Tax-savvy withdrawals in retirement are often overlooked or ignored by investors.  That’s bad news when the Required Minimum Distribution (RMD) comes along and OUCH! As individuals approach retirement or if they’re already retired, one of the key concerns is ensuring a stable and tax-efficient income stream during their golden years. While saving diligently for retirement […] The post 4 Simple Strategies on How to Reduce Taxes and Maximize Retirement Income appeared first on Common Financial Sense ..read more

High income earners may face limitations when contributing to a Roth IRA due to income restrictions. However, there are several strategies they can employ to maximize the benefits of a Roth IRA or find alternative ways to achieve tax-efficient retirement savings. Keep in mind that tax laws may change, so it’s essential to consult with […] The post 6 Strategies to a Roth IRA for High Income Earners appeared first on Common Financial Sense ..read more

Traditionally, the main 2 concerns pre-retirees have are… Can I Retire? Will I Run Out of Money? However, according to a recent survey by HSBC, “Retirement Reinvented”, It’s Inflation. Yes, inflation tops retirement concerns here in the US. Planning for retirement has always been a crucial financial goal for individuals, and it remains important across […] The post The #1 Concern for Retirement and How to Solve It appeared first on Common Financial Sense ..read more

I’ve heard that investors would rather have a root canal with ZERO Novocain versus speaking to an advisor about Life Insurance. So, here is a great educational video on Tips for Reviewing Your Life Insurance Policy. Click on Image. If you need guidance about your own life insurance policies or want a second opinion please […] The post Tips for Reviewing Your Life Insurance Policy appeared first on Common Financial Sense ..read more

According to WISER, The Women’s Institute for a Secure Retirement, half of women over 25 say they have trouble saving for retirement. When planning for retirement, we don’t want to “fall short.” To make sure, we must account for a multitude of factors: 1. How much income do I need? 2. How long will I […] The post What Women Say About Their Retirement Savings appeared first on Common Financial Sense ..read more

Account Preservation for the Next Generations A trusteed IRA combines the tax benefits of a traditional IRA with the control and preservation benefits of a trust. How Is a Trusteed IRA Different from a Typical Custodial IRA? While traditional custodial IRAs and trusteed IRAs are treated identically for tax purposes during your life, the trusteed […] The post What is a Trusted IRA? appeared first on Common Financial Sense ..read more

I know what you’re thinking.  Awesome!  A conversation about Life Insurance my favorite subject! Ok, maybe not that much enthusiasm, however, if that Cash Value Life Insurance could be used for…  Income-tax-free death benefit to protect heirs at death, replacing lost income Tax-deferred growth of policy cash values over lifetime Tax-free distributions from the policy […] The post How to Use Life Insurance for Retirement Income appeared first on Common Financial Sense ..read more

Research suggests written financial, income, and tax savings plans help you achieve your retirement goals. The concrete benefits for individuals of having a written retirement plan are clear, according to a Hearts & Wallets survey of 5,794 U.S. Households. The research shows that Americans who have a retirement plan enjoy increased savings, better asset allocation, […] The post Having a Written Retirement Plan Gives You SWAN appeared first on Common Financial Sense ..read more

There are many risks to be aware of, whether you’re approaching retirement or already retired. Stock market risk, bond market risk, interest rate risk, and the largest one is longevity risk.  Longevity risk is outliving your money.  With all of the advances in technology and healthcare we are living longer than ever before. In this […] The post Beware of the Sequence of Returns Risk appeared first on Common Financial Sense ..read more

Retirement Changes and Challenges CONGRESS RECENTLY ENACTED LANDMARK RETIREMENT LEGISLATION KNOWN AS SECURE 2.0 THAT WILL INCENTIVIZE INDIVIDUALS TO SAVE FOR RETIREMENT, WHILE INCREASING ACCESS TO WORKPLACE PLANS. THE NEW LAW INCLUDES A NUMBER OF PROVISIONS INTENDED TO BENEFIT INDIVIDUALS AS WELL AS SMALL BUSINESS OWNERS. -ENHANCEMENT OF TAX CREDITS FOR SMALL BUSINESSES STARTING AND […] The post Milestones of SECURE Act 2.0 appeared first on Common Financial Sense ..read more