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Wednesday, January 31, 2024

To ease some of the burden of tax season, we've created this guide that contains all the information you need to address your tax season questions. Click to download our 2023 2024 Tax Guide.

Monday, January 29, 2024

Planning for retirement often involves focusing on your finances and ensuring that you not only will have enough to sustain you during your retirement but adequate funds to do the things you enjoy doing. While this strategy is a...

Monday, January 29, 2024

Read about Ed Slott's Health Savings Account (HSA) in 2024. 2024 Health Savings Account (HSA) Chart

Tuesday, January 2, 2024

Your Social Security retirement benefit may be taxable Did you know that you might have to pay federal income tax on your Social Security retirement benefit? If the only income you had during the year was Social Security income, then...

Tuesday, January 2, 2024

Along with tax planning, you should make sure your beneficiaries are up to date.. use this form to help you stay organized this year: Click Here to Access the Beneficiary Checklist Important

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Monday, January 1, 2024

Use this 2023 2024 Quick View Tax Guide to help better prepare yourself for tax season. 

Friday, December 15, 2023

In 2024, we believe markets will make a definitive turn to a more recognizable place. En route, the transition will be marked by meaningful shifts in a few key areas. Inflation is going down. The risk of a recession is bubbling up...

Friday, December 1, 2023

Life today is expensive, and contributing to a retirement plan is more beneficial than ever. Recently, the IRS announced it was raising the contribution limit for 401(k)s to $23,000 for 2024, up from $22,500. In a world where pensions...

Friday, December 1, 2023

It is important for you to take an active role in your retirement planning. Life changes and events happen that require you to update your tax and estate plans. Use the information below to see how your planning might be...

Wednesday, November 1, 2023

Generational wealth involves proactive financial planning, especially when parents or grandparents pass on their wealth to loved ones after they die. Entrusting family members with receiving an inheritance is more than just getting a...

Wednesday, November 1, 2023

Qualified Charitable Distributions (QCDs) are vital for those who must take an annual required minimum distribution (RMD) but seek a tax-advantaged strategy that may help lower their adjusted gross income (AGI). Using a QCD strategy,...

Wednesday, October 4, 2023

Nearly 1 in 3 Americans report that they aren't prepared for a recession — despite the near-constant drumbeat of recession talk from media and economic experts alike.1 This lack of preparation may be the result of "recession...

Tuesday, October 3, 2023

The Ed Slott team answers thousands of IRA and work plan questions annually - emails, phone calls, in-person conversations, webinars, Q&A programs and texts. We accommodate all members of the Ed Slott Elite Advisor Group, work with...

Monday, October 2, 2023

With a few simple actions, you can ensure your estate planning is effective. Whether your estate plan is simple or complex, there are many details, which are often overlooked, that can undermine your plan’s effectiveness. Are you...

Friday, September 8, 2023

If you qualify for Medicare, you have likely already heard of Medigap. Medigap insurance is a supplemental policy that private insurance companies sell in conjunction with Medicare Parts A and B to fill in the gaps where Medicare...

Friday, September 8, 2023

When it comes to financial planning, people often think of financial professionals as people who assist with strategies for retirement planning. That is one aspect of their job; however, financial planning and working with a financial...

Thursday, September 7, 2023

On July 17, we reported that the IRS had issued required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to the 10-year payout period....

Friday, August 11, 2023

Normal retirement age used to be 65, but things are way different today. You might be thinking about retiring, but how do you know when you are really ready for it, mentally and financially? For decades, the normal retirement age was...

Thursday, August 3, 2023

If you are like most American workers, you will change jobs many times during your lifetime. With a job change, you will have a decision to make. What should you do with the funds in your retirement plan? One option is to do a rollover...

Thursday, July 6, 2023

Below is an Ed Slott and Company article by IRA Analyst, Andy Ives, CFP®, AIF®:I got into some poison ivy and am suffering the consequences. It takes a few days for the welts to appear, but they are in full bloom. While...

Wednesday, July 5, 2023

Adults caring for aging parents and children simultaneously have now become known as the "sandwich generation."  While each generation comes with its own array of financial challenges, the sandwich generation often feels...

Monday, June 12, 2023

This past week the Ed Slott team hosted another successful conference for our Elite IRA Advisor Group members. Well over 300 advisors from across the country descended on Washington D.C. for two days of intense IRA training. In...

