When is a Roth conversion beneficial?
When deciding whether to convert a traditional IRA to a Roth, several factors should be considered, including some that might not be immediately obvious.
Retirement Planning
Retirement account inflation adjustments issued for 2023
The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.
Stretching retirement dollars by living abroad
Practical tips could help retirees make the most of their money in a place with a substantially lower cost of living.
Financial planning impacts of the Inflation Reduction Act
The recently passed legislation ultimately will help with one of the biggest wild cards of retirement — health care planning — but immediate updates to financial plans are likely not needed.
Help clients make 3 critical shifts in retirement
Retirees need to learn to look differently at spending, taxes, and powers of attorney.
3 strategic uses for Roth IRAs beyond retirement
A Roth IRA can serve as a backup vehicle for pursuing multiple savings goals.
Building a tax-efficient retirement income plan for clients
For retirees, effective tax planning requires taking a long view and spending down assets from a variety of sources each year.
Help clients achieve flexible spending in retirement
Does the 4% rule still make sense? A CPA financial planner discusses how advisers can help ensure their clients can spend with flexibility throughout retirement.
Helping retirement plan participants understand their net worth
Two easy mistakes seen in retirement planning involve valuation of pensions and improper net-worth comparisons.
The pros and cons of delaying Social Security
Make sure your decision about when to claim Social Security benefits is an informed one that takes into consideration your expected longevity along with various financial and other factors.
‘SECURE 2.0’ would further expand retirement savings options
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
Roth IRAs: Are they right for your client?
The choice between a Roth IRA and a traditional IRA in saving for retirement depends on the person’s age, tax bracket, expected future earnings and other factors.
The long-term-care quandary: Helping clients prepare
Long-term care is a critical topic when discussing retirement plans with aging clients.
Medicare’s tricky rules on HSAs after age 65
Individuals working past age 65 who want to continue contributing to a health savings account need to carefully follow Medicare’s enrollment rules to avoid significant penalties.
Tax returns are underrated financial planning tools
Tax time provides an excellent opportunity to create or update a financial strategy. By examining your tax returns, you can glean information that can help you build a financial plan.
COVID-19 and withdrawals from retirement plans
Taxpayers under financial duress caused by the pandemic can avoid penalties.
Inflation-adjusted income ranges for 2021 IRA and 401(k) plans
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
Unclaimed property distributions allowed as self-certified rollovers
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Time to consider a Roth conversion
A qualified rollover contribution to a Roth IRA or an in-plan rollover to a designated Roth account, known as a Roth conversion, can be attractive for CPA advisers' clients because it provides a higher net present value of cash flow from their retirement savings, benefiting themselves or their beneficiaries.
One CPA financial planner’s approach to retirement
Mackey McNeill, CPA/PFS, founder of Mackey Advisors, based in Bellevue, Ky., developed a process for encouraging clients to discuss the nonfinancial aspects of retirement.
