Kate Sullivan, CFP®

The rules and strategies centered on saving for retirement in a tax-efficient manner fade to a distant memory, and a new set of rules around spending and withdrawing sink in.

Since the SECURE Act became law, Inherited IRAs have become exceedingly more complicated. The Final Regulations from the IRS for inherited IRAs only amplify the difficulty.

It’s easy to opt for instant gratification when it comes to financial decisions. It feels good to spend money. However, you don’t experience the same reaction when you open the Amazon package or wear the new shoes compared to when you invest money in a Roth IRA.

Retirees can maximize their retirement wealth by implementing tax-efficient strategies such as Roth conversions, realizing gains in the 0% bracket, and withdrawing pre-tax funds in the 10 and 12% brackets.

What people fail to talk about is how this phase of life is expensive and can easily throw a wrench into your financial goals – whether it’s saving for retirement or simply building and maintaining a solid financial foundation.

As you prepare for retirement, whether that’s in 25 years or two months, it’s important to keep your eye on what’s important. Develop strong habits (but not too strong!) early on for optionality that works in your favor.

It’s not abnormal for borrowers to feel they are in a different spot financially since March of 2020. The pandemic brought about rising wages and allowed many Americans to stockpile cash.

When you pass, you don’t get to take your money with you, so avoiding the common pitfalls of wealth transfer is best. Prepare your heirs, talk openly about money, pass along family values, and don’t be afraid to implement a trust.

Social Security benefits are an essential piece of many retirees' financial plans. Most people know they are entitled to benefits based on their own record or earning history, but did you know that you are also eligible for benefits on your spouse's earnings?

Unfortunately, even as tax prep software evolves, several common mistakes prevail. So how can you avoid these common (and costly) errors?

There are plenty of reasons someone might conceal information or deceive their partner. For instance, a high-earning spouse may tell their partner they earn less because they fear their partner would spend more.

Forgiveness can come in one of two forms. Borrowers that made payments during the pandemic forbearance period are eligible for a dollar-for-dollar refund, up to the $10,000 limit.