Wednesday, June 7, 2023

A Roth IRA conversion involves repositioning traditional IRA or qualified employer-sponsored retirement plan assets into a Roth IRA. One reason people convert traditional IRAs or other retirement accounts into Roth IRAs is so they can...

Wednesday, May 3, 2023

People on TikTok create investment advice videos,  and I’m supposed to trust whatever this talking head is telling me? No chance....

Tuesday, May 2, 2023

The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. The Act also expanded an...

Monday, May 1, 2023

You may already be aware of the importance of having enough life insurance coverage to handle financial matters that could affect your family in the event of your death. However, determining the appropriate amount of coverage...

Monday, April 10, 2023

The Federal Deposit Insurance Corporation (FDIC) has been in the news recently as bank failures have made headlines. The FDIC is an independent agency created by Congress. It provides deposit insurance coverage for institutions such as...

Thursday, April 6, 2023

Planning for retirement is exciting, but it may come with a bit of stress. If you worked hard all your life, now might be the time to relax and enjoy the fruits of your labor. One of the things that you may need to consider is when it...

Tuesday, April 4, 2023

Keeping your cool can be hard to do when the market goes on one of its periodic roller-coaster rides. It's useful to have strategies in place that prepare you both financially and psychologically to handle market volatility. Here are...

Wednesday, March 8, 2023

Could you be losing money because of simple monetary mistakes? Avoid these money-wasting habits in 2023 to have more cash when you need it—or save it for a rainy day.

Wednesday, March 8, 2023

What is it?A durable power of attorney for health care (DPAHC), also known as a health-care proxy, health-care power of attorney, or appointment of a health-care agent, is your written appointment of a representative to make medical...

Wednesday, February 1, 2023

Your retirement planning needs to incorporate more than just investments.Your open heart and your relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your future before...

Wednesday, February 1, 2023

Not everyone has a boss. In an economy upended by COVID, individuals, sometimes by choice and sometimes not, are striking out on their own and starting new businesses or becoming part of the gig economy. A critical issue for these...

Monday, January 2, 2023

The IRS has announced the retirement contribution limits for 2023. Because many of these limits are tied to inflation, it shouldn’t come as a surprise that some of the limits had a big jump. Here’s a summary:IRA and Roth...

Monday, January 2, 2023

Each year, many of us focus on our financial health by resetting goals and checking off items on our financial to-do list. Attempting to implement everything at once can be overwhelming but a month-by-month approach may help you plan...

Monday, January 2, 2023

 As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your...

Monday, December 5, 2022

At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over...

Monday, December 5, 2022

LPL Research’s Outlook 2023: Finding Balance is our guide to how the readjustments in the economy and markets may impact you in the coming year. The disruptions may not be fully resolved and there may be more challenges to...

Saturday, November 5, 2022

Inflation swindles almost everybody – stock investors, bond investors…We’ve all heard about Warren Buffett, the 91-year-old multibillionaire known for his friendly demeanor, modest style of living in Omaha, and...

Saturday, November 5, 2022

Download Ed Slott's Year-End Checklist

Friday, November 4, 2022

Year-end is approaching and being prepared is the best way to make this tax season your easiest yet. Following are important information and tools to help you get ready. As always, meeting with us early and often will ensure your...

Tuesday, October 4, 2022

As we approach the end of the year, you may want to review areas that may impact your wealth and estate planning next year. In this year-end planning guide, we examine four critical areas to consider that may affect your finances:...

Tuesday, October 4, 2022

Questions on how age affects the decision to convert to a Roth IRA are common. What age is too old to convert? There is no easy answer to this question because there is no magic age when conversion makes the most sense or no longer...

Tuesday, October 4, 2022

The S&P 500 does best when one party controls Congress and the WH too.The 2022 Midterm Elections will feature hundreds of hotly contested races at the state and local level and will decide whether the Democrats maintain...

Tuesday, September 6, 2022

Your life insurance needs change as your life changes. When you are young, you may not have a need for life insurance. However, as you take on more responsibility and your family grows, your life insurance needs increase. Your needs...

