Are your retirement assets in the right location? Asset location can be critical to saving money on taxes. Many people know about asset allocation or diversification, but there are a lot of nuances around what types of accounts are used for what assets.
The deliberate placement of your investments can be critical for your long-term success. Don’t assume everything is where it needs to be. As you move through different phases of retirement, you may also need to shift things to meet your needs.
Annuities can be as confusing as any product on the market. However, they can be a handy tool for the right individuals. Don’t let all the ambiguous and confusing terms discourage you from learning about annuities.
A general understanding of how annuities work, the types of annuities available, and the tax implications is helpful. We’ll also analyze the costs and fees, how annuities can insure against longevity risk, and whether an annuity product might be right for you.
Running out of money is a real worry for retirees. However, you can reduce or eliminate worries around longevity risk in retirement. With careful planning, it might be easier than you think.
Regardless, we recommend planning for your retirement early and often. The longer you wait, the less options you have. So, what can you do to protect yourself from longevity risk?
This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.
Retirement accounts grow from pre-tax (deductible) contributions during employment. During retirement, account withdrawals, or distributions, are then taxed as ordinary income. To many entering retirement, it would make sense to let these accounts sit, accruing tax-deferred value to further build their savings and/or inheritance to pass on.
This post was last updated on January 07, 2024, to reflect all updated information and best serve your needs.
Although defined benefit plans (pension) are less common today, many people will still rely on them for retirement. There are some very specific rules governing how these plans are calculated for payout either over the course of retirement or in a lump sum.
Warren Buffett is one of the greatest investors and philanthropists of all time. What can we learn from his charitable giving, and how can we apply it to our own giving strategies?
The main point of charitable giving is making the biggest impact. However, when we plan our giving carefully, we can save on taxes and put even more money to good use. There are many considerations, such as when, how much, and which charities and causes to support.
Savvy retirees know the importance of having multiple streams of income in retirement. Multiple income sources help ensure financial stability and peace of mind. We know the importance of having a diversified portfolio, but diverse income streams are even better!
You don’t want all your nest egg(s) in one basket. It’s best to analyze all potential income sources first thoroughly. Then, you can craft a comprehensive financial plan to meet all your retirement needs.
Roth IRA conversions are a valuable tool in long-term tax planning. This method might save you tens of thousands of dollars or more on your taxes. But is there a best time of year to complete Roth conversions?
You must consider many variables to determine what’s best for you. Life happens, and your tax-saving strategies must be adjusted accordingly. This is why we typically evaluate and complete Roth conversions annually.
The last decade has seen some major changes and events, but a lot remains the same. Reflecting on 10 years in business at NextGen Wealth has been a remarkable experience. We’ve accomplished so much, but there’s still much more to come!
We’ve continually added services and enhanced the client experience. It’s amazing to see how much we’ve accomplished navigating successful retirements.
Are you looking for a way to supercharge your retirement savings? You might want to look into after-tax contributions to your 401k. Larger employers offer this option more often, but some smaller employers may also offer it.
After-tax contributions could be a great option to top off your retirement savings. Of course, there’s nothing magical about these contributions, but if you’ve already hit other contribution limits, this might be a great benefit.
Getting accurate and timely information is critical to your success every tax season. Unfortunately, not all of the details about your financial life show up in your tax documents. Your accountant will need your input to understand the context of your tax documents.
You don't want to miss out on any potential tax savings or make a mistake on your taxes. This is why communicating and collaborating with your financial planner and accountant is so important. Timely and accurate information can prevent problems and possibly keep more money in your pocket.
This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.
Retirees who work with a financial advisor are happier and more confident – in their finances and in life. Many of us have concerns about money. So, it makes sense that getting expert help would increase happiness by reducing financial stress.
The right financial planner does so much more than just help you with a 401k rollover. A true expert takes the time to get to know you and craft a detailed, thought-out plan around your hopes and dreams. The process should center around you, not your money.
This post was last updated on January 07, 2024, to reflect all updated information and best serve your needs.
It seems like Roth conversions are all the rage, but are they really the right thing for you? There are many potential benefits, but there are some trade-offs to consider as well. The decision to use a Roth conversion incorporates a much longer timeline than many other tax-saving strategies.
This post was last updated on December 30, 2023, to reflect all updated information and best serve your needs.
A 403(b) plan or tax-sheltered annuity (TSA) is a retirement account for public schools, colleges, and universities as well as for churches and non-profit organizations. While the account works similarly to other retirement plans like a 401k, there are some differences.
This post was last updated on 30 December, 2023, to reflect all updated information and best serve your needs.
Planning for your retirement is the key to fully enjoying the fruits of your labor. Whether you have an IRA (individual retirement account), a 401(k) or other retirement account, you'll want to get the most out of it by maximizing your contributions. Understanding the contribution limits put in place by the IRS will help you maximize your savings.
Many investors consider diverse investment portfolios desirable because they reduce the overall risk inherent to investing. One of the primary ways to diversify your portfolio is to invest in different asset classes. Before you can do that, though, you need to know a little more about what they are.
While even the most diverse investment portfolios aren’t immune to risk entirely, risk reduction of any amount can help provide you with peace of mind, particularly when you’re investing as a way to support yourself through retirement.
Typically, if you want to become an investor, you need sufficient capital to make any headway. These days, however, it’s never been easier to make your money work for you, thanks to various investing apps and opportunities.
If you’re short on funds, you might think that investing is out of reach. You’d be wrong. Thanks to the growing trend of micro-investing, anyone with a bank account can get started.
This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.
Congratulations! You’ve worked for decades to prepare for retirement and now you’re there, or almost there, ready to start what can be the most enjoyable phase of your life. Very likely, you’ve got plans to travel, see family and friends and maybe even revisit hobbies you’ve neglected for decades.
Most of us like to know the length of time it will take our investment to grow. We want all the numbers: estimates, figures, how old we will be when it’s doubled, etc. Some things in life are just hard to know because there are no guarantees.
But with the Rule of 72, you always know the number of years it takes to double an investment. The Rule of 72 will tell you a lot about the money you invest. Thanks to the Rule of 72, the table below tells us how many years it will take an initial $10,000 investment to double, depending on the rate of return.
Probate can be quite a headache. Fear not! There are two not-so-secret secret weapons in your estate-planning arsenal, known as Transfer-on-Death (TOD) and Payable-on-Death (POD) designations.
These simple, yet overlooked methods are an easy and free way to avoid losing time and money to probate. Don’t burden your loved ones with complicated and confusing processes to claim their inheritance.
