consider Choosing a state that does not tax on personal income alone may appear to be the best option. However, that … Read more

Making IRA contributions before April 17th can save you on taxes

Tax-advantages of making IRA contributions Retirement plans like IRAs allow your money to grow tax-deferred — or, for Roth accounts, tax-free. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. The last day to make these contributions is April 17, 2018.  Don’t lose the opportunity The 2017 limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older … Read more

Accelerate your retirement savings with a cash balance plan

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan. Defined benefit plan with a twist The two most popular qualified retirement plans — 401(k) and profit-sharing plans — are defined … Read more