Category Archives: Retirement,401k,Taxes

I’m Selling My House and Netting $800k. Can I Avoid Taxes While Downsizing for Retirement?

When you sell a primary residence, the IRS allows you to exclude from your capital gains taxes the first $250,000 of profits if you file single or $500,000 of profits if you file jointly. You must include any surplus of

We Will Make Over $300,000 Combined This Year. Can We Use a Backdoor Roth to Reduce Taxes?

High-income households can use what’s called a “backdoor Roth” to utilize a Roth IRA despite the program’s standard income restrictions. This can be an effective way to build a tax-free stream of income for your retirement, and it is a

We’re 63, Have $1.5 Million in IRAs and Will Receive $4,500 Monthly From Social Security. What’s Our Retirement Budget?

As you make your retirement budget, it’s important to keep two issues in mind. First, understand your needs — what budget will you need to pay your bills, and what budget will you want to afford your lifestyle? And second,

I Have $640k in a 401(k). How Do I Avoid Paying Taxes When Converting to a Roth IRA?

Converting a 401(k) to a Roth IRA can potentially provide valuable long-term benefits, but it also triggers a tax bill that you’ll need to plan for. While the taxes on a Roth conversion can’t be avoided, savers can reduce the

J.D. Power Ranks the Best Retirement Plan Digital Experiences for 2023

If you’re looking to build a long-term retirement account relationship with a specific financial advisor or company, you may want to check out the firm’s digital app before you move your money. That’s the upshot of the J.D. Power 2023

401(k) Contribution Limits Projected to Rise Again in 2024: How to Plan Ahead

401(k) contribution limits should continue their upward climb in 2024, according to a recent projection by Mercer. However, easing inflation now means lower forecasts for 401(k) and other retirement plan contribution limits for next year. After rising substantially from $20,500

Americans Say They Now Need $1.8 Million to Retire. Here’s How You Can Get There

Americans believe they’ll need at least $1.8 million to retire, an increase from last year’s magic number of $1.7 million. However, not very many are confident they’ll be able to get there. These are the two top-line takeaways from this