Insights

Retirement accounts like 401(k)s and IRAs allow individuals to save for their future in a tax advantaged manner. IRA and 401(k) contributions are often tax deductible and gains are tax deferred – meaning you may only pay taxes when you withdraw money from your account.

Mike Valenti, CPA, CFP®, Director of Tax Planning Qualified retirement plans – such as 401(k)s, 403(b)s and IRAs – offer clear tax advantages. Traditional 401(k)s, 403(b)s, and IRAs offer a tax deferral on contributions and growth until distribution. Their Roth counterparts can provide an i …

By Jamie Hopkins, Managing Partner, Wealth Solutions   The SECURE 2.0 Act has passed, making it the largest retirement legislation since the original Secure Act hit in the late 2019.

Retirement plans like 401(k)s and traditional or Roth IRAs can be an easy and effective way to save for retirement. Many investors favor these accounts for their significant tax advantages, which can include tax-deductible contributions.  Contributions to a traditional 401(k), IRA, and othe …

Many investors contribute to an account like an IRA or a 401(k) to take advantage of tax benefits as they save for their retirement. However, you cannot keep your funds in them indefinitely.  Once you reach a certain age, many types of retirement accounts require you to take a minimum withd …

Tom Fridrich, Senior Wealth Planner  Once upon a time, people would put money in their 401(k) or IRA accounts and know that – should their retirement savings outlive them – their loved ones would inherit the rest and all would essentially be well. 

But when the SECURE Act goes into effect – expected on Jan. 1, 2020 – beneficiaries will have to fully distribute taxable accounts within 10 years of the account holder’s death. That could push your loved ones into a higher tax bracket.