required minimum distribution

Understanding the Backdoor and Mega Backdoor Roth IRA

Understanding the Backdoor and Mega Backdoor Roth IRA

The Roth IRA has earned its popularity with retirement savers—and for good reason. Funded with after-tax dollars, it offers the rare advantage of tax-free withdrawals in retirement, provided you’re at least 59½ and have held the account for five years.

To Gift or Not to Gift and Other Questions

To Gift or Not to Gift and Other Questions

According to the latest report by Cerulli & Associates, $124 trillion is expected to change hands by 2048. Just under 15% is expected to be given to charity and the remaining balance will go to heirs.  

Three Pitfalls to Avoid with 529 Plan Withdrawals

Three Pitfalls to Avoid with 529 Plan Withdrawals

When it comes to saving for college, 529 accounts are a popular choice. These tax-advantaged savings plans are designed to help families set aside funds for future education expenses. You can choose from various investment options and enjoy tax-free growth and withdrawals for qualified education costs. 

Optimizing Your Finances at Year End

Optimizing Your Finances at Year End

As the year draws to a close, it's an opportune time to review your financial situation and ensure you meet year-end deadlines to maximize your financial benefits.

No New RMDs in 2023

No New RMDs in 2023

On December 23, 2022, Congress passed the SECURE Act 2.0. This new legislation builds off its predecessor to further improve the U.S. retirement system. Included in the provisions are changes to required minimum distributions (RMDs). Most notably, the new law further pushes back the age at which RMDs must begin.