Retirement Archives |

Retirement

Retirement seems to be a topic on many people’s minds lately. I have a doctor who is retiring next year, and several clients have asked me about the tax implications of their own upcoming retirements. I’ve even been asked about my own retirement plans,...

How to Convert a Nondeductible IRA to a Roth IRA

There is a trick available to those who are not eligible to make a Roth contribution for whatever reason. I strongly recommend that you use a financial advisor to assist with this trick. It starts by making a contribution that is nondeductible to your IRA, you can see...

Required Minimum Distribution (RMD) Beginning Age

Each year when talking about tax planning for the next year, I get a lot of frustration from some clients, they are reaching 72 and they don’t need or want to start taking their RMD’s. Well, I finally have some good news for them, granted it’s not great news but good...

SIMPLE IRA

Finally, some changes are coming to SIMPLE IRAs, starting in 2024. This change is thanks to SECURE 2.0. The dollar limits on annual employee contributions and catch-ups to SIMPLE IRAs will rise 10% for employers with 25 or fewer workers. A firm with 26 to 100...

2023 SIMPLE IRA Deadline

Thinking of starting up a SIMPLE for 2023? If so time is running out for existing firms to set the plan for 2023. You have a deadline of Oct. 2. Otherwise, contributions can’t be made for 2023. SIMPLEs are plans for small firms; those with 100 or fewer employees in...

Retirement Savings

The deadline to have a retirement plan has either passed or coming due shortly for IL businesses. Employer registration deadlines State law now requires every Illinois employer with five or more employees to offer their own retirement program or facilitate Secure...

Pin It on Pinterest