Instead of seeking more concentrated dividend stock positions, we prefer a total return investment strategy, even for retirees who are drawing income out of their portfolios.
Inheriting an individual retirement account (IRA) can be a great way to receive a financial boost from a loved one who has passed away. However, navigating the rules and regulations surrounding Inherited IRAs is often confusing, particularly given the recent updates brought about by the SECURE Act and SECURE 2.0 Act.
Believe it or not, another year has rounded third base, and is dashing toward home plate. That said, there’s still time to make a few good plays in 2021, while positioning yourself to score more in the year ahead.
In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. But tax planning isn’t just for your investments. Life happens. Often, we cannot predict its next moves. But we can weave each event into the tax-planning fabric of your financial life.
In our last piece, we introduced some of the tools of the tax-planning trade. These include tax-sheltered accounts for saving toward retirement, healthcare, and education, as well as tax-efficient tools for charitable giving, emergency spending, and estate planning. It’s one thing to have the tools. It’s another to make best use of them. After all, the same paintbrush can create a valuable work of art, or a clashing mess on canvas. It all depends on how you use the brush.
Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome. No wonder people get nervous when there’s lots of talk about higher taxes, but little certainty on what may come of it, and who it might affect.
If 2020 has taught us anything, it's that you should always be prepared for the unexpected. Now that this year is behind us, here are 8 ways that we should treat our money differently and plan for the future.
Has 2020 left you feeling like the fabled Sisyphus, forever pushing a boulder up a steep hill? Thankfully, with multiple COVID-19 vaccines in the works, there’s hope the load will lighten in the new year, fast approaching. While we prepare for a fresh start, here are six financial best practices for year-end 2020 and beyond, none of which require any heavy lifting.