Posts Tagged ‘Retirement’
Required Minimum Distributions are Back. Tell a Friend.
Key Points The one-year waiver of required minimum distributions (RMDs) for retirement accounts that were authorized under the CARES Act is over. The SECURE Act in 2019 changed some rules regarding RMDs which will now be in effect. Those that are 72 years and older will need to start taking their RMDs this year to…
Read MoreAre Your Retirement Assets Protected?
For many, asset protection is an after-thought, if thought about at all. Are you aware that retirement accounts such as Individual Retirement Accounts (“IRAs”), 401(k)s and Defined Benefit (“DB”) plans receive protection from creditors and bankruptcy? Asset protection is often associated with high-net-worth individuals, business owners, professionals such as doctors, surgeons, attorneys, and CPAs, as…
Read MoreWays to Reduce Your Taxable Income & Save Money
Background December 2017, the Tax Cuts and Job Act (“TJCA”) was signed into effect. If you’re the owner of a pass-through entity (S corporation, LLC, or partnership), are you aware of the tax deductions available under the TJCA and the Internal Revenue Service (“IRS”) section 199A? Basically, taxpayers with taxable income that is less than…
Read MoreWhat's the difference between GASB 74 & GASB 75?
GASB 74 is required for plan level financial reporting while GASB 75 is required for employer or plan sponsor level financial reporting for municipal entities subject to GASB reporting that offer OPEB (medical, dental & life insurance for former employees & retirees) type benefits. GASB 74 – key issues to consider Are you prefunding your OPEB benefits…
Read MoreCan an LLC Member Contribute to a 401(k) Plan?
Generally 401(k) deferrals & contributions are allowed, but there are exceptions. The biggest issue to consider is whether or not the member/owner is providing material services that are income producing for the LLC. Here is the basic checklist or list of things to consider: Under Internal Revenue Code Section 401(c)(1), the IRS states that “employee”…
Read MoreLooking to add a 401(k) Plan for your company?
The safe harbor deadline for 2016 is October 1st so time is of the essence If you or your clients have been thinking it’s time to add a 401(k) Plan for yourself & your employees, the time is now. As you’re likely aware, the IRS offers a “Safe Harbor” feature that means if you are…
Read MoreLost your retirement account? You're not alone.
In recent years workforces have become increasingly transient. One unintended consequence is that when employees leave their jobs, many also leave benefits behind. Years later these benefits may be difficult to find, or employees may not even know that such benefits are owed. Steps to Finding Your 401(k) and Pension Plans 1. Locate your old…
Read MoreTop Reasons for Setting Financial Goals
Retirement planning is most certainly a marathon and not a sprint. It is a journey you will be on for decades, with a clear financial goal at the “finish line”. That goal is to be able to retire at a standard of living that is acceptable to you. The total nest egg you need to…
Read MoreTop Reasons to Invest for Retirement
Here is a breakdown of the inherent benefits and incentives involved in retirement planning. Choice There are unlimited investment options available in today’s world. You can stay with a simple index fund or you can tailor your choices. Low Costs The costs of investing in retirement plans and IRA’s have never been lower. You are…
Read MoreTop Habits to Ensure a Successful Retirement
The journey of a thousand miles begins with a single step. This adage is a guiding principle in preparing for your financial future. Seek out the cold hard facts about precisely how much you will need in your nest egg, and work backwards from there by taking the very first steps. Every little bit helps,…
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