Retirement Accounts are Americans biggest assets after their homes. From pensions to social security to investment accounts, how to plan for retirement is the biggest financial challenge Americans will face. The big expenses in life are buying the first home, paying for college for ones children, and paying for your retirement.

These accounts are critical to tax planning, estate planning, and wealth building. Using the right account is important, but sometimes just opening any account is good enough. You’ll rarely regret any moves you make, and this is a common topics of personal finance.

Most retirement planning revolves around tax advantaged retirement accounts. These fall into two general categories, traditional, or Roth. The traditional plan involved a tax deduction in the year you put the money away, to be taxed upon withdrawal of the money. This is called tax deferred, because you effectively pay the taxes in the future when you use the money instead of now when you earn the money. The Roth account gets its name from the Roth IRA, named after Senator William Roth. In a Roth retirement account, you invest after tax dollars (there is no deduction or deferral), but you can withdraw the money tax free, allowing you to accumulate earnings or capital gains without paying taxes.

Most people find themselves in a lower tax bracket in retirement, because they retire when they have sufficient assets to support their lifestyle which is lower than what they needed when working and saving for retirement. One of the core concepts of retirement tax planning is to defer your tax obligations from your peak earning years (and their higher tax rates) into the post-working years and the lower tax rates.

Because business owners have a variety of different retirement investment vehicles to defer taxes, it important to work with both a financial advisor and a tax advisor to help you identify which tax advantaged investment vehicle is best for your personal financial needs.

When we work with small business owners to build wealth, the conversations include tax reductions, tax deferrals, cost controls in their business, retirement account selection, and asset accumulation strategies.

Veteran Tax Credits & Deductions

By |2022-12-16T13:31:20-05:00November 11th, 2021|Categories: Quickies with Bette|Tags: , , , , |

Veteran's day 2021 is approaching. The complicated life of military personnel and their families doesn't get any less complex during tax season, so I figured I would try to uncomplicate it for you by sharing some of the unique tax rules that apply to active and retired military. I will also briefly touch on the work opportunity tax credit (WOTC) available as an incentive for employers looking to hire a qualified veteran. Let's get started. 

All Things IRMAA | Jorge Gonzalez Video

By |2021-09-10T16:29:31-04:00September 10th, 2021|Categories: #FinanceFriday|Tags: , , , |

On today's finance Friday, we have Jorge Gonzalez, who will tell us about all things IRMAA. Jorge is a financial services industry veteran with more than 26 years of experience. His specialty is providing business owners solutions to increase revenue, protect their assets, and reduce taxes with a collaboration with my CPA. He has two professional designations, and he also has a Medicare certification, which is part of what we're going to be talking about today.

Retirement Planning – Seth Bassoff

By |2021-05-14T11:57:21-04:00May 14th, 2021|Categories: #FinanceFriday|Tags: , , , , , , |

Retirement planning can seem boring, but when you have our #FinanceFriday guest Seth Bassoff CEPA®, APMA®, CRPS®, CRPC®, RFC® on your side, you can do some very cool things. Come check us out on this #FinanceFriday video.

Caring For Aging Family Members

By |2021-05-03T13:43:07-04:00May 3rd, 2021|Categories: #FinanceFriday|Tags: , , , , , |

Caring for aging family members and those with special needs is not something people are versed in discussing. However, Denise Lettau, Esq., is an expert in the field of caring for these family members and will help you draft the documents needed for executing the wishes of the family member.

Why Are People Moving to Florida?

By |2021-10-21T15:46:28-04:00April 1st, 2021|Categories: Other Perspectives|Tags: , , , , , , , , |

Why are people moving to Florida? Spoiler Alert: It's not just the weather. With nearly 1,000 people moving to Florida every day, it seems like everyone on Twitter has an opinion about it.

Robo Advising and Investing and Artificial Intelligence (AI) on #FinanceFriday with Roy Esh

By |2021-03-30T23:39:17-04:00March 11th, 2021|Categories: #FinanceFriday|Tags: , , |

Roy Esh discusses investing and wealth management in a world of Robo Advisors, Artificial Intelligence, and scandalous actions like Robinhood Markets.

Go to Top