It’s official – the SECURE Act 2.0 passed on December 23, 2022 and many impacts will be felt right away in 2023 as the new legislation takes effect. Below, you’ll find some at-a-glance highlights of the new SECURE Act 2.0 and what this may mean for your financial and retirement planning ahead in 2023.
Read MoreLike the last couple of years, 2022 was another one full of ups and downs. I think many of us are looking forward to what the new year will bring! As 2022 comes to a close, it’s a great time to reassess our financial situation and planning considerations as we look into 2023. Each calendar year, the IRS adjusts contribution limits for retirement plans to account for inflation. As we look ahead, we again have some changes for 2023 retirement plan contributions.
Read MoreCharitable giving has gained a lot of steam in recent years as we look for ways to give back and find a few tax breaks along the way. When it comes to charitable giving, many make simple cash contributions. Still, there may be more strategic ways to give to your favorite causes, create a more significant impact, and reduce your tax liability even further.
Read MoreWe have all felt the impacts of inflation in 2022. However, there is a glimmer of hope for aggressive retirement savers. Because 401(k) contribution limits are tied to the CPI (consumer price index), which has increased significantly in 2022, savers may reap the benefits.
Read MoreRecently, there have been many headlines in the news around I savings bonds, known as I bonds or inflation bonds. These headlines have caused much confusion around the topic, and we wanted to clear up what I bonds are, how they can be utilized, and pitfalls to watch out for when considering them for your portfolio.
Read MoreHave you heard about The Inflation Reduction Act? It has recently passed the House and the Senate, and was signed into law by President Biden. This bill will come into effect quickly, which is why it is an excellent opportunity to share a little bit about what this means and some things you can do to prepare for the Inflation Reduction Act.
Read MoreAs you may recall, the SECURE Act was passed in late 2019 to apply in the years 2020 onward. Although complex, many of the rules around inherited IRAs were relatively straightforward up until very recently, that is. The IRS provided guidance on these SECURE Act provisions this year, surprising many, specifically around distributions and payouts on inherited accounts.
Read MoreAverage mortgage rates are now above 6%. Although a 3% increase may not seem like much, consider that this 3% increase means that interest rates have doubled in just about six months. So, how does this rise in interest rates impact the real estate market in 2022?
Read MoreFinding opportunities to make the most out of difficult markets is key to long-term success. Just because an investment has dropped does not mean you can't make the most of the situation. Tax loss harvesting is a strategy we often use to do just that. When used properly, effective tax loss harvesting can increase the after-tax return you realize in your non-retirement accounts.
Read MoreWith people living longer and retiring earlier, many face a challenge if most, or even all, of their assets are in traditional retirement accounts. Why? Because they can't take the money out if they do want to retire early! That's precisely where Rule 72(t) can come into play for early retirement.
Read MoreAre you thinking about hiring an attorney to implement your estate plan? You are not alone! Many of our clients here at Mainsail find themselves in this position at some point. However, the most crucial question is: who needs an estate plan? The answer may or may not surprise you!
Read MoreTraditional advice suggests those with higher income should always invest in the traditional, pre-tax, side of the retirement accounts available, such as 401(k)s and IRAs. This general rule of thumb assumes that you will be paying more in taxes today than in retirement and that deferring taxes is always better. But, is this traditional advice still true?
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