Tag: Retirement Planning
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Can I Contribute to Multiple Retirement Plans? Start with These 5 Questions.
For many owners, contributing the maximum amount to a retirement plan is not as simple as looking up the IRS contribution limits. For some owners with multiple businesses and/or multiple retirement plans, it can become confusing to understand which accounts to fund before the end of the year (or after the year). While saving into…
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When Can You Start a New Retirement Plan? Year-End Deadlines for Retirement Plans.
When trying to set up a new retirement plan, especially for 2025, the two primary questions to answer are when you can establish the plan and the latest date that you must fund the account by. Answering both questions can help you determine if you need a new account opened and funded by as early…
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How Can I Max Out My Retirement Account? How to Hit Your 2025 Deduction Goals with Retirement Plans.
Contributing to a retirement account has arguably been one of the best deductions available from year to year. As the end of the year approaches, it could be a great time to determine whether you should contribute the maximum amount to some or all of your “deductible” accounts. If the goal is to increase your…
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Should I Convert My IRA to a Roth IRA this Year? How to Think Through Year-End Roth Conversions.
As the end of the year approaches, most people start to get a clear sense of how much income they will have for the year. If this year looks like a relatively low year for income, it may be worth exploring intentionally increasing your “total income”. While the reasons may differ from year to year,…
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What if My Business is My Retirement Plan? Why Exit Planning for Business Owners is Critical.
Many business owners never truly plan on retiring. Worse, many just assume their entrepreneurial journey will carry them through life indefinitely. Naturally, this leads to uncertainty and confusion when the day finally comes. While many entrepreneurs may eventually figure it out, understanding why you should prepare for life after business is critical. Doing so now…
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What is the Best Retirement Account for a Business? 3 Options to Save For Retirement.
Business owners love reducing taxes. Retirement accounts are one of the best ways to defer or reduce taxes. Almost irrespective of personal retirement plans, contributing to retirement accounts to some degree should be common for most business owners. Besides the tax benefits and the employee benefits, retirement accounts are foundational to a financial plan. After…
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What Age Should I Retire? How to Adjust Your Financial Plan for Retirement.
Retirement is a highly personal concept. Some take the traditional route by leaving their 40-hour work week, while others try to work as long as possible. Retirement planning is less about that one day when you never work again; it’s more about what you are going to do in the future. While everyone retires at…
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What If I Don’t Want To Retire? 5 Reasons Why Retirement Planning Is Important Even If You Never Plan on Retiring.
Within the last 80 years, Americans created the modern version of what we call retirement. While the concept is still relatively new, there is some debate about what retirement should look like for most people. Some who are multi-decade workers would like to retire and never work again, while others claim to never stop working.…
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Thinking of Selling Your Startup? How QSBS Lets You Keep More of Your Profit.
Taxes are a crucial piece of selling a business. As a result, the more planning done ahead of time before selling could have massive swings in the amount owed after the sale. If done correctly, Qualified Small Business Stock (QSBS) may be one of the best planning ideas to reduce taxes. While there are requirements…
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