Skip to contentThe 401(k) plan has emerged as a cornerstone of retirement planning for many Americans. With its tax advantages and potential for employer matching, it’s no wonder that by September 2022, 401(k) plans boasted a staggering $6.3 trillion in assets, marking a twofold increase from a decade ago.Employers offer 401(k)s as retirement savings plans. It allows employees to save a portion of their paycheck before taxes are taken out. The benefits are twofold: reducing your taxable income and growing your savings tax-deferred. Today, about 60 million Americans actively use at least one...…Skip to contentThe 401(k) plan has emerged as a cornerstone of retirement planning for many Americans. With its tax advantages and potential for employer matching, it’s no wonder that by September 2022, 401(k) plans boasted a staggering $6.3 trillion in assets, marking a twofold increase from a decade ago.Employers offer 401(k)s as retirement savings plans. It allows employees to save a portion of their paycheck before taxes are taken out. The benefits are twofold: reducing your taxable income and growing your savings tax-deferred. Today, about 60 million Americans actively use at least one...WW…

Skip to contentThere is a significant shift of wealth from baby boomers to their children as they seek to provide financial support. As the younger generation accumulates wealth, financial and wealth planning strategies must evolve and adapt accordingly. Parents can aid their children in becoming first-time home buyers. Rather than just handing over cash, here are some other more beneficial ways parents can assist their children financially.Parents often set up custodial accounts for their young children, known as UTMA (Uniform Transfers to Minors Act) or UGMA (Uniform Gifts to Minors...…Skip to contentThere is a significant shift of wealth from baby boomers to their children as they seek to provide financial support. As the younger generation accumulates wealth, financial and wealth planning strategies must evolve and adapt accordingly. Parents can aid their children in becoming first-time home buyers. Rather than just handing over cash, here are some other more beneficial ways parents can assist their children financially.Parents often set up custodial accounts for their young children, known as UTMA (Uniform Transfers to Minors Act) or UGMA (Uniform Gifts to Minors...WW…

Skip to contentEmbarking on the journey of retirement signifies a well-deserved break after decades of dedication and toil. Yet, this phase also introduces a unique set of financial intricacies, particularly in the realm of taxation. While the Internal Revenue Service (IRS) has numerous guidelines tailored for retirees, a few remain shrouded in mystery. You may be surprised to learn that there are a number of IRS rules that can benefit retirees:If you or your spouse are 65 years or older and don’t itemize deductions, you may qualify for a higher standard deduction. This can reduce your...…Skip to contentEmbarking on the journey of retirement signifies a well-deserved break after decades of dedication and toil. Yet, this phase also introduces a unique set of financial intricacies, particularly in the realm of taxation. While the Internal Revenue Service (IRS) has numerous guidelines tailored for retirees, a few remain shrouded in mystery. You may be surprised to learn that there are a number of IRS rules that can benefit retirees:If you or your spouse are 65 years or older and don’t itemize deductions, you may qualify for a higher standard deduction. This can reduce your...WW…