Roth IRAs

Establishing an S corporation would protect their profits from federal income taxes of more than 23.8%, an expert says.

Chances are high that one or both parents who have left the workforce ahead of their full retirement age are still working out of necessity.

While an asset protection trust can cover nursing home care expenses in retirement, growth of these investments can trigger a tax bill.

Clients are advised place a deeper focus on their life goals when developing a strategy to retire.

If they fear a sharp downturn, seniors may want to avoid locking up their retirement accounts in long-term bonds.

Seniors who negotiate for such an arrangement should consider their finances, flexibility and mutual benefits.

Advisors may be able to shift taxable income and potentially save on employment taxes, as well.

Clients are advised to consider delaying their Social Security benefits, as up to 85% will be subject to income taxes, an expert says.

Withdrawals for non-medical expenses would no longer be penalty-free under the proposal.

Clients often underutilize deductions for work-related technology purchases and travel expenses.

Clients who want to save for their children’s education may be better off using a 529 plan than a Roth IRA.

Contribution limits in a Roth IRA could shrink for couples after marriage.

They may look good on paper, but such investments also come with thorny challenges.

If passed, non-spouse heirs would be required to drain assets within 10 years after the owner’s death.

Clients have to increase their risk exposure to ensure they don’t outlive their savings.

The property should allow them to live close to their loved ones and fit their financial plan, according to a CFP.

Careful planning can help prevent them from shrinking their benefits based on misperception.

Early planning for potential tax hikes is key.

The rule can create significant tax savings, but in unskilled hands it can just shift the burden elsewhere.

The legislation includes a provision that would raise the age limit for making contributions and taking required minimum distributions.