Financial Planning

Think taxes get a lot easier when you retire? Like everything else in life, it depends, especially since the tax aspects of Social Security, 401(k) withdrawals and IRAs can get pretty confusing.

Are you saving enough for retirement and overall financial security? Now many be a good time to examine just how prepared you are.

Under the federal income tax law – specifically, Section 408(d)(3)(B) of the Internal Revenue Code – a taxpayer can roll over funds from one IRA to another only once a year.

The specter of the dreaded new surtax on “net investment income” (NII) has turned into reality. For the first time ever, some upper-income taxpayers will have to pay the 3.8% surtax on their 2013 income tax returns. This could be a harrowing experience for some of your clients.

President Obama didn’t drop any bombshells in his State of the Union address delivered on January 28. But he did unveil a new retirement-saving concept called the “MyRA” (a wordplay on IRA). As the president explained, this account will be designed to encourage retirement savings by workers who don’t have access to employer plans like 401(k)s. It is hoped that the MyRA can help bridge the gap facing millions of Americans who haven’t set aside enough for retirement. But will it turn into a dud?

As U.S. companies grow increasingly concerned about the financial well-being of their workforce, a new survey by Aon Hewitt, the global talent, retirement and health solutions business of Aon plc, finds that employers are looking for new ways to improve the long-term financial health of their employees in 2014.

Financial security remains elusive for almost half of Ohio households, which often are one medical issue, pink slip or other crisis away from plunging into severe poverty, according to a new report from the Corporation for Enterprise Development.

A budget is based on a set of assumptions that are generally not too far distant from the operating conditions under which it was formulated.