If you’re a fan of Albert Brooks like I am, you’ve no doubt seen the 1985 movie classic Lost in America in which the protagonists sell all their belongings and purchase a Winnebago where they plan to live out the rest of their post-retirement days traveling the open road and living off their nest egg. … Continued
In late 2023, The Wall Street Journal (WSJ) published an article titled “The 4% Rule for Retirement is Back” and my immediate response was, “Where exactly did it go?” As a financial planner, I pay attention to articles on retirement withdrawal rules and can confirm I’ve seen and read many diverging opinions on the topic. … Continued
Normally a dry and straightforward topic, inherited IRA rules have been anything but over the last several years due to a number of recent changes to the SECURE Act of 2019. As a result of legislative changes (and the government’s need for tax revenue), there are now significant differences between non-spouse inherited IRA accounts inherited … Continued
According to The Goldhill Group, 75% of business owners surveyed regret selling their business after it’s been sold.1 This is an alarmingly high percentage. Did these business owners not set goals for what they envisioned life would be like on “Monday” after the sale? Did these business owners not have a team of professionals surrounding … Continued
April 25, 2023 In recent years, the U.S. retirement system has faced intense pressures. According to a Federal Reserve survey, in 2021, only 75% of non-retirees have any retirement savings whatsoever. To add to that, only 40% feel that their retirement savings are on track. While that number has improved—it’s up from 36% in 2020—there … Continued
January 31, 2023 Chefs, from the classically trained to the rock-and-roll celebrity types, cling tightly to the concept of mise-en-place when running their kitchens. French for ‘putting in place’ and a concept derived from the military, mise-en-place is the tightly coordinated planning and organization of the inputs needed to precisely execute the production of a … Continued
January 31, 2023 If you have been considering a Roth IRA conversion—which is simply a transfer of assets from a Traditional (tax-deferred) IRA to a Roth (tax-free) IRA—but have been hesitant because of the associated tax bill, 2023 might provide just the moment you have been waiting for. With expanded tax brackets now in place … Continued
January 31, 2023 It is the start of a new year and if you are one for making resolutions, now is a great time to add some financial planning resolutions to your list. Or, at a minimum, keeping tabs on some of the recent updates to tax and retirement limits will make sure you start … Continued
As the year-end approaches, now is an ideal time to review strategic planning opportunities and preview what lies ahead in 2023. We encourage you to discuss these planning topics with your Sand Hill Wealth Manager. Retirement Planning In 2023, retirement plan contributions for 401(k)s, 403(b)s, and most 457 plans will increase to $22,500 with an … Continued
October 25, 2022 Tax liability is, for many, a key criterion to consider when deciding where to retire. California is a high-tax state, and many retirees are understandably looking to lower their tax burden when they no longer have a steady stream of earned income to buffer that expense. We advise caution here. While one … Continued