401(k) Plans Inheritance Tax & Estate Planning Tax planning Updated for 2021

Inherited a 401(k) From a Parent? Tax Planning for Distributions

If you've inherited a 401(k) from a parent, you likely have questions about your options for the account and the tax impact. Luckily, non-spouse beneficiaries usually have some control over how to manage an inherited 401(k) plan. However, as part of the Secure Act, most adults who inherit a 401(k)…

Kristin McKennaNovember 23, 2020

Early Retirement Retirement Planning

How Much Money Do You Need to Retire Comfortably At 60?

How much money do you need to retire comfortably at 60? That depends entirely on how much you plan to spend in retirement. Absent a large pension or other source of income, as your expenses grow, your retirement savings must also. While retiring at 60 isn't terribly early, it is…

Kristin McKennaNovember 16, 2020

Financial Planning Forbes Tax planning

Year-End Financial Checklist: 4 Money Moves You Should Prioritize Now

The end of the year is a busy time for most people. Unfortunately, it is usually also the last opportunity to make financial moves that will count towards the current year. If you've been slow to tackle your financial to-do list this year, consider completing your checklist before the end…

Kristin McKennaNovember 9, 2020

Retirement Planning Tax planning Updated for 2021

New IRS Contribution Limits for 2021

The IRS has released the 2021 contribution limits for retirement plans and other cost-of-living adjustments. (more…)

Kristin McKennaOctober 28, 2020

401(k) Plans Employee benefits Forbes Retirement Planning Tax planning Updated for 2021

Roth 401(k) vs Traditional 401(k): Investing Pre-Tax or After-Tax

Which is better, a Roth or traditional 401(k)? The central difference between a Roth 401(k) and traditional 401(k) is the tax treatment of your contributions. Investors make traditional 401(k) contributions before tax while Roth savings occur after tax. Which is best for you will depend on your current/future tax situation,…

Kristin McKennaOctober 26, 2020

Boston financial advisor Choosing a financial advisor

How to Find a Fee-Only Financial Advisor

When starting to search for a financial advisor, investors may not realize the different types of advisors out there...and they're not all trying to sell you something. If you're looking for a fee-only financial advisor or wealth manager, it's probably because you know fee-only advisors do not sell products. Here…

Kristin McKennaOctober 19, 2020

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

Stock options

What Happens to Stock Options When a Public Company Goes Private?

With so much emphasis on IPOs, investors are sometimes surprised when publicly traded companies decide to go private. There are many reasons a company may choose to go private. Dry powder flowing into private equity funds only fuel the trend. For employees of a public company going private via buyout,…

Kristin McKennaOctober 5, 2020

Brokerage Account Investing Updated for 2021

What is a Brokerage Account? Reasons to Use a Brokerage Account

What is a brokerage account? A brokerage account is a non-retirement investment account. Essentially, a brokerage account is the opposite of a retirement account like an IRA or 401(k) in nearly every way. There are no restrictions (income, investment options, limited additions, access, etc.) or tax benefits. Because there are…

Kristin McKennaSeptember 28, 2020

Diversification Forbes Investing Managing Risk Stock options

If You Own Too Much Stock In One Company, It’s a Good Time To Consider Diversifying

Can you own too much of your employer's stock? Undoubtedly, yes. Does holding a lot of company stock create the potential for a large windfall? Also, yes. For employees, it can be difficult to know how much company stock is too much. But identifying a concentrated position is often just…

Kristin McKennaSeptember 21, 2020