Custodial Roth IRAs: A CPA’s Guide to Family Financial Planning
We all want our kids to grow up with strong financial habits, a solid work ethic, and the confidence to make smart financial decisions as adults. In a previous article, we talked about how to lay the groundwork for financial success early on—using strategies like allowance systems, budgeting, and even basic investing principles. Now, let’s […]
Is Early Retirement a CPA’s Best Move or Biggest Gamble?
When you’re young, your greatest resources are your time and health, though you likely don’t have as much money. As a CPA, you may consider delaying retirement until full retirement age or beyond to build a sizeable nest egg. However, by that time, your health may begin to falter, and you’ll have less time to […]
Raising Financially Savvy Kids: Practical Steps for Accountants
As an accountant, you’re well-versed in managing finances, preparing budgets, and planning for the future, and you likely want your children to develop a strong command of these principles early on. However, you may find that schools aren’t exactly providing the tools they need to succeed. While your child might learn about history, math, and […]
How Annuities Are Used In Retirement Planning
What’s your greatest retirement concern? Whether it’s inflation, health issues, or even the challenge of staying engaged in retirement, these are all valid considerations. However, the most common concern among pre-retirees is the possibility of outliving their savings. Without sufficient funds, other retirement concerns can become more challenging to manage. Therefore, a key priority in […]
Why CPAs Need Long-Term Care Insurance
America is facing a growing health crisis, one largely driven by our own daily habits. Surprisingly, it’s not about smoking, drinking, or even unhealthy eating. Instead, a significant contributor is something that happens at the workplace, and while you’re reading this, you might be doing it yourself—albeit passively. To cut to the chase, the issue […]
Protect What You’ve Earned: A CPA’s Roadmap to Asset Security
You open your mailbox one day to find a certified letter waiting for you. As you sign for it and start reading, you realize it’s a summons to the courthouse. A client has filed a lawsuit against you, and now you’re going to have to defend yourself in court. You never thought this would happen […]
Understanding the Ten Year Rule for Inherited IRAs
We are on the cusp of one of the most significant economic shifts in modern history – the Great Wealth Transfer. Over the next few decades, an estimated $53 trillion worth of assets will change hands, flowing from Baby Boomers to Gen Xers, Millennials, younger generations, and charities. This massive transfer of wealth presents both […]
Are You Retirement Ready in 2024?
It’s 2024, and the world is changing fast – perhaps a bit too fast. Wouldn’t it be nice to finally get away from the hustle and bustle of running your firm or working your way up the career ladder and finally settling into that long-awaited – and well-deserved – rest? Unfortunately, even after years of […]
New MYGA Annuity Rates: How CPAs Can Benefit
Attention all CPAs looking to bolster their long-term financial strategy: Sweeping changes have been made to MYGA (Multi-Year Guaranteed Annuity) products that CPAs will want to pay attention to. As we dive into the final quarter of 2023, several companies have raised their rates on MYGA annuities, making them an increasingly attractive option for those […]
Understanding Spousal Survivor Benefits for CPAs
Nobody wants to experience it, but unfortunately, some of us will: the loss of a spouse. While you may be quite adept at handling financial complexities as a CPA, deciphering the nuances of Social Security survivor’s benefits during such a time can be challenging. However, your choices at this difficult moment can have financial consequences […]
