Financial Resources & News

Maximizing Retirement Savings with a Backdoor Roth IRA Contribution: A Step-by-Step Guide

Does tax-free growth for your retirement nest egg sound good to you? Perhaps your employer doesn't offer a Roth retirement option, or your income exceeds the limits for direct Roth IRA contributions? If so, the backdoor Roth IRA strategy could be what you have been looking for! A Roth IRA is a retirement account where contributions are made with after-tax dollars, offering tax-free growth and...

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SECURE 2.0 Provides New Retirement Savings Options in 2024

The SECURE 2.0 Act, passed in December 2022, made wide-ranging changes to U.S. tax laws related to retirement savings. While some provisions were effective in 2023, others did not take effect until 2024. Here is an overview of some important changes for this year. Matching student loan payments Employees who make student loan repayments may receive matching employer contributions to a workplace...

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2023 Year-End Tax Tips

Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services. Doing so may enable...

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Tax Planning Strategies to Reduce Your Tax Burden Now (2023 Update)

By:  Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other...

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5 Reasons Your Advisor Should Specialize in Retirement Plans

By:  Braden Priest, CFA®, Retirement Plan Consultant Hiring the right advisor for your company's retirement plan is one of the most critical decisions you will ever make as a plan sponsor. Many brokers and retail wealth managers dabble in retirement plan advisory services, but putting your plan in the hands of a non-specialist advisor can lead to expensive plan corrections, penalties, and poor...

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3 Myths about Retirement Plan Fees

By:  Braden Priest, CFA®, Retirement Plan Consultant A recent survey from TD Ameritrade showed only 27% of 401(k) participants knew how much they were paying in fees, and 37% mistakenly believed their retirement plan was entirely free! We’re here to set the record straight about 3 common retirement plan myths: The Retirement Plan is Free – Don’t shoot the messenger, but retirement plan service...

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SECURE Act 2.0: Is Your Retirement Plan in Compliance?

By:  Braden Priest, CFA®, Retirement Plan Consultant The SECURE Act 2.0 was signed into law by President Biden in December 2022 and is guaranteed to impact your retirement plan. Here are 3 key provisions you should be aware of to keep your retirement plan in compliance: Increased Participation for Long-Term Part-Time Workers Many plans exclude employees who work less than 1,000 hours from...

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SECURE 2.0 Helps Small Employers Help Their Employees

Approximately 78% of people who work for companies with fewer than 10 employees and about 65% of those who work for companies with 10 to 24 employees do not have access to a retirement plan at work.(1) That's unfortunate, because workers with a retirement plan are far more likely to save for retirement than those without a plan. In 2022, 62% of those without a retirement plan had accumulated...

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SECURE 2.0 Adds New Early Withdrawal Exceptions

The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. The Act also expanded an existing exception that applies specifically to employer plans. These exceptions are often called 72(t) exceptions, because they are listed in Section 72(t) of the...

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The Best Strategies for your Required Minimum Distributions

By:  Henry VanBuskirk, CFP®, Wealth Manager The current rule states that you must take your first Required Minimum Distribution (RMD) by April 1st of the year after you reach 72 and annually thereafter by December 31st of each year. When the SECURE Act became law on December 20, 2019, the RMD age was pushed back from age 70.5 to age 72.  Plans affected by RMD rules are: 401(k) plans, 403(b)...

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Upcoming Webinar (July 26th): Retirement Plan Basics

Learn how to prepare for retirement by learning the basics of your retirement plan. Why save in your retirement plan? How to invest in your retirement plan? What to do with your retirement plan after you retire? Get these questions answered and more. Come join the conversation with Tina Schackman, CFA®, CFP® and Keith Johnson, CFP® of BFSG. Register today for this important discussion! Click...

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The Rule of 55

What is the rule of 55? How does it work? Are there any catches? The rule of 55 allows those looking to retire earlier than normal or those who need the cash flow, a way to take distributions from their retirement plans sooner than is typically allowed. This quick 3-minute video gives the details with BFSG's own, Tina Schackman, CFA®, CFP®. Watch here for more. Disclosure: BFSG does not make any...

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Understanding Your Paycheck

Congratulations! You've just landed a new job. Here are some important things to be aware of before you receive your first paycheck. When will I receive my paycheck? How often will you be paid? Typically, your payday will depend on the company you work for and which state you work in. You might be paid on a weekly, bi-weekly, bi-monthly, or monthly basis. Regardless of your employer's pay...

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IRS Announces 2022 Retirement Account Contribution Limits

The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2022. While contribution limits are up for workplace plans, contribution limits for Individual Retirement Accounts are stuck at 2019 levels. Inflation means you can—and probably should—contribute more to your workplace retirement account in 2022. Check out the new limits here. Disclosure: BFSG...

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