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Information provided on this page is informational only. Nothing posted here should be considered investment advice. Please review your financial situation with a qualified financial professional before taking action. For more information please see our disclosure.

AUTHORS:  Jennifer Climo Jean Fullerton Jonathan Harrington Nick Prigitano Jenna-Rose Finnie Kyle Labelle
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Huge Changes to Required Minimum Distributions (RMDs) Courtesy of SECURE 2.0
Retirement Jonathan Harrington

It seems like yesterday, but in the pre-COVID-19 calm before the storm of December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The Act had many provisions, but the most important were increasing the beginning age for taking[MKS1] RMDs from age 70.5 to 72 and a new set of guidelines that effectively ended the Stretch IRA [MKS2] for most non-spouse beneficiaries of IRAs. Well, three years later, on December 23, 2022, Congress tucked SECURE 2.0 into the Consolidated Appropriations Act of 2023, and here we go again. SECURE 2.0 has a bonanza of changes related to retirement plans. Some have broad effects and others apply to small groups of people. Implementation of the new rules is spread out over the next 10 years, but most are effective in 2023, 2024 and 2025.

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Maximizing Retirement Plan Contributions with an Individual 401(k)

Retirement Jonathan Harrington

Imagine that you are a sole proprietor with a high income, and you’re looking for a way to maximize your retirement savings while reducing your taxable income. You’ve heard about SIMPLE IRAs and SEP IRAs, and you used to contribute to a 401(k) when you had a corporate job. Did you know that it is simple to set up your own 401(k) and you can contribute up to $61,000 a year to it ($67,500 if over age 50)? Introducing the Individual 401(k)! Individual 401(k)s are also known as Solo 401(k)s, Solo-ks, Single-ks, Self-Employed 401(k)s, Uni-ks and One-participant ks. This type of plan is like a traditional 401(k) covering business owners with no other employees. The plan can also cover the business owner’s spouse. It is also possible for the business to have employees, but they cannot be full time, as defined by the plan document.

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Can I Afford to Retire?

Retirement Jennifer Climo

You have worked very hard all your life and are now interested in slowing down, but you just do not know if you can afford to not have a paycheck coming in. This blog is aimed at the frugal among us — you know who you are. You diligently saved 15%-20% of your income most of your life, kept your lifestyle below your income, hate debt and are paying down your mortgage. Your goals include spending money on experiences, not things. You do not want to worry about your day-to-day living expenses, including medical costs and health insurance. In my 18+ years as a financial advisor working with individuals and couples, the one thing everyone who can afford to retire has in common is…not their net worth. Not their income. Not their demographics (single, married, divorced, widowed…). Not their occupation.....

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Time to Reflect on the Upcoming Year - Our Top 5 Financial New Year’s Resolutions

Retirement Insurance Estate Planning Cash Management Nick Prigitano

Setting New Year’s resolutions is a common practice for millions of Americans. Although we all know the stats about how frequently we fail to live up to them, it doesn’t mean we shouldn’t try. If we don’t set goals, then there is a 100% chance we won’t meet them. With that in mind, we have some typical, and not so typical, financial New Year’s resolutions to consider adding to your list for 2022.

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When Should I File For Medicare?
Retirement Insurance

Some of the scariest things about enrolling in Medicare is that it's incredibly complex; you may only have one chance to make decisions for life; and it can be extremely costly if you make a mistake. It's no surprise many retirees are left wondering when to file for Medicare. To make things more complex, if you're still working or are in an unmarried relationship there are more special rules that may apply to you.

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The Importance of Retirement Tax Planning – Why Tax Planning in Retirement Is Just as Important as When You’re Working

Taxes Retirement Nick Prigitano

In financial media, there is significant chatter about saving for retirement and utilizing ways to reduce your taxable income during your working years. But what often gets neglected are the discussions surrounding taxes in retirement, which, in many cases, are even more complex than when you’re working. With Medicare premium surcharges, Social Security brackets, estate taxes, required minimum distributions, and withdrawal decisions from tax-deferred, tax-free, and taxable accounts, juggling all these different items can be incredibly challenging.

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Can I keep my HSA after I retire?

Retirement Jennifer Climo

My colleague Nick Prigitano, CFP®, wrote about when you should file for Medicare, but what happens to your Health Savings Account (H S A) after you retire? We love HSAs due to the triple tax benefits associated with contributing to an HSA. To summarize, you can take a tax deduction for the contribution (which never phases out at any income level), the money can be invested and grows tax-free, and there is no tax when you withdraw the money to pay for qualified medical expenses. Of course, to be able to contribute to an HSA in the first place, you must be enrolled in an HSA-eligible health plan that has “HSA” in its name.

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End of the Backdoor Roth? New Tax Law Proposal Aims to Quash This Powerful Retirement Savings Move

Taxes Retirement Working Professionals Nick Prigitano

An incredibly wise man, Benjamin Franklin, once said, “In this world nothing can be said to be certain except death and taxes.” While there isn’t anything we as financial planners can do about death, one of our main goals is to help our clients reduce their total lifetime taxes paid. One of the best ways to accomplish this is to contribute money to a Roth retirement account (either a Roth IRA or a Roth 401(k)). The trouble with this is that not everyone is eligible to contribute to a Roth IRA directly or has an employer that offers a Roth 401(k) option. In these instances, another avenue to pursue is evaluating whether it makes sense to do what’s called a backdoor Roth contribution instead.

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The Inflation of Everything
Retirement Cash Management

If you need to buy a house or a car in this market of rapidly rising prices, what do you do? Interest rates are low, inflation is high, every month that goes by the cost of what you want to buy increases. The amount home prices, and car prices, have grown over the past year is not the point (it’s a lot), but understanding the reason behind it can help you decide what the best path is for you.

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9 Ways to Protect Your Money and Accounts from Hackers

Retirement Working Professionals Families Small Business Jennifer Climo

From fraudulent transactions to identity theft, securing online accounts is a hot topic in financial planning discussions in today’s cyber-connected world. There are some things you can do to protect yourself. Just like locking your doors and installing a security alarm and security cameras can protect your physical assets, there are similar approaches that can protect your online accounts.

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