Tax diversification in retirement is just as important as investment diversification. Regular readers will know that there are many paths to wealth. One of these paths is saving and investing steadily into your 401(k) or company retirement plan over a career. I think of this as the ‘get rich slowly‘ plan and it has proven […]
Tax Diversification In Retirement Read More »
An important question in your retirement journey is, “should I roll over my 401k to an IRA or leave it in my employer’s plan”? This decision can be triggered due to finding a new job, being laid off, or retiring. While it seems straightforward, there are several important factors to consider when deciding whether to
Should I Roll Over My 401k? Read More »
I’ve recently written about two options for the self-employed professional to save a significant amount for retirement in a tax advantaged way. The SEP IRA, and the Solo 401(k). In this article I’ll summarize the key differences and advantages of one over the other. While both of these plans will help you achieve your goal
SEP IRA vs. Solo 401k for the Self Employed Professional Read More »
Self-employed professionals can save for retirement using tax-advantaged accounts like the Solo 401k, offering both employee and employer contributions tailored to individual goals. The Solo 401k permits pre-tax, Roth, and after-tax contributions and a higher potential savings rate compared to SEP IRAs, with caps at $66,000 for 2023 and $69,000 for 2024. Complexities in administration versus a SEP IRA are offset by the benefit of increased contributions and Roth options. Consulting a tax advisor is advised for compliance and maximizing benefits.
Solo 401k for the Self Employed Professional Read More »
As a self employed professional you are responsible for establishing your own retirement plan. Fortunately there are several options that can result in significant tax savings and help you eventually exit your business with a solid retirement plan. Some retirement plan options for self employed professionals include a SEP IRA, Individual 401k, Defined Contribution Plan,
SEP IRA: Big Tax Savings for the Self Employed Professional Read More »
The IRS has raised the 401k contribution limits for the 2024 year to $23,000.
Max Out Your 401k with the New $23,000 limit Read More »
Ten potential ways to earn part time income during retirement.
10 Ideas To Earn Part Time Income In Retirement Read More »
On December 23, while most of us were beginning to celebrate the holidays the president signed a massive $1.7 Trillion Omnibus bill to fund the government. Tucked away in this 4,000 page bill were significant changes that will impact retirement savers known as Secure Act 2.0. While there were many changes in the new law
Roth IRA Strategies After SECURE Act 2.0 Read More »
About six months ago I transitioned from a 22 year career as a financial advisor to a state of early retirement. Since the beginning of my career it was a long term goal of mine to be in a financial position to have the option to retire early. While I will likely not stay retired
Early Retirement: Thoughts On The First Six Months Read More »
Lately I’ve been pondering the affects of inflation on early retirement. I will write a post soon on how this is going for me. In the meantime, here are some other author’s musings on early retirement: Minimalism And Early Retirement Go Perfectly Together Financial Samurai Since my own early retirement I have had a desire
What I’m Reading 12/13/2022 Read More »
