MLR

Category: Retirement

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Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half” to make sure everyone knows they’re closer to the next age than the last.

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Only 18% of individuals 55 and older say they are “very confident” they will have enough money to live comfortably throughout their retirement years.

Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts

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When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same federal income tax rules as other employers.

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For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and for any reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular income tax on the amount. In addition, the taxable portion of a withdrawal taken before age 59 1/2, which is called an “early withdrawal,” will be hit with a 10% penalty — unless you qualify for an exception.

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It’s not unusual for the IRS to conduct audits of qualified employee benefit plans. Plan sponsors are expected to stay on top of related changes in the tax law. If the tax agency uncovers compliance errors and the plan sponsor does not fix them, the plan could be disqualified. There are also penalties and fees that can be devastating to a business.

Our affiliate, ML&R Wealth Management, is celebrating their 20 year anniversary in 2017.  For the next 20 years and beyond, they want to continue to be a trusted advisor for their clients and with that in mind, they are pleased to announce the launch of their new website.

As you may have heard in the news, components of the Department of Labor’s fiduciary rule finally went into effect on June 9th. You can add the date as the latest significant date to the running timeline for the Department of Labor’s fiduciary rule

There are quite a few different types of retirement plan options that cater to the particular needs of businesses of varying sizes- from the self-employed individual to large enterprises.  Three retirement plan options stand-out depending on what you want to accomplish with your plan and how much flexibility you need. These are: 401(k) plans, SEP IRAs, and SIMPLE IRAs.