Money Matters – Skloff Financial Group Question of the Month – January 1, 2024 By Aaron Skloff, AIF, CFA, MBA Q: We are ready to get serious about our retirement savings in 2024.  What are the contribution limits for various retirement accounts in 2024? The Problem – Lack of Retirement Savings Most pre-retirees recognize they lack an adequate level of savings to enjoy a financially sound retirement.  Even as public programs like Social Security and Medicare crumble, many pre-retirees are still hoping these programs will provide them an adequate means of retirement ben ..read more

    Money Matters – Skloff Financial Group Question of the Month – December 1, 2023 By Aaron Skloff, AIF, CFA, MBA Q: With the end of the year quickly approaching, what are some important tax and financial planning measures we can take to reduce our taxes and improve our financial position? The Problem – Year-End Financial Oversights and Mistakes With so many gifts to purchase and (virtual and outside) holiday parties to attend, it is easy to forget important year-end tax and financial planning measures that can save you taxes or provide financial benefits for years to come. T ..read more

    Money Matters – Skloff Financial Group Question of the Month – August 1, 2023 By Aaron Skloff, AIF, CFA, MBA Q: We read ‘Pre-tax Versus Roth Employer Contributions to Retirement Accounts – Which Is Better?’ Part 1.  Can you give us examples of contributions today versus withdrawals in the future? The Problem – Tax-free Roth Employer Withdrawals Always Sound Better Than Taxable Withdrawals on the Surface Even if you receive a tax benefit today through pre-tax employer contributions, you are simply creating an even larger future tax upon withdrawal – right?  Tax-free em ..read more

    Money Matters – Skloff Financial Group Question of the Month – June 1, 2023 By Aaron Skloff, AIF, CFA, MBA Q: We read ‘Pre-tax Versus Roth Contributions to Retirement Accounts – Which Is Better?’ Part 1.  Can you give us examples of contributions today versus withdrawals in the future? The Problem – Tax-free Roth Withdrawals Always Sound Better Than Taxable Withdrawals on the Surface Even if you receive a tax benefit today through pre-tax contributions, you are simply creating an even larger future tax upon withdrawal – right?  Tax-free withdrawals just inherently see ..read more

    Money Matters – Skloff Financial Group Question of the Month – April 1, 2023 By Aaron Skloff, AIF, CFA, MBA Q: We read your article ‘Income Tax and Capital Gains Rates 2023’.  What are your top 10 recommendations to reduce income taxes and capital gains taxes in 2023? The Problem – Taming the Tax Beast Taxes are like wild beasts – unless you tame them they could eat you alive.  Understanding the tax code can be difficult and time consuming. The Solution – The Top 10 Tips to Reduce Your Income Taxes and Capital Gains Rates for 2023 Fortunately, there are numerous ways ..read more

    Money Matters – Skloff Financial Group Question of the Month – January 1, 2023 By Aaron Skloff, AIF, CFA, MBA Q: We are ready to get serious about our retirement savings in 2023.  What are the contribution limits for various retirement accounts in 2023? The Problem – Lack of Retirement Savings Most pre-retirees recognize they lack an adequate level of savings to enjoy a financially sound retirement.  Even as public programs like Social Security and Medicare crumble, many pre-retirees are still hoping these programs will provide them an adequate means of retirement ben ..read more

    Money Matters – Skloff Financial Group Question of the Month – December 1, 2022 By Aaron Skloff, AIF, CFA, MBA Q: With the end of the year quickly approaching, what are some important tax and financial planning measures we can take to reduce our taxes and improve our financial position? The Problem – Year-End Financial Oversights and Mistakes With so many gifts to purchase and (virtual and outside) holiday parties to attend, it is easy to forget important year-end tax and financial planning measures that can save you taxes or provide financial benefits for years to come. T ..read more

    Money Matters – Skloff Financial Group Question of the Month – August 1, 2022 By Aaron Skloff, AIF, CFA, MBA Q:  What are the top 10 most frequently asked questions about in-plan Roth conversions – Part 2? The Problem – A Lack of Tax-Free Income in Retirement Many retirees are faced with the unexpected curse of high taxable income and high taxes in retirement.  Why is it a curse? Because high taxable income results in high tax backets and high Medicare premiums for married couples, and even higher tax brackets and Medicare premiums for single filers and widows/wi ..read more

    Money Matters – Skloff Financial Group Question of the Month – July 1, 2022 By Aaron Skloff, AIF, CFA, MBA Q:  What are the top 10 most frequently asked questions about in-plan Roth conversions – Part 1? The Problem – A Lack of Tax-Free Income in Retirement Many retirees are faced with the unexpected curse of high taxable income and high taxes in retirement.  Why is it a curse? Because high taxable income results in high tax backets and high Medicare premiums for married couples, and even higher tax brackets and Medicare premiums for single filers and widows/wido ..read more

    Money Matters – Skloff Financial Group Question of the Month – June 1, 2022 Understanding Net Unrealized Appreciation (NUA) By Aaron Skloff, AIF, CFA, MBA Q: We read the article ‘Is There a Tax Benefit to Owning My Company’s Stock in My 401(k)?’.  Is there a way to gain large tax benefits with Net Unrealized Appreciation (NUA)? A: The Problem — Paying Unnecessary Taxes on Retirement Assets Distributions from pre-tax retirement plans like 401(k)s are normally taxed as income in the year of the distribution.  Withdrawals from a 401(k) or a Rollover IRA are taxed as ..read more