Close your eyes and picture it. An investment account that you can put away pre-tax income, that grows tax-deferred and comes out tax-free. Wouldn’t it be amazing. You could have the best of all worlds.
Well this investment vehicle exists today.
No really it does. It’s not like the Easter Bunny. (more…)
It is that time of year again. The Super Bowl is over and March Madness is almost upon us and we all know what that means. Tax Day will be here before we blink an eye. You should be receiving your 1099s, 1098s and W-2’s any day now if you haven’t received them yet. Then the regret or excitement will begin to set in as you realize that you will either owe Uncle Sam or you will get a refund because you gave the IRS and interest free loan of your money.
This isn’t a post about tax planning but better yet a post about how business owners can manage their tax burden (something I hear is a priority from many business owner client I deal with) and save for your retirement at the same time. (more…)
You are 45 years old and it dawns on you that your college days are looking further and further in your review view mirror and you can see the exit sign for retirement not too far down the road. As you sit down at your kitchen table to really assess your overall ﬁnancial situation, you begin to ponder the life and ﬁnancial mistakes you have made. You wonder to yourself, “Should I even bother trying to save? Is it too late for me begin saving for retirement?”
I’ve seen many people come into my oﬃce at this juncture in life. Typically there is a personal story about how their ﬁnancial picture would be better if it wasn’t for the bad real estate decision, the mid-life divorce, or a business venture that just went south. When retirement is beginning to stare you in the face, it’s not easy to admit you may be behind. If you have $10,000 in your savings account and $50,000 in 401(k)/retirement assets, it may seem insurmountable to reach the mountain of one day making work optional. (more…)
Financial Planning as a profession is really good at making all sorts of rules around how much you should save, what you spend, and what kinds of risks you should take with your financial assets. I think the rules are good as a general guide but that every client’s situations are unique.
April’s blog posts here at The Factory are going to center around retirement and retirement planning. I often wonder about what retirement will look like. I am not even sure if I will even want to retire. I know it is an important goal for most people. I love what I do and am excited to work every day and as long is that is the case I don’t think I will ever want to stop helping people.
I spend a lot of time planning for the “what if” with clients. “What if” the market has an 08-like correction? “What if” I want to retire at 65? “What if” my child gets into their dream school? “What if” I die tomorrow?