In this article, we will explore recent developments surrounding inherited retirement accounts. Understanding the nuances of these regulations can significantly impact your financial strategies, tax planning, and ultimately, your long-term goals.
SEP IRA or Individual 401(k)? A Question Worth Exploring for the Self-Employed
Choosing between a SEP IRA (Simplified Employee Pension Individual Retirement Account) and an Individual 401(k)—also known as a Solo 401(k) or Self-Employed 401(k)—is an important decision for self-employed individuals or small business owners planning for retirement. Each option offers compelling benefits and considerations, and the choice largely depends on factors such as income, contribution limits, and expected future business growth.
The First 10 Steps to Take When You Receive an Inheritance Lump Sum
Inheriting a lump sum can be a life-changing event, and it's essential to approach it with careful consideration and planning. As experienced financial planners, we understand the weight of this situation and the importance of making informed decisions. As a starting point in your decision-making, let’s discuss the first 10 steps to take when you receive an inheritance lump sum that can help you make the most of your newfound wealth.
The Importance of Time Horizons in Building a Strong Financial Foundation
When it comes to planning finances, people often get lost in the details and overlook the importance of timing. One factor to consider when setting financial goals and planning investments is the time horizon.
Happily Ever After: Keys to Enjoying Your Retirement
With the surge in senior living options available today, it is time to rethink our retirement years. Being retired does not need to mean slowing down. Moving into an independent living facility relieves you of household chores and responsibilities—allowing you more time to spend on activities that you enjoy—and provides an expanded social community.
Is the 4% Retirement Withdrawal “Rule” Dead or Alive?
In late 2023, The Wall Street Journal (WSJ) published an article titled “The 4% Rule for Retirement is Back” and my immediate response was, “Where exactly did it go?”
8 Fast-Approaching Tax Deadlines to Keep in Mind
As the year-end approaches, it is important to take note of the upcoming tax deadlines. As a financial advisor firm that believes in providing our clients with a wealth of knowledge and guidance, we want to remind you of 8 essential tax deadlines for the year 2023.
The Basics of Long-Term Care Insurance
For many of my clients approaching their retirement years and beyond, this question is a common one: How will I pay for my long-term care if and when I need it?
Avoiding Occupancy Fraud When Obtaining a Home Mortgage
2022 saw a dramatic rise in interest rates, including rates on home mortgage loans. The rise was so swift that many potential home buyers were quickly priced out of the market. As the mortgage landscape has shifted from the historically low rates we all enjoyed these past few years, it is important to understand an important nuance of how home loans work prior to stepping back into the market.
2023 Tax and Retirement Planning Updates to Keep on Your Radar
It is the start of a new year and if you are one for making resolutions, now is a great time to add some financial planning resolutions to your list. Or, at a minimum, keeping tabs on some of the recent updates to tax and retirement limits will make sure you start the year off on a great financial footing.
Managing Your Financial Mise-En-Place
Chefs, from the classically trained to the rock-and-roll celebrity types, cling tightly to the concept of mise-en-place when running their kitchens. French for ‘putting in place’ and a concept derived from the military, mise-en-place is the tightly coordinated planning and organization of the inputs needed to precisely execute the production of a meal.
2022 Year End Planning Updates
As the year-end approaches, now is an ideal time to review strategic planning opportunities and preview what lies ahead in 2023. We encourage you to discuss these planning topics with your Sand Hill Wealth Manager
Should a State’s Tax Code Determine Where I Retire?
While one tax type, such as income tax, is low in a given state, other taxes, such as sales taxes and property taxes, may be higher, so moving to that state will not necessarily lessen your tax burden.
Top Things to Know Before Retiring Abroad
When you consider your future retirement, you may have specific ideas and preferences in mind. Perhaps one such preference is retiring in another country. While doing so can be full of fascinating possibilities and great happiness, there are specific things to be keenly aware of when structuring your successful retirement plans.
Retirement: Who Am I Now?
It’s one of the biggest life events anyone can achieve. You’ve successfully navigated a long and fulfilling career and your reward awaits: the blissful stage of retirement. Remember that last final in college? That feeling of freedom?