by Bryan Craig Wisda, CFP® EA | Sep 13, 2023 | Advanced Planning, Financial Planning, Retirement Planning, Tax Planning
The intricacies of retirement planning and wealth management often introduce several provisions and rules that many may find complex. One such provision is the ‘Rule of 55,’ a rule that pertains to early withdrawals from one’s 401(k) account. This...
by Bryan Craig Wisda, CFP® EA | Mar 1, 2023 | Advanced Planning, Financial Planning, Tax Planning
If you are still working in your 70s, there is way to avoid having to take required minimum distributions (RMD) from your IRA. Once you reach the magical age when you have to start taking required minimum distributions, currently 73 (going to age 75 in 2033), you are...
by Bryan Craig Wisda, CFP® EA | Sep 5, 2022 | Advanced Planning, Financial Planning, Retirement Planning, Tax Planning
Did you take money out of an IRA or 401k in 2020? If you did you may be eligible to get a tax refund by repaying those monies to your IRA, 401k, or other employer sponsored retirement plan. The CARES Act created an exemption to the tax due on withdraws up to $100,00...
by Bryan Craig Wisda, CFP® EA | May 20, 2022 | Advanced Planning, Financial Planning, Retirement Planning, Tax Planning
A Roth Conversion is basically taking some of the money in your Traditional IRA portfolio and moving it to a Roth IRA. The advantage to a Roth IRA is its tax status. When you convert money from a Traditional IRA to a Roth IRA you’ll have to pay taxes on the...
by Bryan Craig Wisda, CFP® EA | May 1, 2022 | Advanced Planning, Financial Planning, Retirement Planning
Updates to the SECURE Act have the potential to significantly affect anyone who has an Inherited IRA or Beneficiary IRA. Starting in 2020, those who inherited an IRA from someone other than a spouse, in most situations, have to withdrawal the entire value of the...
by Bryan Craig Wisda, CFP® EA | Mar 28, 2022 | Financial Planning
Medicare Part B premiums increased in 2022 from $148.50 per month to $170.10. Part A covers hospitalization while Part B covers doctor visits, diagnostics, and other services. This was the largest Part B premium increase in the history of Medicare, and for those high...
