Financial planning is always challenging. Doctors already have a compressed career timeline and the recent global crisis just adds to the complexity.
At Foster Group, we work to capture the visions of our clients and their families, and then we create a roadmap to help them pursue those visions
In late June, the IRS announced RMDs would be able to be reversed from any account requiring them through August 31st. Since the IRS is allowing this, it presents a potential tax planning opportunity.
Young physicians often ask, “Should I focus more aggressively on paying down my debt, or should I just do the minimum and try to save as much as possible?” That’s an excellent question, with lots of variables and layers.
In my daily work with clients, the question often comes down to, “How much do I need to retire comfortably?” My usual answer is, “How long are you going to live, and what do you want to eat?!”
Yet, all too often, there is a second group of retirees for whom retirement is filled with uncertainty. Let’s say that at age 58, suddenly you are forced to retire. This could be a full five to seven years before you planned. What do you do now?
Did you know that there are just four uses of money? They are Owe, Grow, Give, and Live.
One of the things married couples often do not consider in their planning is what I like to call the “Invisible Tax.”
It’s one thing to turn in the office keys and ride off into the sunset as a former W-2 employee, but what about those who started and built businesses?
As you wait for those semi-warm days of spring, there are a few things you can do between now and April 15th connected to your 2020 tax return.
Retirement isn’t a reward you one day receive at random. It’s not something you jump into without a thought in mind. You work up to this day with purpose, precision, and dedication.
I certainly would argue that building a business is more than just a dice game, but both involve risk. How you fill out your scoresheet in Yahtzee is a good example of what business owners might decide to do with their business profits.
Joe Bantz and Jason Brown discuss strategies for tapping into your portfolio during retirement.
Many industries use acronyms. Financial services are no different: QCD, RMD, DAF, and IRA to name a few. They each have their own rules and guidelines. We enjoy working with clients on a daily basis to help make sense of these terms.
A mega backdoor Roth is a great option to quickly build a tax-free bucket of money for individuals who have maxed out other retirement savings vehicles, still have surplus to be invested, and have a 401(k) plan that allows for this strategy. Consider this an additional tool in your toolbox.
I bought a puppy back in April, and it has been one of the most challenging things of my adult life. Training a new puppy is hard work and takes a lot of intentionality and thought. The same can be said about building a financial plan. I have a few tips that might help others avoid my mistakes.
Once the proverbial game clock expires on December 31st, our financial decisions are, for the most part, locked in. There’s no going back. Here are some suggestions to consider for your savings and/or to mitigate the tax bite for 2021.
