retirement street sign

How Charitable Boomers Can Reduce the RMD Tax Pinch

In his 1998 book “The Prosperous Retirement,” Michael Stein wrote that as people begin to age and become less active, they scale back their discretionary spending. It is a key feature of what he called the “slow-go” stage of retirement. Fast forward more than 20 years, and that observation still holds. Think about it: For

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calculator with 401k

IRS Bumps Up 401(k) Contribution Limit for 2020

In guidance released Wednesday, the Internal Revenue Service said employees in 401(k) plans would be able to contribute as much as $19,500 in 2020. Participants in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will see that contribution increased from $19,000. The catch-up contribution limit for employees 50 and older who participate in

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3 Common 401(k) Mistakes That Could Cost You Thousands

The 401(k) is one of the most powerful retirement tools out there, so if you’re lucky enough to have access to one, take advantage of it. As of 2019, you can contribute up to $19,000 per year to your 401(k), which is more than three times the annual amount you can save in a traditional

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Sweeping Retirement Bills Tee Up Big Debate

Sweeping bipartisan retirement legislation took the industry by storm last month, with committees in both the House and Senate floating bills that not only make it easier to offer annuities in 401(k) and 403(b) plans, but they also raise the age for taking required minimum distributions from 70 ½ to 72, and expand 529 plan

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‘Set It and Forget It’ Plan Design Could Harm 401(k) Investors

Plan sponsors have a clear legal obligation to monitor the quality of investments offered to retirement investors in 401(k) plans. While that part of fiduciaries’ obligations is indisputable, a small body of academic research on what happens when an investment option is removed in favor of another has shown that the new funds fail to outperform, and sometimes

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Sometimes, a 401(k) Loan Could Be a Good Thing

While trying to time the market is a flawed and futile exercise, timing the taxation of investments is not. In fact, as an “advisor” (not “adviser”) I would argue this is mandatory. Recently I wondered, could we use a hated, dreadful tool, like a 401(k) loan to financial benefit the consumer? Yep, I’m that cool

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man holding piggy bank money

401(k) Millionaires Club Got Smaller Last Year

Fidelity Investments’ quarterly data dump arrived last week, featuring loads of information about its retirement-account holders. It was eye-opening, to say the least. Recall last summer when we noted there was about $1 trillion in 401(k) and other retirement accounts.  The estimates from Fidelity suggested that about a million people had more than $1 million in their

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Inherited IRAs and the Double Tax Trap

Most advisors and clients may understand the mechanics and importance of tracking IRA basis, where failing to accurately track the basis of an IRA can result in the funds being taxed twice, which is obviously a situation that no one wants to encounter. Inherited IRAs, however, present an entirely different set of complications—in many cases,

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After 25+ years in financial, investment and other tax related services, I realized most business owners and successful employees weren’t getting specific actionable advice that was improving the bottom line results for themselves, their business or profession and their family. We think differently because we know that’s where value is created that benefits our clients.

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