Five things to consider when it comes to keeping more of your income. 1. Consider deferring your income to limit your current income tax liability By deferring income to a later year, you can minimize your current income tax liability and invest the money you’d...
read moreThe longer you live, the greater the chances you’ll need some form of long-term care. If you’re concerned about protecting your assets and maintaining your financial independence in your later years, long-term care insurance (LTCI) may be for you. Who...
read moreWhat does a million-dollar 401(k) retirement portfolio mean, and how do you get there? The number one regret many retirees have is not saving more earlier in life, and their biggest worry is running out of money in retirement. These financial anxieties are valid and...
read moreLet’s consider the following scenario. You have $7,000 for an IRA contribution. Should you put the money in a traditional IRA or a Roth IRA? With a traditional IRA, you may be able to receive a tax deduction on your contribution, but the distributions will be taxable...
read moreTax deferral on retirement savings eventually comes to an end. Those who are 73 and older this year must take Required Minimum Distributions (RMDs) from their qualified retirement plan accounts (IRAs, 401(k)s, SEP-IRAs, Simple IRAS, and similar retirement plans but...
read moreThe end of the year can be a good time to review current investments and consider potential changes. One common topic is converting or rolling over a Traditional IRA to a Roth IRA. An experienced professional can be especially helpful when exploring these types of...
read moreHealth care is an often overlooked aspect of retirement planning, yet it is one of the most financially influential. Some may assume that Medicare will cover all medical costs. The truth is, for most people, healthcare costs not covered by Medicare during retirement...
read moreThe Retirement “Zone” If you’re considering retirement within the next five years or so, you’re in the retirement “zone.” This is a critical time period during which you’ll be faced with a number of important choices, and the...
read moreSelecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries....
read moreWhy did you purchase life insurance? Most people buy life insurance to provide a source of income for someone (e.g., a spouse, parent, or child) after they pass. Buying the policy was the first step. Now you’ll need to do a little more work to help the money you...
read moreIf your employment situation changes, you may wonder what to do with your retirement savings at your previous employer. In fact, you have a variety of options when it comes to taking distributions from your employer-sponsored retirement savings plan. This may be a...
read moreYour emergency fund has been established, and you’ve accumulated enough savings to warrant thinking in terms of an investment portfolio. What’s the next step? There’s the DIY approach, where you have an idea of the strategies and rules of the industry and you make...
read moreWhen it comes to “surprise” expenses, the first thought may be a car breaking down, or a sudden medical emergency. However, these aren’t the only expenses that can balloon out of control quickly. There are many unknowns in life, and not everyone ends up with the same...
read moreFor investors, election years should be much like any other year. However, there is sometimes a temptation to try to discern how the political winds may affect investment outcomes. The temptation becomes pronounced in presidential election years, and there is a risk...
read moreDo you ever wonder where your money goes each month? Does it seem challenging to get ahead? If so, establishing a budget can help keep track of how you spend your money and help you reach your financial goals. Examine your financial goals Before you establish a...
read moreWhen it comes to retirement, one of the most common regrets expressed by the recently retired in surveys is not having saved enough. Another regret is spending too much too soon. Although it’s not surprising that some wish they were paid more and were able to save...
read moreAlthough most people recognize the importance of sound retirement planning, they don’t always embrace the work involved. With many investment possibilities, complex rules governing retirement plans, and the unpredictable future of consumer prices, it can be...
read moreArvest is pleased to announce that the Arvest Wealth Management Retirement Plan Consulting team has been named to the 2024 National Association of Plan Advisors’ (NAPA) list of the nation’s top defined contribution (DC) Advisor Teams with assets under advisement of at...
read moreIt’s a fact: People today are living longer. Although that’s good news, the odds of requiring some sort of long-term care increase as you get older. As the costs of home care, nursing homes, and assisted living escalate, you probably wonder how...
read more“Tax efficient” investing means taking steps to minimize losses to taxes in an investment portfolio. However, taxes should not be the primary reason to buy, hold, or sell an investment. Afterall, paying more taxes on an investment that grows substantially can mean...
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