Forbes Retirement Planning Updated for 2020

Here’s What Maxing Out Your 401(k) Could Get You In Retirement

Is maxing out your 401(k) enough? When saving for retirement, you’ll want to find out what level of income your current contributions could provide down the road. For some investors, saving diligently during their working years will be enough to provide the lifestyle they want in retirement. But for others,…

Kristin McKennaOctober 12, 2020

Brokerage Account Tax planning Updated for 2020

What You Need to Know About Capital Gains Tax

What is a capital gains tax? When you sell an asset like a stock or a home, your gain could be taxable. The tax rate will depend on several factors, such as your holding period, type of asset, and your taxable income for the year. Depending on your income, it's…

Kristin McKennaJune 29, 2020

Real Estate Updated for 2020

2 Big Myths About Being a Landlord

Real estate is one of the most emotional investments there is. Particularly when buying a home, investors are far more inclined to let emotions drive the decision, opposed to the fundamentals of the deal. Putting owner-occupants aside, many individual real estate investors are so bullish about their strategy of using…

Kristin McKennaMarch 17, 2020

Early Retirement Forbes Home buying Real Estate Retirement Planning Updated for 2020

Should You Buy Your Retirement Home Before You Retire?

When should you buy your retirement home? Buying a retirement home too early could be short-sighted, despite long-term intentions. Whether you're in your 30s or 60s, it's important to objectively weigh the pros and cons before purchasing a retirement home to avoid making a potentially costly financial decision. (more…)

Kristin McKennaFebruary 27, 2020

Forbes Secure Act Tax & Estate Planning Updated for 2020

The End of the Stretch IRA and What it Means for Your Estate Plan

The Secure Act became law on December 20th, 2019, bringing the most significant changes to the retirement system in over a decade. Among the changes is the end of the so-called 'Stretch IRA' which allowed non-spouse beneficiaries of an IRA (or other type of retirement account) to 'stretch' withdrawals over…

Kristin McKennaJanuary 15, 2020

Business owners Retirement Planning Secure Act Solo 401(k)Tax planning Updated for 2020

Small Business Retirement Plans with Tax Benefits for Solos, Part-timers, or Companies with Employees

Self-employed business owners and entrepreneurs working for themselves part-time have a lot of flexibility when it comes to saving for retirement and managing their taxes. Though self-employed retirement plans are quite easy to set up and fund, there are some deadlines to be aware of. Particularly for individuals with significant…

Kristin McKennaOctober 15, 2019

Building Wealth Financial Planning Forbes Roth IRA Secure Act Tax planning Updated for 2020 Wealth and Family

How a Roth IRA Could Make Your Kid a Millionaire

For most parents, it's a trifecta: help your kids learn about investing, save for retirement, and get fast-tracked to becoming a millionaire. It's possible, and surprisingly attainable. Here's how it works: if a teenage or college-aged kid has earned income (i.e. a part-time job), they are eligible to contribute to an IRA, even if…

Kristin McKennaSeptember 3, 2019

Early Retirement Health Insurance Infographics Medicare Updated for 2020

5 Health Insurance Options For Early Retirees

What options do early retirees have to obtain health insurance coverage before they reach age 65 and can enroll in Medicare? Estimating health care costs during retirement is already challenging and pre-Medicare retirees face additional uncertainty. (more…)

Kristin McKennaMay 21, 2019

Asset Management Infographics Investing Managing Risk Updated for 2020

Taking a Closer Look at U.S. Equity Indices

Updated as of December 31, 2020. The S&P 500 is often used as a measure of the entire US stock market, and for good reason, but that sometimes leads investors to believe they need only invest in a fund that tracks the famed index. To better understand the US equity…

Kristin McKennaFebruary 6, 2019

Charitable giving Infographics Secure Act Tax & Estate Planning Updated for 2020

Calculating How Much Charitable Donations Will Reduce Taxes

How much charitable giving will reduce taxes depends on what you donate. The tax deductions for charitable giving will vary for donations of cash, stock, or even retirement assets. To maximize the tax benefits of charitable giving, consider the different ways you could give. To find the best tax savings,…

Kristin McKennaFebruary 5, 2019