The Inflation Reduction Act of 2022 and Its Impact on Your Retirement
As a watered-down version of the Build Back Better Act of 2021, the Inflation Reduction Act of 2022 is set to be signed by President this week. The bill is designed to reduce the deficit and lower inflation while investing in domestic energy production and lower prescription drug costs.
Having An HSA While on Medicare
Health savings accounts can be tricky, especially when you are on Medicare. Not only do you need to meet certain criteria to have one, but you need to meet the same requirements to keep contributing to it. One requirement to have an HSA is a high deductible plan, and
Qualified Charitable Distributions May Reduce Retirement Taxes
Required minimum distributions may increase your tax bracket in retirement, but there is a way to help manage your tax exposure and help great causes: qualified charitable distributions (QCDs). At 72, you are required to take distributions from traditional IRAs to ensure you are not stockpiling the money, and
After Taxes Now, Tax-Free Later: Roth 401(k)
Tax-advantaged has quite the ring to it, doesn’t it? Unlike the tax-advantages a traditional 401(k) offers—funded with pretax wages—a Roth 401(k) is funded with after tax wages. Income tax has already been paid so when it comes to withdrawing in retirement, your money is withdrawn tax-free. What exactly is
Retirement Savings: Consider a Roth IRA
A Roth individual retirement account is a brilliant way to save for retirement. Much like a traditional IRA, a Roth IRA allows you to invest and for it to grow tax-free. One great advantage this type of account has is that it also lets you take tax-free withdrawals of
Reasons to Pursue Entrepreneurship in Retirement
Filling the time retirement allows is never the same for everyone. For some the relaxation is important and long overdue. Others may struggle to fill that free time, even with travel or hobbies. To feel fulfilled starting a new business may be just what your retirement lifestyle needs. The