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Tuesday, April 9, 2024

How do you picture your future? Some see retirement as a time to start a new career. Others see it as a time to travel. Still others plan to spend more time with family and friends. With that in mind, here are some things to consider....

Tuesday, March 26, 2024

The reason withdrawals from a Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything other...

Tuesday, March 12, 2024

Are you on the brink of retirement or settling into your golden years? This chapter of your life can be exciting and rewarding, especially if you're well-prepared. One of the biggest concerns on your mind, however, is probably money....

Tuesday, February 27, 2024

Retirement is a significant milestone in life that, for many people, brings both excitement and apprehension. As you approach this phase, ensuring your financial health becomes paramount. It's the time when you should reap the fruits...

Tuesday, February 13, 2024

If you're like most retirees, running out of money is likely one of your biggest fears for your golden years. The good news is that careful planning and tax-efficient drawdown strategies can help you enjoy the lifestyle you've dreamed...

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Tuesday, January 23, 2024

Retirement is a significant milestone in life that, for many people, brings both excitement and apprehension. As you approach this phase, ensuring your financial health becomes paramount. It's the time when you should reap the fruits...

Tuesday, January 9, 2024

The start of a new year is an ideal time to set financial goals. Maybe you're aiming to save more money this year or are prioritizing paying off debt. If you made financial goals for yourself last year, how did you do? Did you stay on...

Tuesday, December 12, 2023

Have you ever had to deal with a "white elephant"? Not the actual pachyderm, but what Merriam-Webster calls "a property requiring much care and expense yielding little profit" or, more simply, "something of little or no value." Of...

Tuesday, December 5, 2023

Recent years have witnessed the mainstreaming of alternative investments for certain accredited investors. In fact, alternative investments are expected to grow $8 trillion between 2022 and 2028.1,2 The impetus behind this projected...

Wednesday, November 29, 2023

Everybody wants to save on their taxes. If you think tax-saving strategies are too complicated, you could be missing out on tax savings. There are a few simple tax-saving strategies available to nearly everyone. Tax planning is more...

Tuesday, November 7, 2023

The federal estate tax threshold rose to $25.84 million in 2023 for married couples and $12.92 million for individuals, as part of the Tax Cuts and Jobs Act (TCJA). Like several TCJA provisions, the higher estate tax limit is due to...

Wednesday, October 25, 2023

A recent survey found that 28% of workers are very confident about having enough money to live comfortably through their retirement years. At the same time, 27% are not confident.1 In 2001 congress passed a law that can help older...

Wednesday, October 11, 2023

When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Unfortunately, even the deceased can't escape taxation. If the departed family...

Wednesday, September 20, 2023

Forty-two percent of Americans do not own any stocks or stock-related investments, according to a recent Gallup poll.1 Individuals may cite different reasons for not investing, but with important long-term financial goals, such as...

Tuesday, September 12, 2023

Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don't know that there are other ways to maximize their benefits, some of which depend on their marital status....

Wednesday, August 23, 2023

In 2021, the U.S. had a record 24.5 million millionaires, up from 202 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net...

Wednesday, August 9, 2023

What exactly is the "sequence of returns"? The phrase describes the yearly variation in an investment portfolio's rate of return. But what kind of impact do these deviations from the average return have on a portfolio's final...

Tuesday, July 18, 2023

According to the most recent information available, Americans have individual life insurance with a total face value of $12.8 trillion.1Due to a variety of factors, these individuals may find themselves in circumstances where the...

Wednesday, July 5, 2023

Preparing your estate can be complicated, and if you’re a part of a blended family, estate decisions can be even more complex and nuanced. Blended families take on many forms, but typically consist of couples with children from...

Wednesday, June 14, 2023

Imagine driving a car without a basic understanding of the rules of the road or even how to operate it. Scary thought.Here’s another scary circumstance – one that is all too real. Many Americans are making financial...

Monday, June 5, 2023

Women who share money management duties with their partner tend to take on a lion’s share of the responsibility for the household finances. Yet only 18% of women feel very confident in their ability to fully retire with a...

Tuesday, May 16, 2023

While many people are familiar with the benefits of traditional 401(k) plans, others are not as acquainted with Roth 401(k)s.Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans. And some have...

Thursday, May 4, 2023

Chris Rock once remarked, “You don’t pay taxes – they take taxes.” That applies not only to income but also to capital gains.Capital gains result when an individual sells an investment for an amount greater than...

Tuesday, April 18, 2023

Find That Lost Retirement AccountDo you have a long-lost retirement account left with a former employer? Maybe it’s been so long that you can’t even remember. With over 24 million “forgotten” 401(k) accounts...

Tuesday, April 4, 2023

If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances.In fact, according...

