If you hold company stock within a 401(k) account, here's a tax-saving strategy that could significantly reduce your tax liability: Net Unrealized Appreciation (NUA) treatment. This often-overlooked method can save you thousands of dollars in taxes, but it's crucial to act while the stock is still in your 401(k). Let’s explore how NUA works and why it could be a game-changer for your retirement planning.
Learn how to manage longevity risk in retirement with essential strategies and expert advice. Discover tips on retirement income planning, diversified portfolios, Social Security benefits, health and wellness, long-term care, and regular financial reviews to ensure a secure and enjoyable retirement. Understand the impact of longevity risk and take proactive steps to safeguard your financial future.
Health expense risks encompass a wide array of potential costs, including medical treatment, long-term care, prescription drugs, and health insurance premiums. As individuals age, the likelihood of encountering health issues increases, leading to a surge in healthcare expenditures. Moreover, the unpredictability of health-related emergencies further exacerbates the financial uncertainty faced by retirees.
Deciding when to start taking Social Security benefits is a critical aspect of retirement planning that can significantly impact your financial security. While eligibility begins at 62, delaying until age 70 can substantially boost your monthly benefit amount, offering greater stability in retirement income.
Managing the taxes that come with an inherited IRA takes smart planning, especially since the SECURE Act eliminated the 'stretch IRA' game plan for most folks.
“One of the first things people should do once their retirement savings reach $250,000 is to start thinking about the types of accounts they’re using to accumulate their wealth,” retirement income specialist Antwone Harris, CFP, MBA and chief planning strategist at Platinum Bridge Wealth Strategies, told GOBankingRates.