RMDs

While it’s recommended they have at least three sources when they retire, just 6.8% of savers have done so, according to a report.

While they don't need a child to claim the earned income tax credit, the benefit's value increases based on the number of kids clients have.

Relief comes as a result of the short notice firms were originally given to comply with the Secure Act, the agency says.

While there are strategies to help reduce risk, clients should recognize the order of investment returns is crucially important, an expert writes.

Many pre-retirees leave the workforce sooner than anticipated as a result of various factors, such as job loss and illness.

Along with other decisions, dating the amount of money they need to withdraw would help them in retirement planning and spending.

Failing to pay taxes on side-gig earnings and keeping faulty records of business-related expenses must avoided to prevent an excessive tax burden.

More clients are opting to work after they retire "to stay active and contribute professionally while also supplementing their income.”

The Secure Act was designed to expand retirement savers’ options but it has subsequently all-but-eliminated the stretch IRA for beneficiaries. It's on advisors to make clients aware of the major change.

For starters, wage income earned by those working past their full retirement age can boost tax bills and medical insurance costs.

“By and large, many simply have not yet saved enough to retire comfortably.”

Knowledgeably navigating 401(k) and IRA movements can have a massive impact on tax burdens — and the client relationship.

This recently passed bill is groundbreaking retirement legislation and will substantially alter the landscape for employer-sponsored retirement plans and individual savers.

The change would affect seniors who converted traditional accounts to Roth and paid taxes for the benefit of their heirs.

Adjusting a federal income tax return depends on personal tax circumstances, “such as the materiality of the error,” an expert says.

Seniors hoping to begin retirement next year are advised to review their risk exposure, pay down their debt and save for additional health care costs.

If not addressed, the client may see a higher tax bill than was planned. That won't go over well at tax time next year.

Those in the workforce will not owe taxes on rollovers to traditional retirement accounts, but will face consequences using the strategy with a Roth.

One option is to sell funds with lower or no estimated distributions, especially if possible savings will exceed trading costs.

Waiting too long means clients will miss out on the opportunity to maximize the plan’s full tax benefits.