Proposed legislation in Kentucky that would tax services including financial planning and investment management could significantly harm the way Kentuckians save and plan for retirement.
The proposal, which goes after households worth at least $100 million, enters unprecedented territory by trying to tax unrealized gains.
The tax, dubbed the Billionaire Minimum Income Tax by the White House, would hit both the income and unrealized gains of U.S. households worth more than $100 million.
The big surprise was the IRS' announcement that if an account holder dies after their required beginning date, required minimum distributions would be required for years one through nine.
More than half of investors expect inflation to increase this year, and 61% think the combination of low rates and rising price pressures will make it tougher to create a retirement income stream.
The shift from having taxes withheld to making estimated tax payments can be challenging for people entering retirement.
With most broad market indexes nestled into correction territory, financial advisers are steering clients toward Roth conversions in a tax management move.
J.P. Morgan Asset Management says that advisers should plan for 35 years in retirement for clients, rather than the previous 30 years, as average life expectancy continues to increase.
In February, the agency continued to retain 17.6 million tax returns from the 2020 filing season and about 5.9 million pieces of taxpayer correspondence that required manual processing.
Last year’s attempt to raise taxes on the wealthy has catalyzed conversations between advisers and clients about tax strategies this season.
Increased longevity makes it likely that future reforms will mandate a higher retirement age, according to a new report from the American Academy of Actuaries.
Bill would raise deduction cap for most and exclude millionaires. However, the plan is unlikely to be taken up in Congress anytime soon.
The firm reported a 9.4% decline in the number of advisers last year, but said it had 2½ times more recruited assets in 2021, at $929 million, compared to $363 million in 2020.
The length of the marriage, whether the individual claiming benefits has remarried, and the age at which they're claiming all affect benefit amounts.
Should a client use old tables, new tables, both tables or no tables to calculate their RMDs this year? It depends ... and advisers need to know the answer.
A study by the Center for Retirement Research finds that a third of 401(k) participants would choose to delay collecting benefits if they could use 401(k) assets as a temporary substitute.
Expect delays as the Social Security Administration's field offices reopen to the public after closing in March 2020 amid the pandemic.
As the next generation of investors comes on board, advisers are repeating the age-old mantra about not panicking in response to market swings.
Social Security's 1,200 field offices have been closed since March 2020 in response to the pandemic.
Financial advisers could fill the void when it comes to clients' questions about when to claim benefits.
