-
What Is a Roth Conversion? Benefits, Taxes, and Key Planning Strategies
What Is a Roth Conversion? Benefits, Taxes, and Key Planning Strategies A Roth conversion can be one of the most powerful tax-planning strategies available, but it’s also one of the most misunderstood. Done at the right time, a Roth conversion can reduce future taxes, create more flexibility in retirement, and help preserve wealth for your…
-
The 3 Roth IRA 5-Year Rules You Must Understand Before Taking Withdrawals
Most investors believe Roth IRA withdrawals are simple. Once you reach age 59.5, you can take the money out tax-free. That is only partially true. To take tax-free withdrawals from a Roth IRA, you must also satisfy what is known as the 5-year rule. What many investors do not realize is that there are actually…
-
Lifestyle Creep: The Hidden Threat to Your Retirement Plan (and How to Defuse It)
Why Lifestyle Creep—Not Savings—Might Be the Greatest Risk to Your Retirement When most people think about retirement planning, they zero in on a single question: How much do I need to save? But what if the biggest threat to your retirement success isn’t your savings account at all? There’s a stealth risk lurking in many…
-
Do You Need an Emergency Fund in Retirement?
An emergency fund is an indispensable part of your financial toolset, playing a critical role in what we call your “Three Bank Account System,” comprising a checking account, a delayed spending account, and an emergency fund. The emergency fund ensures that you have funds available not only for urgent financial needs but also to cover necessary life expenses should your regular income…
-
How Should You Invest in Uncertain Times? Get All the Right Players on the Ice!
I may have been born to play hockey. Seriously. Growing up, hockey was so much a part of the culture that I can’t even remember a time before I had skates on my feet. At 3, I was on the ice. At 11, I was playing competitively. The high school in my hometown was (and…
-
Social Security Increase for 2024: A Unique Adjustment in Uncertain Times
The annual Social Security cost-of-living adjustment (COLA) has always been a hot topic among retirees and those planning for retirement. In a world where inflation seems to be constantly on the rise, Social Security is unique for its regular annual adjustments to help beneficiaries keep pace with the ever-increasing cost of living. For 2024, the…
-
Stop Playing the Money Comparison Game
In today’s age of social media and constant connectivity, it’s all too easy to fall into the trap of comparing ourselves to others, especially when it comes to our finances. We’ve heard the old saying about keeping up with the Joneses, but what’s often overlooked is how unique each person’s financial situation truly is. Comparing…
-
2024 Tax Brackets: What You Need to Know
In the United States, we have a tax system that is often described as complex and intricate, and rightly so. However, understanding the tax rates and tax brackets is crucial for effective financial planning. Our tax system operates on a progressive tax system, meaning tax rates increase as your income rises. This system is designed…
-
Social Security Increase for 2023 Confirmed
The Social Security Cost-of-Living Adjustment was officially announced for 2023 and came in line with my expectation. If you’re on Social Security, you’re getting a big raise. We’ve been saying it for a while, and I actually did a video a couple of months ago saying, “Hey, looks like if you’re on Social Security, you’re…
Mike Bernard, CFP®, ChFC, AIF®, EA
Ready to secure your financial future?
Join a Legacy of Success with 30 Years of Unwavering Dedication to Client Satisfaction
