Personal income tax planning When it comes to income tax planning, it’s essential to understand your situation and ways to reduce your tax burden. One way to plan for your taxes is to look into tax deductions or credits you may be eligible for. These are designed to help reduce the amount of taxable income, […]
What is Required Minimum Distribution (RMD)?
RMD and Why Is It Important? Required Minimum Distributions are called RMDs for simplification. The most common RMD is from your retirement account. However, if you inherit someone else’s retirement account, you can also have a separate RMD for that account each year. To clarify what an RMD is, think about your lump sum of […]
Why Understanding Behavioral Finance is Important
This podcast is coming soon! What is Behavioral Finance? Behavioral finance is a study that blends traditional finance theory with psychology. The goal is to understand why people make the financial and investment decisions they do. It seeks to understand why investors behave the way they do and how this behavior affects the financial markets. […]
What is Medicare, and What You Need to Know?
Planning for health insurance when you are retired is an integral part of a successful financial strategy. Medicare is a federal government health insurance program. The program is for people 65 and older. In addition, this insurance may be used for disabled people as decided by The Social Security Administration. One signs up through The Social […]
Mindful Breathing – The Power & Practice
The American Psychological Association and the Mayo Clinic both suggest that mindfulness is essential for physical and mental health. So, what is mindfulness? Mindfulness definition Wikipedia defines mindfulness as… “The practice of purposely bringing one’s attention to the present-moment experience without evaluation.” But for most of us who are so busy, how can we become […]
What is a QDRO or QUADRO in Divorce Planning?
I say Queewdro; you say Quadro? Attorneys get paid to argue, so it makes sense that they can’t agree on how this divorce acronym is pronounced. The official acronym is QDRO, which is short for Qualified Domestic Relations Order. So, what exactly is a QDRO? The IRS definition is: “A QDRO is a judgment, decree […]
