A Roth IRA is a great place to save your money for retirement since it will have tax-free growth, no required distributions (or income taxes owed on the distributions) and can pass to the next generation to continue to grow and accumulate wealth. Roth Conversions are an alternative to contributing directly to a Roth IRA, should you prove ineligible for that route.
The significant retirement legislative package known as “SECURE 2.0” was passed on December 23, 2022 as part of the 2022 omnibus appropriations bill. The legislation is an important step forward in providing more Americans with greater retirement security. Within its 350+ pages of legislative text, the SECURE 2.0 includes 92 provisions, aimed at expanding retirement coverage and increasing retirement savings, preserving income, and simplifying and clarifying retirement plan rules. We share our 9 Key Takeaways.
A new year can bring a fresh start. Many of us take time to evaluate the past year or even create goals for the upcoming year. These practices are valuable and allow us to look at the bigger picture in our lives. Since money is a tool that can assist in achieving goals, applying practices like these to our finances is imperative. Outlined below are a couple items to keep in mind as you plan for the new year:
With the end of 2021 quickly approaching, there is still time to take advantage of many tax planning opportunities for this year. Below are several planning ideas that may be applicable to you and your family.