First rule: There must be at least a decade between 'I do' and 'I don’t.'
There are many ways for clients to make sound investment decisions with their tax refunds, but it's important to understand their entire financial picture before giving advice.
As wealthier clients approach retirement, advisors must focus on income strategies, Hearts & Wallets says.
House conservatives recently recommended raising the retirement age to receive full benefits to 69, a proposal that put the spotlight back on the thorny problem of the program's solvency.
As laws and IRS guidance evolve, it’s crucial for advisors to stay on the leading edge of how inherited IRAs are affected.
A proposal by the House Republican Study Committee would gradually increase the retirement age until it hit 69 for those turning 62 in 2033.
The Senior Citizens League estimates that the cost-of-living adjustment to Social Security benefits could drop to 2.7% for 2024, down from the 2023 COLA of 8.7%.
President Joe Biden's top economic adviser, Lael Brainard, signaled the White House is unwilling to entertain the GOP proposal, which would cut income and corporate taxes.
The policies of most interest to financial advisors, such as expiring estate tax breaks, could come up later in the year in negotiations over a bipartisan bill.
While the rules for claiming Social Security will get a bit simpler starting in 2024, clients will continue to need advice on the best time to claim benefits.
Mary Beth Franklin's show on Maryland Public television will offer guidance not only for individuals currently nearing retirement age, but also those caring for aging relatives or facing changes in their marital status.
Those due to receive their Social Security benefits next week are retirees aged 88 and older, along with low-income individuals with disabilities.
Just over half of women who are 25 and older said they don't consider themselves financially secure; 77% of low-income women said the same.
The Windfall Elimination Provision reduction rules affect about 2 million people or about 3% of Social Security beneficiaries.
The Inflation Reduction Act gives clients many reasons to make their homes more energy-efficient or get an electric vehicle, now or later.
If the IRS thinks a taxpayer owes money, its efforts to collect could include levying bank accounts, placing liens on their home, garnishing their salary, and even refusing to issue a passport.
'It's sort of like the nicest house on an ugly block, which, relatively speaking, is the best place to be,' said one advisor.
What better time to work with your clients on positioning their portfolios for a better after-tax outcome than when paying taxes is fresh on their mind?
If clients are holding NFTs in their individual retirement accounts, review them to see which tokens are acceptable assets and which may be deemed a collectible under IRS guidance.
Donors who have had their accounts for 10 years or more last year issued grants that were 61% larger on average than those from donors with a tenure of six years or less.
