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Planning Your IRA Withdrawal?

In Wealth by Greg Boots

Advance planning can, in many cases, minimize or even avoid taxes on a IRA Withdrawal and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and other qualified retirement accounts, taxpayers need to consider a number of important issues.

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Retirement Savings: the Earlier, the Better

In Wealth by Greg Boots

Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement plan early in life can enjoy years of growth and provide a substantial nest egg at retirement.

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Don’t Overlook the Spousal IRA

In Wealth by Greg Boots

Affordable_Care_Act_2014One frequently overlooked tax benefit is the “spousal IRA.” Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes: wages, tips, bonuses, professional fees, commissions, alimony received, and net income from self-employment).