It’s important to seek out advice on how to create and update your retirement plan based on the new provisions of the SECURE Act 2.0 so that you can take advantage of the opportunities and avoid the pitfalls. At Goldstone Financial Group, we can explain how the latest retirement legislation could affect you specifically. The rules are complex, but your objectives may be as simple as finding strategies to help minimize your taxes, grow your savings, and pass on your wealth to your loved ones.
You may not think of your family as incredibly wealthy, but America is full of ‘millionaires next door.’ Financial Advisors are not just for movie stars and CEOs. They work with countless ‘millionaires next door’ each year. You’ve worked hard and saved for retirement, and now the question is how you’ll make it last for the rest of your life while maintaining the lifestyle you want.
Happy Birthday! Now the real fun begins. Before you begin planning your retirement, be sure to mark these important dates in your calendar. Starting at age 50, several birthdays – including “half-birthdays” – are critical to understand because they have implications regarding your retirement income.
Hopefully you’ve been taking advantage of the ability to contribute extra money to your retirement accounts since you turned 50. You’re also nearing the age at which you’re eligible for Social Security benefits and Medicare. Keep reading to learn about your retirement options and how you can successfully transition into retirement.
Many Americans rely primarily on Social Security in retirement, and even if you don’t, you still want to know how to claim your maximum benefit. Although you will most likely not be able to maintain your current lifestyle on a Social Security benefit alone, it can make up a significant portion of your income and is guaranteed for as long as you live.
They say “men are from Mars and women are from Venus” and our differences carry over into financial planning. In a world where women oftentimes share, or own, the responsibilities of household finances, and often are the major “bread-winner,” it makes sense that you are adequately addressed. There are a disproportionate number of men in the financial space today, so let’s take a moment to address some financial needs unique to women.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was the biggest piece of retirement legislation in decades. One major change that will affect all retirees with a traditional retirement plan – such as an IRA or 401(k) – is that the Required Minimum Distribution age increased from 70 ½ to 72. The new rule is applicable for everyone turning 70 ½ from January 2020 onwards. And although this means retirees can enjoy more time for their savings to grow tax-free, it doesn’t mean they shouldn’t consider the effect that RMDs will eventually have on their tax burden and retirement savings.
After a tumultuous 2022, filing your taxes this year could be complicated. Maybe you stopped working, realized investment gains, created an estate plan, or went from itemizing to claiming the standard deduction or vice versa. There are many factors that can impact whether your taxes will increase and whether you need to rethink your tax strategy.
Our strong team of professionals will help ensure you receive all the assistance you need, not only in developing your retirement income strategy but also in maintaining it throughout your entire retirement.
Investment Advisory Services offered through Goldstone Financial Group, LLC a Registered Investment Advisor (GFG).
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“The Changing Story of Retirement” report is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.
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