We know there’s a temptation to put off thinking about taxes until next winter, but if you do, almost all your money-making opportunities will be lost. If you can find the time to work on tax planning, you just might realize some meaningful rewards. As always, we’ll help you every step of the way, so don’t worry if you’re not sure what to do.
The best retirement plan is the one that is personalized to your individual retirement desires and needs; with hard work, diligent saving, and our guidance, we can put you in a good position to realize that.
As our country is dealing with the growing coronavirus pandemic, the federal government put in place a $2 trillion relief package to address the economic crisis resulting from the global economic slowdown. The most common questions we are receiving relate to the direct payments of benefits taxpayers will receive and how the rules relating to retirement distributions and unemployment have changed. We will focus on these changes now.
The world is headed toward a retirement crisis, and America is no exception. A GAO report found that about half of all Americans age 55 or older have no retirement savings at all. Fortunately, HCM can help you understand the impact of utilizing one or more of the following strategies to help your retirement nest egg last as long as you do.
One piece of good news is that the age restriction limiting people from contributing to traditional IRAs after age 70 ½ has been repealed. Contributions to Roth IRAs by qualifying taxpayers were already allowed. This is a windfall, particularly to people working later in life, as they may continue contributing potentially tax-deductible contributions and letting it grow tax-deferred, until withdrawn. If an investor has earned income, they are allowed to contribute to their IRA. This provides more flexibility in planning to better optimize their after-tax returns and retirement income.
Wealth management is the most comprehensive type of financial planning services. It is the process of coordinating your family’s investment, tax, estate, insurance, and retirement plans to effectively build your family’s wealth. Clients are able to access these comprehensive services to meet their needs whether that falls under managing estate or business taxes, financial needs for retirement, advising charitable funds, or investing taxable, tax-deferred, and tax-free assets related to personal wealth.