Differences in Required Minimum Distributions In my last post, I introduced you to the required minimum distribution (RMD) requirements Uncle Sam places on your tax-deferred retirement accounts (i.e. 401(k), 403(b), Traditional IRA, etc.). Basically, at age 72 1/2, Uncle Sam says, “pay me.” He wants to get paid and starts forcing you to take money […]
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 […]
I run into many people who wonder how much cash they should have in the bank. It’s not uncommon to work with good savers and high-net-worth clients who discover they have about 2-3X more than they need in the bank! Many people don’t realize that holding too much cash in the bank (i.e., checking, savings, […]
Since the beginning of 2022, the markets have been experiencing volatility over concerns about rising inflation and interest rates. The S&P 500 appears close to a bear market, and the Dow Jones Industrial Average recently hit a 52-week low. Looking at retirement or investment statements in a down market can feel frustrating for many people. […]
Despite the importance of estate planning, it’s easy to procrastinate or delay getting one put in place. But not having an estate plan can cause you to lose control of what happens to your assets, lead to paying unnecessary taxes, and can lead to significant family disputes or disagreements that end up in court. An […]
Our hearts and prayers go out to the courageous people of Ukraine as we watch the brazen attack by Russia unfold. It’s difficult to watch. Along with the general horror that war brings and the impact of lives lost, there is a general worry about economic consequences and effects of this invasion on the rest […]
Monday was a wild day in the stock market, and both rate hikes and inflation are hot topics in the news. “Should I be worried?” is a question on the mind of many investors this week. While market volatility and media headlines may tempt investors to make irrational and costly moves in their portfolio, I’d […]
Taxes drive a lot of our personal finance and many everyday decisions. Strategies to minimize taxes, both now and in retirement, drive many investing decisions as well. One potential way to minimize taxes in retirement is by investing in a Roth IRA. With a Roth IRA, the account is funded with after-tax dollars by making […]
You’ve probably heard of a Roth IRA — it’s a retirement account that you can contribute to with after-tax dollars. Though there is no up-front tax break, dividends, interest, and capital gains are tax-free as your account grows. When you make a qualifying withdrawal after you retire (or at age 59 ½), you don’t have […]
Many people often wonder if it is worth it to pay a financial advisor to manage their wealth. I hear this question often, and it’s an excellent question with an answer that depends on your personal situation and many factors. At One Life Financial Group, we work primarily with small business owners, physicians, dentists, and […]