Tuesday, September 6, 2022

With many 401(k) (and 403(b) and 457(b) plans) offering multiple participant accounts, your plan statement is probably more complicated than ever. Here’s a brief primer to help you understand what each account represents:Pre-tax...

Sunday, August 28, 2022

The Inflation Reduction Act includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate repurchases of stock.The Inflation Reduction Act, signed into law on August...

Monday, August 1, 2022

In 2022, U.S. inflation hit a 40-year high, with prices for food, housing, gasoline, and other key staples increasing by nearly 10% over the previous year.1 During these uncertain times, stocks have continued a roller-coaster ride that...

Tuesday, July 12, 2022

Markets rarely give us clear skies, and there are always threats to watch for on the horizon, but the right preparation, context, and support can help us navigate anything that may lie ahead. So far, this year hasn’t seen a...

Wednesday, July 6, 2022

When market volatility takes investors on a wild ride, fear and panic are common responses to this stock market roller coaster. Acknowledging these emotions may be a good first step, but acting upon them could result in impulsive,...

Wednesday, July 6, 2022

Leaving a Legacy: 3 Differences Between Life Insurance and Roth IRAsLife insurance and Roth IRAs have a basic structure in common: they are both wealth transfer tools that help facilitate an efficient transfer of assets from one...

Friday, June 24, 2022

Proposals to boost IRA and workplace plan savings are advancing, but they are not law yet. Several actions must occur before the proposals become law.On March 29, the House passed the “Securing a Strong Retirement Act of...

Tuesday, June 21, 2022

A bear market is officially here thanks largely to stubbornly high inflation. For many of us, it has probably felt like a bear market for a while now, but the S&P 500 Index didn’t close more than 20% below its January 3 record...

Tuesday, May 31, 2022

The Stock Market has been trying to teach these lessons forever….The real value of a bear market may be that it gives investors, who are temporarily frozen within its grip, the opportunity to learn or relearn important lessons...

Tuesday, May 3, 2022

Even if you're saving money in a 401(k), IRA, or another type of retirement account, you may not be paying much attention to the specific rules and regulations governing these accounts. After all, if you're years away from retirement,...

Monday, May 2, 2022

As temperatures warm up, trees begin budding, and the days get longer, you probably throw open your windows and think about spring cleaning your home. As you tackle washing windows, cleaning carpets, and sorting out the garage,...

Monday, April 4, 2022

At the foundation of your financial well-being lies your behavior  Here is a statement that is bound to cause you to raise your eyebrows: Your long-term financial success may depend less on the structure of your portfolio than on...

Monday, April 4, 2022

Click Here to Download our free e-book  "8 Timeless Principles of Investing." 

Tuesday, March 1, 2022

RMD Tables are changing to keep up with The SECURE Act of 2019. Under The SECURE Act, if you turned age 70 1/2 in 2019, you would've been required to take your first RMD by April 1, 2020. If you turned age 70 1/2 in 2020 or later, you...

Tuesday, March 1, 2022

Download our exclusive Ed Slott 2022 Retirement Plan Contribution Limits Chart. Important Disclosure This information is not intended as authoritative guidance or tax advice. You should consult with your tax...

Wednesday, February 23, 2022

Wall Street has little recent history to go from, but two things are very likely. Starting in late 2021 and throughout all of 2022, Wall Street has debated what markets might do if Russia invades Ukraine.

Wednesday, February 2, 2022

Taking money out of retirement without a plan is a recipe for trouble.  You‘ve saved for years. Now that you are retired, did you create an income plan from your savings? The financial industry and media constantly talk...

Wednesday, February 2, 2022

Download our exclusive Ed Slott Resource with key tax numbers for 2022.

Wednesday, January 12, 2022

Saturday, January 1, 2022

Saturday, January 1, 2022

Saturday, January 1, 2022

I know this area requires specialized knowledge in IRA distribution planning. Do you have expertise in this area? How would I know that?What books have you read on the topic? Look at the books. If they crack when you open them...run....

Thursday, December 2, 2021

Don’t know what to get your healthy foodie friends and family this holiday season? Avoid the chaos of holiday shopping, and browse these nutritious websites for the perfect healthy treats for your loved ones from the comfort of...

Thursday, December 2, 2021

Some people believe there is a lost opportunity cost by doing a Roth conversion—that the funds used to pay the conversion tax could have been otherwise invested,and that investment return opportunity is lost. False: It’s...

