401(k) Plans Business owners Retirement Planning Solo 401(k)Updated for 2020

Self-Employed Retirement Plan: Solo 401(k) for Business Owners Without Employees

If you're looking for a self-employed 401(k) look no further than the Solo 401(k) plan. The Individual (or Solo) 401(k) plan is very similar to a Traditional 401(k) plan, only designed for business owners with no employees. Compared to the other types of retirement plans typically used by small business…

Kristin McKennaDecember 7, 2016

Business owners Retirement Planning SEP IRA Updated for 2020

The IRA for the Self-Employed: Tax & Retirement Planning with a SEP IRA

The Simplified Employee Pension (SEP IRA) is a type of a Traditional IRA typically adopted by self-employed small business owners (sole proprietors, partnerships, C and S corporations), and the self-employed. Unlike most types of retirement plans, the SEP IRA is almost always funded exclusively by the employer – employees generally cannot contribute to this…

Kristin McKennaNovember 23, 2016

Retirement Planning Tax planning

IRS Sets New Limits for 2017

The IRS has released the 2017 contribution limits and other guidelines in preparation for the New Year. Although many of the most common thresholds are unchanged, there are some to make note of. (more…)

Kristin McKennaJuly 27, 2016

Asset Protection IRA Rollover Retirement Planning Updated for 2021

Asset Protection For Retirement Plan Rollovers

A popular strategy for investors changing employers is a 403(b) or 401(k) rollover to an IRA. While it often makes sense to rollover a 401(k) when leaving a job, pay careful attention to ensure you are doing it the right way. Qualified retirement plans such as a 401(k) or 403(b)…

Kristin McKennaJune 7, 2016

Financial Planning Prioritizing financial goals Retirement Planning Updated for 2021

Saving for Retirement When Single

Updated for 2021. In 2014, the Bureau of Labor Statistics reported that 50.2 percent of Americans were single. As much of the population delays marriage – or avoids it entirely – it presents some new planning considerations. Singles will need to plan for retirement in a different way than their…

Kristin McKennaApril 13, 2016

Financial Planning Prioritizing financial goals Retirement Planning

Maximize Your Income (without giving up Starbucks)

For individuals with higher incomes, traditional methods of budgeting may seem futile. Instead, consider adopting a goal-based spending plan to keep you on track. Yes, it's true. Some folks spend way too much at Starbucks every year. But for many affluent Americans, they can afford to and it's a lifestyle…

Kristin McKennaMarch 30, 2016

College planning Financial planning for new parents Retirement Planning U.S. News

Pay Yourself First: Save for Retirement, Then College for the Kids

This article was originally published by U.S. News and written by Kristin McFarland, CFP®, Wealth Advisor at Darrow Wealth Management. Even when finances are tight, there are several strategies to make the most out of your income. (more…)

Kristin McKennaFebruary 23, 2016

Asset Management Financial Planning Retirement Planning U.S. News

Your 401(k) Loan Is Costing More Than You Think

This article was originally published on U.S. News by Kristin McFarland, Wealth Advisor at Darrow Wealth Management. Most people who borrow against their retirement account will never fully recover. (more…)

Kristin McKennaFebruary 13, 2016

Financial Planning Retirement Planning

How Much Money Do You Need to Retire?

How much money do you need to retire and still maintain a comfortable lifestyle? As a financial advisor, clients often ask whether they have enough money to retire. And they're not the only ones asking – a Google search of the subject brings back more than 66 million hits. Most…

Kristin McKennaJanuary 27, 2016

401(k) Plans Business owners Retirement Planning SEP IRA Solo 401(k)Updated for 2020

Retirement Strategies for Small Businesses

Updated for 2020. It can sometimes be difficult for business owners to plan for retirement while keeping up with the demands of running a company. Setting up a retirement plan may seem daunting or cost prohibitive, but it is important small business owners are aware of the ways to save…

Kristin McKennaDecember 9, 2015