Financial Planning Insights

There is a lot of value and benefit to investing in a 401(k) retirement plan. It is a common and powerful vehicle to help you fuel your nest egg when you get to retirement age. You may be fortunate enough to work for a company offering a 401(k) or something similar, and as such, you should know the ins and outs for your own benefit.  

What are required minimum distributions, and why do you need to make them? Required minimum distributions (RMD) are funds that must be removed each year from pre tax-funded retirement plans after you reach the required age, which is now 72. Without RMDs, the possibility exists for an inheritance scenario whereby these funds might never be taxed...

Although it may seem a bit early to think about retirement, people in their forties should already have a plan in place. But don't let that discourage you if you don't—there is still time to build wealth in your 40s. Social security benefits are not enough to support you, so formulating a plan early will save you from working longer than you want...

Sometimes, self-employed folks are so busy running their business that they forget to plan for retirement. If you are self-employed, don't let that happen to you. Those who work for large and medium-sized corporations are regularly reminded by their employers to contribute to their 401-K's, often with an employer match to boot. If you are..

The past few months have taken a toll on many of us—whether through the loss of a job, a loved one, building anxiety and concern for finances, or the future of our world—we are all feeling it. There are very few people who haven't felt the effects of the current environment. Perhaps the most concerning is those who are nearing retirement age but..

Annuities are basically insurance policies. Financial organizations that sell annuities typically collect the value of the annuity in a lump sum, invest the money and add the interest to the original amount. That added interest compounds and is not taxed until the annuitant begins taking money from the account.

Net unrealized appreciation (NUA) is one of those lesser-known IRS retirement fund taxation rules. In fact, NUA is really important for people heading towards retirement and planning to take a lump-sum distribution of their company-sponsored stock sharing plan.

The rules for a Roth IRA are basically the same basic rules that apply to a traditional IRA. Roth IRAs however, are designed to help out younger, lower-income individuals. You can contribute to both a traditional IRA and a Roth IRA in the same year but the total contributed cannot exceed the limit allowed. That limit changes from year to year so..