You’re living through one of the biggest shifts in wealth ever—trillions moving from older generations to younger ones. A lot of this money is tucked away in retirement accounts. If you end up inheriting an IRA, you’re taking on both a windfall and a set of rules you can’t ignore. It’s crucial to know the […]
When planning your retirement savings as a self-employed individual, understanding the differences between a Solo 401k vs SEP IRA is crucial. The Solo 401(k) often offers higher contribution limits and the ability for those aged 50 and above to make catch-up contributions, a feature not available with a SEP IRA (Simplified Employee Pension IRA). This
Solo 401k vs SEP IRA: Key Differences for Retirement Planning Read More »
Navigating the rules for Required Minimum Distributions (RMDs) can be complex, especially when handling an inherited IRA. If you inherit an IRA from a decedent who passed away after December 31, 2019, you are generally required to liquidate the account by the end of the 10th year following the year of the IRA owner’s death.
Inherited IRA RMD Rules: Essential Guidelines for Beneficiaries Read More »
When doing retirement planning, understanding the ins-and-outs of 401(k) accounts is crucial. You may find yourself in a position where you can contribute to multiple 401(k) plans, especially if you’re juggling employment at different companies or you have a side business. It’s important to know that while you can have more than one 401(k), there
How Many 401(k)s Can You Have: Understanding Your Retirement Options Read More »
When you sit down to navigate your personal finances, the tax implications of different decisions, and the long-term impacts of certain financial decisions, it can sometimes feel very overwhelming. You may have questions that are very specific to your situation, but understanding key aspects of your finances can empower you to make informed decisions. When
Located in the heart of the East Coast, Virginia offers retirees a friendly environment to live out their golden years. With a diverse mix of suburbs, small towns, and historic cities, it’s a place that suits the retirement lifestyle while offering many attractions to enjoy. For those nearing the end of their careers, one of
Virginia Retirement Tax: Essential Facts and Guidelines Read More »
If you’re looking to save on taxes and invest in your future retirement, an Individual Retirement Account (IRA) can be a great option. One potential benefit of an IRA is the ability to deduct contributions from your taxable income. In this blog, we’ll explore the ins and outs of IRA tax deductions. Firstly, it’s important
Maximizing Taxes with IRA Contributions Read More »
Taxpayers are able to take advantage of increased contributions limits in 2023. As part of its changes to a group of cost-of-living adjustments, which includes increases in social security and income tax bracket changes, the federal government announced that individual employee contribution limits will increase to $22,500 from the $20,500 in 2022. Defined plan provisions
IRS Increases Retirement Contribution Limits for 2023 Read More »
