The decision of choosing a beneficiary for your traditional IRA or retirement plan should be carefully considered based on your individual circumstances, tax planning goals, and the financial well-being of your beneficiaries.
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There is a common misconception that “After-Tax” and “Roth” mean the same thing when electing your retirement plan contributions.
Something you should know: they’re not. And choosing one over the other can lead to a sizable tax mistake.
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On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023, an omnibus spending bill that includes the SECURE 2.0 measure.
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The IRS has released the 2022 contribution limits for health savings accounts (HSAs), as well as the 2022 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs).
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Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased.
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Medicare premiums, deductibles, and coinsurance amounts change annually. Here's a look at some of the costs that will apply in 2021 if you're enrolled in Original Medicare Part A and Part B.
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Medicare is a federal health insurance program that covers certain medical services and supplies in hospitals and doctors’ offices. The insurance is provided to U.S. citizens and permanent residents who must meet certain criteria.
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On December 20, 2019, the SECURE Act was signed into law. The SECURE Act contains 29 provisions, encompassing many aspects of financial planning and retirement saving. Once treasury regulations are released, nuances in interpreting this new law will become clearer.
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Retirement planning is complicated. One strategy, made possible beginning in 2010 by a provision to the Tax Increase Prevention and Reconciliation Act of 2005, presents a way for some individuals to potentially put away more money for retirement, in a tax-advantaged way.
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While 529 plans are commonly used for education savings, they can also be used for tax-efficient estate transfer. This can be done through a process called forward gifting or superfunding.
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When it comes to retirement saving, which is better for you: a Roth IRA or traditional IRA? The answer?: The best one for you is the one that leaves you more money after you've paid taxes, once you've retired and started to take withdrawals.
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The U.S. Supreme Court's landmark decisions in United States v. Windsor and Obergefell v. Hodges made same-sex marriages legal nationwide, and ensured that those marriages would enjoy the same rights and benefits bestowed by state and federal law on traditional marriages.
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Over the past few years, the health savings account (HSA) has increasingly been referred to as an exceptional retirement savings option. But what exactly are HSAs, who is eligible to open them, and what makes them so great?
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