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Is a Roth IRA Conversion in Your Future?
Retirees aiming to reduce their taxes in retirement can benefit from strategic conversions and transfers between traditional and Roth Individual Retirement Accounts (IRAs), especially when considering the timing and financial landscape. Identifying optimal windows for Roth conversions can lead to significant tax advantages and may enhance retirement income. Here are key opportunities to consider: During Market Downturns Market declines can [...]
3 General Financial Myths That Could Still Cost You in Retirement
In 4 Retirement Planning Myths That Could Cost You, we tackled some of the most common financial myths that could be costing you money. In this article, we’re going to debunk three more myths about general personal financial management that could still have an impact on your retirement. Myth 1: Once You Create a Financial Plan, You're Set for Life [...]
4 Retirement Planning Myths That Could Cost You
What if everything you thought you knew about financial planning was wrong? Many well-meaning people fall victim to common financial myths—some of which could cost them thousands of dollars or even their retirement security. Let’s break down some of the biggest myths and uncover the real truths behind smart financial planning. Myth 1: The 4% Rule Guarantees Retirement Success The [...]
The Gift of Financial Health: Best Practices for Keeping Your Will Up to Date
Estate planning isn’t something you do once and forget about—it’s an ongoing process that helps ensure your financial affairs are in order and your loved ones are taken care of. One of the most important documents in an estate plan is a will, but over time, things change. Life events, financial shifts, and even tax laws can impact your estate [...]
8 Financial Habits to Start Before Tax Season
Tax season can be challenging, especially if one is not financially prepared. While it may seem tedious, preparing beforehand can save time from last-minute hassles and help optimize tax returns. Therefore, adopting certain financial habits before the onset of tax season may help lighten the tax season's load. 1. Regular expense monitoring—The first habit to work toward is consistently tracking [...]
2025 Social Security Benefits and Taxes
People often misunderstand Social Security retirement benefits and taxation since not all benefits are taxable. The amount of benefits one receives and how much Federal tax applies depend primarily on the income level of the receiver and other factors. How to determine if benefits are taxable If Social Security benefits are the only source of income for the year, they [...]
How Pre-Retirees Can Jumpstart Their Savings in 2025
Catching up on retirement savings can feel daunting, especially if you've started late. However, with strategic planning and commitment, it's entirely possible to build a comfortable nest egg for your future. Here are four actionable steps to help you enhance your retirement savings in 2025. Leverage Catch-Up Contributions For individuals aged 50 and above, the IRS allows additional "catch-up" contributions [...]
Policy Changes: What Retirees Need to Know
Retirement planning can sometimes feel like trying to hit a moving target. Policies change, rules shift, and retirees often find themselves needing to adapt their strategies to keep pace. Many recent policy changes affecting retirement have many people asking, "What does this mean for my financial future?" Let’s break it down in simple terms, talk about the potential risks, and [...]
