For the last several weeks, the media spent a great deal of time covering the fiscal cliff and the upcoming changes in the tax code. At the eleventh hour, Congress passed the American Taxpayer Relief Act of 2012 that seeks to solve some of the tax questions that have been hanging over our heads for the last several months.
Contribution limits to IRAs and other employer-sponsored retirement plans have changed for 2013. Here are the most recent deferral limitations:
Small business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden.
When it comes to financial planning, risk management – particularly insurance issues – are one of the most confusing areas that people address. What would be the financial impact on your family if there were a loss of income due to a physical or mental disability?
One of the most pronounced fears for retirees and pre-retirees is outliving their assets. This has especially been a large concern in light of low investment returns over the last decade. (more…)
Roth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs. (more…)
One of the major goals that most people have is to, at some point, be debt free. This is a goal that we (Chip and Erin) strive for in our personal lives and we highly encourage our clients to prudently consider as well. In fact, research has consistently shown that people with manageable debt levels tend to be happier than those who are burdened with a high debt load. (more…)
In a prior article, we discussed the importance of maintaining an emergency fund. We offered our insight into how much is appropriate to keep in cash or savings, as well as emergency fund targets. As a result of that article, we were asked the question: “Where can I invest my emergency fund, such that it earns an interest rate that is higher than 0%?”
How much cash is it appropriate to keep on hand in short term savings and money markets? Before we address the question, it is important to understand the important role cash plays in an overall financial plan.
With the belief that tax rates are likely to rise over time, many people are considering the merits of converting their traditional IRAs into Roth IRAs. The decision of whether or not to convert an IRA into a Roth IRA is a big one with far-reaching financial implications.