Wednesday, March 22, 2023

This content originally appeared on irahelp.comCopyright © 2023, Ed Slott and Company, LLC Reprinted from The Slott Report, Wednesday, March 22, 2023, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, March 21, 2023

How do you picture your future? Some see retirement as a time to start a new career. Others see it as a time to travel. Still, others plan to spend more time with family and friends. With that in mind, here are some things to...

Thursday, March 9, 2023

Interest in making an impact with one’s investments has grown in recent years, which means many investors may have an increased interest in environmentally or socially focused investments as well. In fact, impact investments...

Tuesday, February 28, 2023

Hello Everyone! We'd like to take a minute and thank everyone who came out to our Love Where You Live Event last month. It was a great time and a fun way to get to celebrate you--our amazing clients!Our team would like to express our...

Thursday, February 23, 2023

This content originally appeared on irahelp.comCopyright © 2023, Ed Slott and Company, LLC Reprinted from The Slott Report, Wednesday, February 23, 2023, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, February 21, 2023

College marks a great milestone in a child’s life. It may be the first time he or she will live away from home. Dropping off your child at college may be an experience loaded with emotions, so here are a few tips for a smoother...

Thursday, February 9, 2023

When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is...

Tuesday, January 24, 2023

When looking for income-generating investments, some investors turn to dividend-yielding stocks.When a company makes a profit, that money can be put to two uses:It can be reinvested in the business.It can be paid out to the...

Wednesday, January 18, 2023

This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, January 10, 2023

The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached...

Tuesday, December 20, 2022

This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, December 20, 2022

Social Security's been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? Here are nine things that might surprise you.The Social Security trust fund is...

Tuesday, December 6, 2022

Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible.No Strategy: Yes, the biggest mistake is having no strategy at...

Tuesday, November 22, 2022

Generally, the different parts of Medicare help cover specific services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the...

Wednesday, November 16, 2022

This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, November 8, 2022

New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate. Some households "live it up" and spend more than they anticipate...

Tuesday, October 25, 2022

Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is...

Tuesday, October 18, 2022

This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, October 11, 2022

When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing after the passing of the...

Tuesday, September 27, 2022

Who among us wants to pay the IRS more taxes than we have to?While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let's take a quick look at the five most...

Tuesday, September 20, 2022

This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, September 13, 2022

Many of us grew up with the concept that making regular, periodic contributions to our retirement account was a sound investment strategy. The idea was that, in a fluctuating market, regularly investing a set amount would enable an...

Thursday, August 25, 2022

This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, August 23, 2022

Will you pay higher taxes in retirement? It’s possible. But that will largely depend on how you generate income. Will it be from working? Will it be from retirement plans? And if it does come from retirement plans,...

Tuesday, August 9, 2022

American households with credit card balances carry an average debt of $8,602.1The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There...

Tuesday, July 26, 2022

Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 65 is growing. In the past decade, the population of Americans aged 65 and older has grown 36% and is expected to reach 94.7 million in...

Wednesday, July 13, 2022

This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Tuesday, July 12, 2022

Financial Documents Joint OwnershipDurable Power of AttorneyLiving TrustWhat does it do?Enables you to own property jointly with another personAuthorizes someone to handle legal and financial decisions if you become...

Tuesday, June 28, 2022

Extended-care coverage can be complex. Here’s a list of questions to ask that may help you better understand the costs and benefits of these policies.What types of facilities are covered? Extended-care policies can cover...

Thursday, June 23, 2022

By Andy Ives, CFP®, AIF®IRA AnalystFollow Us on Twitter: @theslottreportQuestion:Hi Ed,I’m 66 Years old. Less than a year ago I converted into my Roth from my traditional IRA with the intention of parking it...

Tuesday, June 14, 2022

Do you have a will?A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children.Do you have healthcare documents in place?Healthcare documents...

Tuesday, May 24, 2022

The reason withdrawals from an Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything...

Tuesday, May 17, 2022

This content originally appeared on irahelp.com Copyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, May 16, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Monday, May 9, 2022

Tuesday, April 26, 2022

Monday, April 25, 2022

This content originally appeared on irahelp.com Copyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Thursday, April 21, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...

Monday, April 11, 2022

Wednesday, March 30, 2022

The IRS does its best to ensure no loopholes exist for bad actors to circumvent tax laws to avoid paying their fair share. However, when it comes to some of the guidance in the recently released SECURE Act regulations...

Tuesday, March 22, 2022

Tuesday, March 8, 2022

Tuesday, February 22, 2022

Tuesday, February 8, 2022

Wednesday, February 2, 2022

Wednesday, January 26, 2022

Wednesday, January 19, 2022

Wednesday, January 12, 2022

Wednesday, January 5, 2022

Wednesday, December 29, 2021

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Wednesday, December 1, 2021