This week on “Money Talks,” Chief Investment Officer Troy Harmon, CFA, CVA, Client Relationship Manager—Retirement Services, Justin Wagner, AIF®, and Associate Peter Lynch discuss the situation of an investor who wants to borrow from his 401(k) for an emergency.
Retirement might seem worry-free, but there can be challenges when managing their income, and how taxes affect them, including how taxes affect to Social Security and Medicare and when to tap taxable and tax-advantaged accounts.
In this Planning Priorities episode, Scott Brown, CFS®, Senior Consultant, Retirement Services, explains how just 1% can make a difference in your retirement savings.
As young adults embark on their first real job, get married, or start a family, they might want to make preparing for retirement a financial priority. The best time to start investing is now — for two key reasons: compounding and tax management.
If you find yourself looking for a quick source of cash, your retirement savings may look like a tempting option. However, if you are under age 59½ and withdraw money from a traditional IRA or qualified retirement account, you will likely pay both income tax and a 10% early-distribution tax on your federal return; your state may also charge an early-withdrawal penalty in addition to the regular state income tax.
Chief Investment Officer Troy Harmon, CFA, CVA, Managing Associate Jarrett McKenzie, CFP®, CWS®, and Senior Associate Logan Daniel, CFP®, CRPC®, team up to address a couple’s question on how to budget for health care costs in retirement, as reports show retirees can need anywhere between $212,000 and $383,000 for health care costs.
You may think of Social Security as just something for retired people. However, Social Security is with you throughout your entire life. We explain more!
Taxes can take a big bite out of your total investment returns, so it’s helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn’t be driven solely by tax considerations; other factors to consider include the potential risk, the expected rate of return, and the quality of the investment.
In this Money Talks Minute, Bil Lako, CFP®, explains how your annual required minimum distribution is based on your account balance as of December 31 the previous year.
If you qualify, you can make a deductible IRA contribution for 2022 up until the tax filing deadline on April 18, 2023. If you are someone age 50 or older, don’t forget you qualify to make a catch-up contribution.
