Yes, our financial plans are holistic in nature, each interdependent area of service is designed with consideration to how it affects the other.
Do you offer full scope, custom financial plans?
The SECURE Act and Your Retirement Savings
This long-awaited legislation expands savings opportunities for workers and includes new requirements and incentives for employers that provide retirement benefits. Here are some of the changes that may affect your retirement, tax, and estate planning strategies. All of these provisions were effective January 1, 2020, unless otherwise noted.
IRA and Retirement Plan Limits for 2020
The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a Roth IRA in 2020, but your total contributions can’t exceed these annual limit
Using a Health Savings Account for Retirement
By one estimate, a 65-year-old couple who retire in 2019 may need about $300,000 in savings to pay their health-care expenses in retirement. This includes premiums for Medicare Parts B and D, supplemental (Medigap) insurance, and median out-of-pocket prescription drug expenses, but not other health expenses such as long-term care, dental care, and eye care.