The Internal Revenue Service anticipates that more than 150 million tax returns will be filed this year. In a normal year, this is a colossal undertaking. But in a world still altered by a pandemic, it becomes a bit more complicated for all parties involved. We are here to help you navigate the process.

As more and more conversations come up regarding future increases to tax rates, many people are wondering, is this the right time to convert a Traditional IRA to a Roth IRA?

A number of factors in 2020 have created an environment that may make it advantageous to consider converting. The steps taken by the U.S. government to combat the COVID-19 outbreak have altered the landscape for retirement assets and how they should be allocated.

Today, IRAs are one of the primary vehicles that Americans use to fund their retirement. In fact, 43.9 million households held at least one IRA in 2017, with 35.1 million households holding Traditional IRAs and 24.9 million holding Roth IRAs, and some households holding both [Investment Company Institute]. Additionally, due to changes in the tax laws of 2010, there are no age limits or income requirements to be able to convert a Traditional IRA to a Roth IRA, but keep in mind you will have a tax liability on the amount that you convert.

Many of us are not particularly fond of surprises, especially later in life and certainly not when we are looking to understand what our Social Security benefit will be upon retirement. But if you are eligible for a pension based on work you did for a government entity or nonprofit organization and did not pay the Social Security tax on your wages, you may be in for a surprise.

Known as the Windfall Elimination Provision (WEP), this potential reduction in Social Security benefits is a federal law that impacts those who have worked in a job where pay was subject to Social Security tax withholding, and also have worked in another job where Social Security tax is not withheld. Employees in the public sector like teachers or in the civil service are the prime examples, but if your employer was outside the U.S. you may also be affected.

For many Americans today, Social Security is one of their most substantial retirement assets. In fact, nearly all U.S. workers and their families will qualify for some benefits under the system, originally enacted in 1935. Social Security benefits can be viewed as a portion of the “replacement income” that people need once they decide to retire.

While it is certainly a topic that is difficult for many of us to contemplate, what happens when we succumb to the inevitable and depart this life? What benefits under the Social Security program are available for surviving partners and children? Do parents of the deceased qualify for benefits?

The retirement landscape for many Americans was altered significantly in December 2019 when the SECURE Act became law. Several facets of the legislation were intended to increase access to tax-advantaged accounts for many Americans. Another provision, though, aims to prevent older retirees from outliving their retirement assets.

Questions about paying for college? Despite the ups and downs of the world today, a college education provides a significant advantage in today’s job market for your child or grandchild. In fact, it is known to provide higher earnings potential throughout your child’s entire working life.  But how to pay for college with rising costs today?  

Individual retirement accounts (IRAs) are tax-advantaged savings plans designed to assist people in funding their retirement. Created by an act of Congress in 1974, these accounts became significantly more popular following another government act in 1981 that allowed all working taxpayers to establish IRAs.

How the new SECURE ACT rules may change how you save for retirement

In mid-December 2019, the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act was included as part of a massive spending bill approved by Congress.

Notably, this may be one of the most significant pieces of retirement legislation in years.  

Raising a child with special needs has its own rewards. Someone once said, it's like taking a trip and arriving in Copenhagen when you thought you were going to Paris. Copenhagen has its own joys, but they may not be what you imagined about Paris. The milestones you dreamed of before becoming a parent may be different now.

Special needs financial planning can seem daunting for parents. There may be medical expenses today and planning for your child’s care when you no longer can. Here are eight steps to break the process down into manageable chunks.