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Showing posts from January, 2024

New Retirement Rules Workshop

  Do you know how the SECURE act legislation will affect your retirement plan this year? IF NOT I would like to invite you to a very special event: "New Retirement Rules Understanding SECURE Act 2.0” At this one-hour workshop you will learn: • Why your 401(k) plans will look different in the future. • New age requirements for taking distributions from your retirement accounts. • “The Death of the Stretch IRA” and what it means for your family. • How 529 plan funds can jump start retirement savings. • One way young professionals can save for retirement and pay student loan debt. • The importance of planning and managing your taxes. • How small businesses can benefit from starting a retirement plan. You will also receive a copy of SECURE Act 2.0 Highlights —a comprehensive reference addressing he major changes in legislation and giving practical action steps. We all need to understand the new retirement-related legislation because the changes are far-reaching, subject

5 Tax Gotchas in Retirement

  By Debra Taylor, CPA/PFS, JD, CDFA If you are wealthy and reaching your distribution phase, your high-balance retirement accounts can create some burdensome tax situations, particularly when it comes to legacy planning. Here are five potential pitfalls you should be aware of. Most people are very proud of their wealth. And why shouldn’t you be? You’ve worked your entire life to build your investment accounts and often sacrificed a great deal. However, once you hit the retirement “spending” phase, the government changes the rules on you, and you could essentially be punished for decades of following the rules and scrupulously saving. The saddest part is that most people don’t know what awaits them, as they have never retired before and they aren’t aware of the potential pitfalls that their accumulated retirement accounts can cause. WHO IS MOST AT RISK? Those with traditional IRAs of about $2M face significant tax planning challenges, when you consider how much an account that size cou