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#TBT Where is Your Priority: Tax Preparation or Tax Planning?
on February 2, 2023
with No Comments
Tax planning is very different than tax return preparation. The goal of tax preparation is to minimize your tax owed this year. The goal of tax planning is to maximize your after-tax net worth by minimizing your taxes owed over your lifetime.
Changes to RMDs for Those Born in 1951 or Later (Secure 2.0)
on January 31, 2023
with No Comments
Later required beginning dates are generally advantageous to seniors, although the complexity surrounding RMD rules is nothing to celebrate.
#BestOf2022 How to Self-Insure for Long-Term Care Health Expenses
on January 27, 2023
with No Comments
Saving for long-term care, if done early enough, is not too expensive and helps to protect yourself from this potential financial shock.
#TBT Which is Better: Bad Market Timing or Not Investing?
on January 26, 2023
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This 2014 post reminds us that perhaps we should be more afraid of cash and inflation than stocks and investing.
At 65, Does the 5-Year Roth Rule Matter?
on January 24, 2023
with No Comments
For those over age 59 1/2, you would need to withdraw all funds attributable to basis before your withdrawal would be sourced from Roth IRA earnings and the age of your Roth IRA would matter for taxation.
#BestOf2022 How to Change a 529 Plan Account Owner
on January 20, 2023
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While you may think that the account owner needs to stay the same, you can easily change the account owner.
#TBT How to Double Your Retirement
on January 19, 2023
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Doubling your retirement is not a fast process. It is the slow and steady practices of daily financial diligence.
Q&A: What is Your Strategy’s Expense Ratio? (2022 Analysis)
on January 17, 2023
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You can tell a lot from the expense ratio of an advisor’s preferred funds.
#BestOf2022 How to Calculate Taxable Social Security
on January 13, 2023
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If you receive Social Security benefits, the portion of those benefits which will be taxable depends on your income. The taxable portion can be anywhere from 0% to a maximum of 85% of your benefits.
#TBT Recouping Losses Is Not As Hard As You Think
on January 12, 2023
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This 2016 post has been our most popular search result recently for good reason. After the 2020 COVID bear market, this article is a comforting bit of math.
Q&A: Are IRMAAs for Life?
on January 10, 2023
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A reader asks: When you are issued an IRMAA, does the IRMAA stay for one year only or does it stay that way for life?
#BestOf2022 An Updated RMD Calculator
on January 5, 2023
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There are different tables and formulas used to calculate your RMD divisor based on your particular circumstances. This is a calculator for the three most common.
#TBT Maintain Financial Balance When in Business
on January 5, 2023
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This 2004 post has ten timeless rules for small businesses to maintain their financial balance.
How Long Should I Plan On Living?
on January 3, 2023
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Which is worse: Being destitute while still alive or dying happy and provided for with a little extra?
Account Funding Priorities for 2023
on December 30, 2022
with No Comments
A savings waterfall is a tool to help investors prioritize savings goals and allocate funds appropriately.