Category: Retirement Planning

If you want a retirement plan for your small company or self-employed business — but you don’t want to be buried in paperwork — consider a simplified employee pension plan or SEP. Among the appealing advantages: 1. SEPs are set up by simply filling out a brief form. 2. Form 5500’s aren’t required to be […]

When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the Department of Labor. Ignore the rules and your firm could face costly penalties from federal regulators — and plan participants might sue you for mishandling trust assets. This is no time to be a do-it-yourselfer. […]

Since the turbulent days of the Great Financial Crisis, the US banking sector has been relatively stable. Rock-bottom borrowing costs and a COVID-19 powered demand for digital services had kept inflows surging. But cracks began to appear, as rising interest rates took a toll, and customers pulled out deposits in classic bank runs from two […]

When you write a will, one of your most important decisions will be whom to appoint as the executor, responsible for carrying out the terms of the document. It is not a casual choice. Executors play a crucial role in ensuring your wishes are implemented faithfully and efficiently. The ideal candidate would bring a combination […]

Mutual funds have been one of the most popular ways to invest in the stock and bond markets, especially as part of employer-sponsored 401(k) plans and self-directed individual retirement accounts. Mutual funds allow you to buy a diversified collection of assets in just one fund, often at a low cost, without the difficulties of purchasing […]

The first tip is to always question where you are planning to get your advice from when it comes to tax and finance tips for seniors. There are a lot of scams out there — from incompetent and so-called experts to downright crooked “professionals.” So says Julian Block, an attorney and former IRS special agent.  Be especially suspicious […]

There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that […]

For some simple estates, all you may need to do is split your assets in equal proportions among heirs. In other instances, however, you have more complex issues to confront: How can you apportion a family business, especially one to which all beneficiaries do not contribute the same sweat equity? How should you approach real […]

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. Also increasing is the catch-up contribution limit for employees aged 50 and over who participate in […]

Many people believe that an easy way to avoid probate and enable your children to assist you as you age is to add your children to your bank accounts and even the deed to your home. But this strategy doesn’t always work as planned.  Suppose your child causes a severe car accident. Your account can […]