If you are like most Americans, you started saving for your retirement about the same time you started your career. The idea of saving for our golden years is firmly ingrained in the American psyche. While putting away money for retirement is certainly wise, putting away too much can result in over-funding of a retirement account. Unless one plans ahead, the excess funds in a retirement account could be taxed as both income and for estate tax purposes at the time of death. The end result of this … [Read more...] about Over-Funding Your Retirement Plan: A Potential Estate Planning Problem
The most significant action of Congress in 2019 relating to retirement and estate planning was the late December passage of the “Setting Every Community Up for Retirement Enhancement Act of 2019”, commonly known as the “Secure Act”. It was signed into law shortly thereafter and is effective January 1, 2020, for most purposes. In this and future newsletters, we will look into the provisions of the Secure Act and also some strategies to maximize benefits and minimize problems created by this … [Read more...] about CONGRESS PASSES THE SECURE ACT: HOW DOES IT AFFECT YOU?
When it comes to retirement planning, it is never too late to start. The truth is, you be able to safely rely on your Social Security benefits. Instead, you should be proactive and create your comprehensive retirement plan now. That way, you can relax and enjoy your retirement the way you always hoped you would. One easy way to get started is by opening Individual Retirement Accounts which can help you start saving and investing in your future. One valuable type of IRA is a Roth IRA. Here … [Read more...] about Things to Know about a Roth IRA
If you are a California resident with a career in public service, you should are most likely familiar with the California Public Employee's Retirement System or CalPERS. CalPERS has provided retirement benefits for public service employees for more than 80 years. The CalPERS pension fund currently serves more than 1.7 million members. However, the residents of one Sierra County town may have a significant concern about their retirement. Unexpected pension issues are one reason why retirement … [Read more...] about Reductions in Retiree Pensions in Sierra County Become a Concern for Many
When it comes to retirement planning, Sacramento couples need to know it is never too late to start. If you believe that you can safely rely on your Social Security benefits, you might be unpleasantly surprised. Instead of taking that risk, be proactive and create your comprehensive retirement plan now. That way, you can relax and enjoy your retirement the way you always hoped you would. One simple way to get started is by opening Individual Retirement Plans, which can help you start saving … [Read more...] about Retirement Planning Sacramento Area Couples Should Not Be Without
The growing number of baby boomers reaching retirement age has caused many people to re-examine their retirement plans in light of long-term care costs. As people age and their needs change, many of them have to go into a nursing home or assisted living environment to receive necessary care and assistance. What many people don’t realize is that the costs associated with such long-term care are usually something they have to pay for out of their own pocket. Unless you are able to qualify for … [Read more...] about Don’t Count on Medi-Cal For Long-Term Care
Release of the income caps for the conversion of traditional IRA assets to Roth IRA assets has lead to a scurry of conversions. The catch is that if you took a tax deduction for your contributions to the IRA, you must now pay taxes on any monies you now transfer into a Roth IRA. The Roth is very popular and, generally, potentially a great deal because Roth IRA assets grow tax free and are distributed tax free. In addition, if you don’t need the money, you can keep the assets in the Roth for … [Read more...] about Should I Convert to a Roth IRA?