I do not have a 401(k). What should I do?If you don’t have a 401(k) at work, the burden falls on you to finance your own retirement savings – most commonly using an IRA. While the contribution limits can be lower for an IRA than they are for a 401(k) (or most other employer-sponsored plans),…

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KEY POINTS “Asset location” involves strategically putting your investments in accounts based on the type of tax treatment they will get. If you have money in both a traditional 401(k) plan or IRA and a Roth version, there may be ways you can maximize the differences in taxation to reduce the amount you’d owe in…

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How can I make the most out of my social security benefits? Check out this video where Gregory gives you ways to help max out your social security check. How do I plan for unexpected expenses? As a starting point, we typically recommend that our clients maintain an emergency reserve of about 3-6 months’ worth of…

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A retirement income specialist shares three important lessons he’s learned during his own financial and mental journey as he gets ready to dive into retirement. His personal insights could help guide your path as well. Planning for my own retirement has been interesting, as my day job is teaching financial advisers about retirement planning. At…

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GETTY The new Setting Every Community Up For Retirement Enhancement (SECURE) Act, just signed by President Trump, is the broadest piece of retirement legislation passed in 13 years. Ultimately, the law focuses on retirement planning in three key areas: 1) modifying required minimum distribution (RMD) rules for retirement plans; 2) expanding retirement plan access and…

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How the pros help clients minimize their tax burden If you have a traditional 401(k), you will have to pay taxes when you take distributions. Unfortunately, that 401(k) money is subject to the worst kind of taxes—ordinary income taxes. The amount you pay is based on your tax bracket, and if you’re younger than 59½, add 10% (for early withdrawal) in…

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The new legislation eliminated the ‘stretch IRA’ provision, but not everyone is impacted Getty Images/iStockphotoFuture beneficiaries of retirement accounts have different rules than current inheritors. The Secure Act, which was signed earlier this month, changes the way beneficiaries will receive money from inherited retirement accounts, but not everyone is in danger of a big tax…

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There’s still time to give your savings a good boost before you retire If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically.…

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GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected.  It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…

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