Wednesday, December 1, 2021

‘Tis the season to deck the halls, light the menorah and provide peace on earth (or at least to your families) with a well-constructed financial and estate plan. Download and print the Holiday Conversations PDF.

Tuesday, November 9, 2021

The more money that you can save when you are working, the easier it should be for you to retire and enjoy your golden years. Unfortunately, Social Security may no longer provide a sufficient income to live on during retirement. To...

Tuesday, November 9, 2021

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different...

Tuesday, November 9, 2021

1. IRA-to-IRA Rollovers and Roth IRA-to-Roth IRA Rollovers Mistakes: Using 60-day IRA rollovers instead of using transfers to move IRA funds Once-per-year rule is for all IRAs and Roth IRAs IRS has no authority to correct these...

Monday, October 11, 2021

When do multiple beneficiaries exist? Multiple beneficiaries exist when an individual names more than one beneficiary for their IRA. When should you name more than one beneficiary? When you want your IRA assets to go to more than one...

Wednesday, October 6, 2021

It is common for people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that only the wealthy require estate planning or that all that is involved is...

Wednesday, October 6, 2021

It’s tempting to give up on data security altogether, with all the billions of pieces of personal data – Social Security numbers, credit cards, home addresses, phone numbers, passwords and much more – breached and...

Wednesday, September 29, 2021

Benefits of a Roth IRA Roth IRAs are NOT included as an asset on the FAFSA (Free Application for Student Aid) form. Most other assets, including the amount in 529 plans, are included when calculating your EFC (expected financial...

Wednesday, September 15, 2021

As Melanie Marshall (a hypothetical case) prepares to head off to college, she’s looking forward to her newfound independence. Although Melanie will be on her own for the first time, her parents, Joan and Al, can at least rest...

Monday, September 13, 2021

Quantitative easing and short-term rates near zero could be ending soon. Federal Reserve Chair Jerome Powell seems to have capitulated on plans to taper the Fed’s stimulus program as of mid-July, causing the bond market to rally...

Monday, August 9, 2021

Some of the U.S.‘s wealthiest individuals reportedly pay just a tiny fraction of the billions of dollars added annually to their fortunes in federal income tax – sometimes they pay nothing at all. Investigative journalism...

Monday, August 2, 2021

A whopping 70 percent of adults in their 20s through 50s fear that the Social Security program might be reduced or eliminated by the time they retire, and don’t know what to expect.1 It's important for all adults to be informed...

Wednesday, July 7, 2021

U.S. consumers won't soon forget the troubling shortages of personal protective equipment during the early days of the pandemic, or when the first stay-at-home orders spurred panic buying and stress-inducing shortages of toilet paper,...

Wednesday, July 7, 2021

Why the inflation rate doesn’t tell the whole story – all it takes is a spike in a category like used cars to cause consumer prices to soar. Markets, economists and policymakers have been fretting about inflation for months...

Wednesday, July 7, 2021

Part B and D Charges The Medicare health care system is largely government funded, but individuals pay premiums to participate in two portions of it.Medicare charges premiums to participants in Medicare Part B, covering doctor visits,...

Wednesday, June 30, 2021

With its four distinct parts, Medicare can be an alphabet soup of complexity. We provide an overview of the various components and how they impact your healthcare costs. Medicare is available to virtually all U.S. citizens and legal...

Thursday, June 3, 2021

When it comes to shopping for Father’s Day, it can be tricky to avoid the old clichés of a new tie or a seventh (unnecessary) screwdriver for his toolbox. Besides, what if your dad isn’t the businessman or handyman...

Wednesday, June 2, 2021

Most of us go to see professionals when we’re in trouble or during times of crisis. Think about it. We go to the doctor when we’re sick. We go see a lawyer when we have a pending legal matter. We go see a counselor when...

Wednesday, May 26, 2021

Although a year away, your 2021 tax planning should have already started. Amidst all the pandemic news and 2020 election drama, many might have missed that the IRS also quietly published new 2021 tax rates in late October.

Monday, May 24, 2021

Whether you've been wondering about boosting your investments' rates of return or are concerned that your financial affairs are a bit too complicated for your next of kin to handle, it may be time to seek advice from a financial...