Annuities and Retirement Planning: Safeguarding Your Future Income Stream
Safeguarding Your Future Income Stream
financial planning
Tax Planning as a Service
Most people just think of taxes when returns are due. That’s probably because most accountants and other financial professionals don’t offer much else. Tax planning is a specialty. It’s also an incredibly important issue to consider for wealth building success. There are lots of different applications for a tax planning professional. It ranges from careful and calculated steps for long term wealth building to panic button moments where today’s decision could have a big impact on taxes owed tomorrow. Sure, it’s great if you can know in advance what you’ll do in every circumstance, but life doesn’t always happen that way. Good tax planning consultants are not only there for retirement strategies, but are also available when you need input on now decisions that could be costly if not structured carefully. Don’t think you don’t make enough money to make tax planning necessary? Lifestyle focused people can often benefit the […]
Secure 2.0 Act Changes to Federal Tax Code
It’s a new year, which means new tax code changes. Some of those changes involve the Secure 2.0 Act. Many will appeal to tax payers. There are over 100 provisions in this Act, designed to encourage participation in retirement plans. We’ll focus on some of those most likely to be relevant to you. 401(k)s Employers can provide incentives for employees to contribute to their retirement accounts as part of the Secure 2.0 Act provisions. Student loan payments will qualify as employee contributions for employer matches to retirement accounts come 2024. Studies and personal stories argue student loan debt is a barrier to wealth building. By allowing employees to count repayments on higher education costs as substitutes for retirement contribution matches on 401(k)s, younger employees can see the benefits of compound interest earlier with retirement investments. One of the Act’s provisions involves auto enrollment in employer 401(k) or 403(b) retirement […]
reducing stress with financial uncertainty
Times like these tend to make us reassess everything, including investment risk tolerance. Big market pullbacks are scary. It’s no wonder some are reconsidering mattress cash stashes. Fortunately, there are ways for reducing stress when faced with financial uncertainty. This pandemic forced us all to reflect on what it’s like to go without pay. Whether gainfully employed, on unemployment, or struggling with reserves, we all felt the effects. It makes you wonder about doing things differently in the future. That’s not a bad thing. America’s credit card debt is trending up, logging in at $887 billing during the second quarter of 2022, according to the Federal Reserve Bank of New York. That’s up from $841 billion in the first quarter. We’re wracking up debt in housing costs too. Rents have skyrocketed along with the purchase price for homes this year. Add in rising interest rates and many are paying a lot […]