by admwiu | Dec 5, 2023 | Estate planning, Newsletter, Retirement
The passage of the SECURE Act in 2019 effectively eliminated the stretch IRA, an estate planning strategy that allowed an inherited IRA to continue growing tax deferred, potentially for decades. Most nonspouse beneficiaries, including children and grandchildren, can...
by admwiu | Dec 5, 2023 | Retirement
The IRS issued about 95 million federal income tax refunds by May 12, 2023 (for tax year 2022), averaging $2,812.1 You might consider this type of windfall a stroke of good fortune, but is it really? You probably wouldn’t pay someone $234 each month to receive $2,812...
by admwiu | Dec 5, 2023 | Newsletter, Retirement
Social Security is complicated, and the details are often misunderstood even by those who are already receiving benefits. If you’re looking forward to receiving your Social Security benefits, whether in one year or 30 years, you may be curious about some of the basic...
by admwiu | Dec 5, 2023 | Newsletter, Retirement, Tax planning
The SECURE 2.0 Act, included in the federal spending bill passed in late 2022, dramatically changed the landscape for required minimum distributions (RMDs) from tax-deferred retirement accounts. As part of the effort to strengthen the nation’s retirement system, the...
by admwiu | Dec 5, 2023 | Newsletter, Retirement, Tax planning
In December 2022, Congress passed the SECURE 2.0 Act. It introduced two new rules relating to 529 plans and student debt that will take effect in 2024. The first provision allows for tax- and penalty-free rollovers from a 529 plan to a Roth IRA. The second provision...
by admwiu | Dec 5, 2023 | Newsletter, Retirement
A sound retirement plan should be based on your particular circumstances. No one strategy is suitable for everyone. Once you’re retired, your income plan should strive to address four basic objectives: earn a reasonable rate of return, manage the risk of loss,...
