By Shelby Clements, CPA, CFP®
With several individual retirement account (IRA) options available to investors, it’s important to understand how each IRA works and which is most appropriate for you. In this piece, we’re going to dive into the Backdoor Roth IRA conversion.
If you have been curious about Opportunity Zones, you aren’t the only one. We’ve been researching this topic too and felt it important that we share some helpful knowledge to our clients as well as any investors considering this as a potential investment.
As the end of the year draws near, the last thing anyone wants to think about is taxes. But if you are looking for ways to minimize your tax bill, there's no better time for tax planning than before year-end. That's because there are a number of tax-smart strategies you can implement now that will reduce your tax bill come April 15.
With rates as low and competitive as they have ever been, it’s as close to a “buyers” market in life insurance as you’ll see. Still, with a goal to be as efficient as possible with financial resources, curbing all costs and expenses is a priority for most people, and buying life insurance is no different.
When preparing for your retirement, think about how much income you may need each year to fund the lifestyle you want. To help maintain your living standard, you may need to save enough money to supplement other sources of retirement income, such as a company pension and/or Social Security. It is also important to be aware of how your age factors into your retirement decisions.
Federal law requires that participants in employer-sponsored retirement plans designate their spouse as their beneficiary unless the spouse waives this right in writing. Assuming that you and your spouse adhered to this practice, a document known as a Qualified Domestic Relations Order (QDRO), which is part of a divorce settlement, specifies how retirement assets are divided.