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retirement planning Tag

5 Ways to Plan for Early Retirement

After decades of hard work, many people are thrilled by the prospect of early retirement. It is possible for almost anyone, if you are willing to do some planning. However, because the planning often begins when you are still years away from retiring, it can be difficult. Follow these five rules to set yourself up for early retirement. Save Money Now Even though retirement may seem incredibly far off, it is important to start saving money now, especially if you want to retire early. Do not wait to start until you are only a handful of years away from retiring. Cut...

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Converting Your IRA to a Roth IRA

One of the most important things to do throughout your career is to plan for retirement. When you set up your retirement account, there are two Individual Retirement Account (IRA) options: a traditional IRA and a Roth IRA. Some people start with traditional IRAs and switch to a Roth account later. Both have advantages and disadvantages, but there are several benefits of a Roth account that may be worth the switch. Traditional vs. Roth IRAs A traditional IRA is better suited for people who want tax deductions on their contributions and then pay the tax when they take withdrawals. The Pros of a...

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How to Maximize Your Roth IRA Contributions

Many people are unaware of the importance of healthy spending and saving habits, as well as how to set up and contribute to an IRA account. When it comes to retirement planning, an IRA account is essential for saving money and building wealth. A Roth IRA account allows you to contribute $5,500 annually and up to $6,500 if you’re over 50. Although there are limitations on how much money you can put into your account, there are strategies you can utilize to make the most out of your Roth account. Convert Other Assets into Your Roth IRA There may be a limit on...

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6 Tax Advantages of Roth IRAs

Any type of retirement investment plan will come with tax stipulations, and many people deal with withdrawal penalties and taxable income from their investments after they retire. Roth IRAs include many tax benefits that can help prevent some of the unfortunate stipulations that many other plans have in place. Tax-Free Income Roth IRAs do not tax income in retirement, for either contributions or earnings. You do, however, have to pay income tax on contributions upfront. Roth IRA users can also add after-tax money at any time and withdraw principal and earnings without taxes on retirement. Flexibility Unlike the traditional IRA, a Roth IRA can...

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Do Roth Conversions Satisfy Required Minimum Distributions?

As the likelihood of higher tax rates increases, many proactive investors are looking to the Roth Conversion as a way to protect their retirement assets and plan for retirement. As they do so, one question sometimes arises: Does the amount that you convert to a Roth IRA count towards the Required Minimum Distribution?  The short answer is no. Here is an example: Let’s say you want to shift $30,000 from your IRA to your Roth in a given year. Let’s also say that in that same year, you have a Required Minimum Distribution of $20,000. Before you can do any Roth...

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Tax Benefits of Rolling Your 401(k) Into an IRA

Your company’s 401(k) retirement plan is a great investment choice. However, there are many good reasons to consider rolling your 401(k)-retirement plan into an IRA. The process is simple, and you may find some tax benefits for making the switch. Understanding your options and the possible tax implications can help you make a well-informed decision. Less Confusing Rules One issue with a 401(k) plan is there is little to no standardization, meaning your 401(k) has the potential to work in a way completely different from the way your friend's, who is employed at another business, 401(k) works. Even if you have a...

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3 Options for Rolling Over Your 401(k) to an IRA

There are many reasons why you may be considering rolling over your 401(k) to an Individual Retirement Account (IRA). First, you may be looking to expand your options for investing. Second, you can consolidate multiple 401(k)s into one investment platform for saving on investment fees and lastly you have control of your investments and not your previous employer. Regardless of the reason, choosing the best fit for your investment will require understanding the options and their available benefits. Below we have compiled a helpful guide to choose which option may be best for your unique needs: Traditional 401(k) to Traditional IRA Your options...

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Act Now to Save on Taxes before This Key Deduction is Lost

While Congress usually doesn’t accomplish much near the Christmas break, there are some indications that a new tax plan may reach the President’s desk before the end of the year. Even if an agreement is not reached until early January, it is likely that the tax bill would be made retroactive to January 1st, and so effective for the entirety of 2018. Two key deductions may be going away or facing new limitations as a result of this tax bill, but there is action you can take before the end of the year to save money. It is always best to...

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New Retirement Planning Rules You Need to Know

The rules have changed when it comes to retirement planning. Skyrocketing medical expenses, changes to social security, and a constantly rising cost of living make the retirement process much different than it was just 10 years ago. The best way to really understand the current situation lies in a thorough examination of the old rules and how retirement planning rules have changed. For example, traditional wisdom said save 10% of your income and work for around 40 years, then you can retire in comfort. Now, that often isn’t enough. The old rules involved investing mostly in bonds when approaching retirement....

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How to Make Sure Your Retirement Planning Covers Healthcare Costs

The combination of losing steady income, and incurring more healthcare costs as you age, is one that strikes fear into the hearts of many retirees. With a fixed income and the need for more frequent care, you may wonder how you’ll pay your medical bills. Even in great physical health, there may come an emergency that sets your budget back. Thankfully, you can enjoy your golden years without fearing healthcare costs. Here’s how… Accurately Calculate Healthcare Costs Many retirees find themselves in difficult positions because they fail to plan for just how much healthcare will cost. Most companies pay about 75 percent of...

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