Financial Planning

The spousal IRA is a valuable but often overlooked retirement savings option that can significantly benefit married couples, especially those with disparate incomes or where one spouse has little to no earned income. This mechanism allows a working spouse to contribute to an IRA on behalf of a non-working or lower-earning spouse, effectively doubling a […]

As you approach or enter retirement, managing healthcare costs becomes increasingly crucial in financial planning. Health Savings Accounts (HSAs) can be valuable tools in this regard, offering tax advantages designed to help cover medical expenses. According to a recent New York Times article, HSAs have seen significant growth, with approximately 36 million accounts holding over

The Federal Deposit Insurance Corporation (FDIC) recently implemented important changes to the deposit insurance coverage rules for trust accounts, including payable-on-death (POD) and in-trust-for (ITF) accounts. These new rules, which went into effect on April 1, 2024, aim to simplify the coverage calculation and provide more clarity for depositors. The key changes are: Simplified Coverage

Asset allocation—an investor’s proportion of stocks, fixed-income investments, and cash—has been well documented to be the primary determinant of performance for broadly diversified portfolios. But performance in this case is often calculated on a pre-tax  basis, when at the end of the day we, as individuals, must eat with after-tax  dollars. So, when implementing an asset allocation

As we approach the new year, I want to provide you with some essential financial planning information for 2024, particularly tailored for those in or nearing retirement due to the nature of my practice.   First, several provisions of the SECURE 2.0 retirement savings legislation (about which I’ve written previously) are scheduled to come into effect

Effectively managing your financial records and tax returns is a fundamental practice for maintaining financial order and complying with tax laws. As time passes, paperwork accumulates, raising questions about the appropriate duration for retaining these documents. With the advent of digital record-keeping and online accessibility, organizing these files has become more streamlined. However, it remains

One of the most frequent questions I receive from clients is whether they should consider a Roth IRA (individual retirement account) conversion. As such, I thought it would be a worthy topic for a blog post. Given that I work primarily with people who are nearing or already in retirement, my discussion will be focused

As we all know, saving for retirement requires hard work and discipline. But spending intelligently once one is in retirement can be equally challenging. Indeed, one of the most critical decisions retirees face is determining how much to withdraw from their investment portfolios—or more specifically, determining a sustainable withdrawal rate that reduces their risk of depleting their assets during

As you may know, Congress recently passed a $1.7 trillion omnibus spending bill. Included within its 4,100+ pages is new retirement legislation known as the “SECURE 2.0 Act of 2022.”  Several months ago, I provided a preview of SECURE 2.0 based on initial legislation passed by the House of Representatives.  As promised, I am following

Well, I don’t know about you, but it’s hard to believe it is already December. With 2023 just around the corner, here are some key financial planning figures that might be helpful to keep in mind for the new year: Source: IRS.gov **** If I can assist you with any financial planning/investment matters, please let