Understanding Qualified and Non-Qualified Money for Retirement Planning
As you plan your retirement or review your finances, you’re sure to come across the terms “qualified” and “non-qualified.” In their most basic definitions, non-qualified funds are funds you’ve already paid taxes on, and qualified funds are funds you haven’t paid taxes on. Non-qualified Post-tax funds No taxes owed No tax advantages Non-qualified accounts include […]
Asset-Based Long-Term Care Insurance: A Comprehensive Guide
People are living longer and longer, which is, of course, great news! Unfortunately, lengthier lifespans often equate to expensive hospital or nursing home stints. In fact, baby boomers 65 years or older have an approximately 70% chance of requiring some type of long-term care during their lifetime, with 25% experiencing ‘severe needs.’ As healthcare costs […]
Navigating Retirement with the Three-Bucket Approach
Retirement is fraught with numerous risks. Living too long (or passing away early), market fluctuations, health issues and inflation represent the main threats to the nest egg you’ve diligently built up. They can cause irreparable harm to your or your loved ones’ quality of life during retirement. However, a carefully-planned and implemented 3-Bucket strategy can […]
How IRMAA affects your retirement
When it comes to planning for your retirement as a CPA or helping clients stay in a lower tax bracket, Medicare premiums are an essential factor to consider. The amount you pay in Medicare premiums directly correlates to your income in the form of Income-Related Monthly Adjusted Amount (not so lovingly known as IRMAA). So […]
5 Risks in Retirement to Consider
As a CPA, understanding the critical risks associated with retirement planning is essential for better serving your clients and ensuring their financial future – along with your own. In this article, we will explore five critical risks retirees need to consider and discuss strategies to help manage them. 1. Longevity Risk Longevity risk is the […]
