Whether you are an existing client or newly interested in Beacon, please view this short video to learn more about what we do.
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If you’re an investor age 50 or older planning to make “catch-up” contributions to a retirement plan, 2026 brings several important changes to understand. These include updated contribution limits and a new mandatory Roth catch-up rule for high-income earners that could affect both your taxes and your take-home pay.
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The IRS has announced contribution savings limits for retirement savings accounts for 2026. Make sure you let your payroll department know that you want to increase your contributions to these plans.
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One of the more useful provisions of the Secure Act 2.0 gives those who have unused 529 plan balances the option of rolling over funds with no tax implications into a Roth IRA. Here are the key rules for rolling over funds from a 529 plan to a Roth IRA.
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When someone asks how you are doing, how do you usually respond? More importantly, do you feel like you’re truly living your best life? Do you feel as though you are thriving?
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Retiring before age 65 can feel exciting, but it also raises an important question: how will you cover health insurance until Medicare begins? Fortunately, there are several paths to consider.
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At Beacon Financial Strategies, we agree that investments that generate income should be a valuable component of most retiree’s portfolios. However, we also believe that maintaining a diversified investment approach will enhance returns and reduce risk for most long term investors. This really proves beneficial during the distribution phase of your life as it provides for income, growth, potential tax efficiency, and flexibility as life changes.
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Let’s face it, seniors today have access to improved medical care and are healthier, more active and are likely to have longer lives. So what are the financial implications for retirees who will likely live well into their 80s and possibly their 90s?
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Employer-sponsored retirement plans such as 401(k)s are some of the most powerful retirement savings tools available. If your employer offers such a plan, we would strongly recommend you consider participating.
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Required Minimum Distributions (RMDs) have been around for many years. Over the past few years, updates have been made via Secure Act 1.0 and Secure Act 2.0 so we wanted to provide a reminder and update on how the current rule works.
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Over the years working with worried clients it has become obvious that going through the financial planning process and reviewing existing plans in the context of a changing financial environment helps alleviate worries.
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The IRS has announced contribution savings limits for retirement savings accounts for 2025.
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Over the past 3 years, the word “inflation” has dominated the headlines. In the current environment, there seems to be some confusion among investors and consumers regarding this term and what is happening. Therefore, we thought it would be a good idea to go over some of the key “flation” terms and clarify what each means and where we are today.
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Target Date funds have grown in popularity over the last decade especially inside employer benefit plans such as 401Ks. On the surface, they all seem to be exactly the same. First, you pick your fund based on your anticipated retirement date. Then you let the manager handle the rest – they utilize their glide path and make the portfolio more conservative as you approach retirement. While true, behind the scenes there are subtle differences that investors should be aware.
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Since 2001, individuals over the age of 50 have been allowed to make "catch-up" contributions to their 401(k) plans, IRAs, and Roth IRAs. This provision was designed by Congress to give those nearing retirement the opportunity to boost their savings in tax-advantaged retirement accounts. Now, starting in 2025, new legislation will extend these opportunities even further.
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Since 2004, much has changed, but one thing has remained constant: our unwavering commitment to helping our clients. As we’ve matured and experienced life’s ups and downs ourselves, we’ve come to truly appreciate the value of the advice Beacon provides and the difference it makes for our clients.
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Many underestimate their understanding of basic financial matters, leading to a lack of confidence and possibly anxiety. In reality, there is really just one simple “secret formula” that people who are financially successful do—they Pay Themselves First.
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The IRS has announced contribution savings limits for retirement savings accounts for 2024. All the maximum contributions to retirement plans have increased by $500. Make sure you let your payroll department know that you want to increase your contributions to these plans.
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The SECURE Act 2.0 altered the onset of Required Minimum Distributions (RMDs) from age 72 to age 73. However, the law made no change to the Qualified Charitable Distribution (QCD) rules. So, while a RMD is not required until age 73, a taxpayer over age 70 ½ is allowed to distribute directly from their IRA to their favorite charity and avoid taxation.
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If you are over age 70.5, you are eligible to make a qualified charitable distribution (QCD). By doing so, you can benefit your favorite charities, while excluding up to $100,000 annually from your gross income.
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