When it comes to building wealth for retirement, corporate executives often face a paradox: high income opens the door to many opportunities, but it can also close off access to some of the most tax-efficient savings tools—like Roth IRAs, which phase out at relatively modest income levels. But there’s one Roth strategy that’s still on […]
Category Archives: Taxes
Retirement, Taxes
Unlocking the Power of the Mega Backdoor Roth: A Smart Strategy for Corporate Executives
15
Jul
Jul
If you’re a high-income executive who has maxed out your 401(k) contributions and still has room in your financial plan to save more for retirement in a tax-efficient way, there’s a powerful strategy that you might be able to use: the Mega Backdoor Roth. For many corporate executives, this tool can be a game-changer—allowing you […]
18
Feb
Feb
You are probably familiar with health savings accounts (HSAs), which can be used to cover certain healthcare costs with pre-tax dollars. To contribute to an HSA, you must be enrolled in an HSA-eligible plan, also known as a High Deductible Health Plan (HDHP). These plans typically have lower monthly premiums but require you to cover […]
18
Sep
Sep
When is the worst time to do tax planning? My answer is any time after January 1st! Why? Because many opportunities expired at the end of the year (December 31st). In this post we’ll touch on 5 tax minimization strategies you might want to consider before year-end. Many of these strategies could help reduce your […]
25
Jul
Jul
Are you wondering if you should put more money into a Roth IRA, a Roth 401(k), a Roth 403(b), or a traditional 401(k) / 403(b)? Do you worry about tax rates increasing in the future? Do you wish you could access more of your retirement money tax-free and penalty-free? If you answered yes to any […]
Money Marathon, Taxes
Money Marathon Risk #3: You Could Go Off Course With Your Tax Minimization Strategy
02
May
May
We’re in a fun money marathon series using some running stories and analogies to teach and explore how investors could get more potential mileage from their hard-earned money. We’re walking through seven risks of running your wealth marathon without any support. If you would like to watch the video version of this post, please click […]
01
Apr
Apr
At One Life Financial Group, we are in a heavy tax season, having many conversations with clients and their accountants about strategies to minimize their tax bills for 2023 and 2024. We’re encouraging clients to talk to their accountants about maximizing potential tax credits. So, in today’s post, we are exploring three things. First, what […]
29
Feb
Feb
Spring is almost here, which also means tax season! Here are eight things to know before you file those taxes. #1: Income tax brackets shifted a bit The first is that income tax brackets shifted a bit, which means more money is being taxed in the lower tax brackets, which means some potential tax savings […]
08
Aug
Aug
As a child, I was given the opportunity to work on a friend’s family farm and learn a couple of important lessons about money. On my first day on the job, my childhood best friend (Peter) and I were hired at his family farm in Stanchfield, MN, to bale hay for a whopping $4.25 / […]
07
Feb
Feb
2022 was a year of inflation, stock market volatility, and rising interest rates. Rising costs have prompted IRS updates, which could affect investors’ retirement savings and taxes. Recent legislation may present further options for you in the new year. Here are five key tax changes you should know about for 2023. #1: Higher contribution limits […]