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Help your clients make the most of Social Security

Help your clients make the most of Social Security

Combining Social Security benefits with 401(k) assets can help long-term savers replace more than 60% of current income in retirement, according to a recent report from the Employee Benefit Research Institute. While many clients are probably planning to include Social Security as a source of retirement income, they may not be aware of certain factors

Use LinkedIn to grow your IRA rollover business

Use LinkedIn to grow your IRA rollover business

Chris Hennessey shares several resources, such as the Worker Adjustment and Retraining Notification Act (WARN), to identify companies that are hiring and firing, and explains how to use LinkedIn to network for individuals who may be on the move and want to roll over their retirement assets or sell company stock. By law, employers with

Despite federal deficit improvements, tax outlook is still cloudy

Despite federal deficit improvements, tax outlook is still cloudy

Despite a report this week pointing to decreasing federal deficits over the next two years, the longer-term outlook for tax rates grew murkier. After four consecutive years of topping $1 trillion, the U.S. federal deficit fell to $680 billion, or 4.1% of GDP, in 2013, according to the Congressional Budget Office (CBO) Budget and Economic

Five estate-planning strategies for 2014

Five estate-planning strategies for 2014

The permanent federal estate-tax exemption levels do not mean that clients with estates of lesser value can avoid planning. Many aspects of estate-planning remain critical to a comprehensive financial plan. Here are five estate-planning strategies to review with clients. 1. Review estate-planning documents Clients with estates of all sizes need to plan for the future.

Tax-smart planning ideas for 2014

Tax-smart planning ideas for 2014

With the introduction of higher tax rates for some taxpayers in 2013 and ongoing tax-reform debate in Washington, it is essential for any comprehensive financial plan to include tax smart planning strategies. Specific income thresholds will trigger the new 3.8% Medicare surtax, income phase-out of itemized deductions, or the highest marginal tax rate. These five

Roth conversions are on the rise. Are they right for your clients?

Roth conversions are on the rise. Are they right for your clients?

Roth IRA conversions are on the rise following tax law changes — expanding access for more clients to take advantage of the opportunity to diversify the tax status of their retirement savings. Converting tax-deferred retirement assets, such as traditional IRAs, to a Roth increased significantly in 2010. This took place after new tax provisions were

2014 tax rates, schedules, and contribution limits

2014 tax rates, schedules, and contribution limits

Putnam’s 2014 tax rate chart is a useful reference to share with clients and other professional relationships, such as certified public accountants. Putnam Investments: 2014 tax rates, schedules, and contribution limits from Putnam Investments 286034

Are your clients at risk of owing AMT? Millions are.

Are your clients at risk of owing AMT? Millions are.

Approximately four million taxpayers are expected to owe alternative minimum tax (AMT), despite congressional action to adjust the exemption level. Introduced in 1969, the AMT is intended to ensure that wealthy taxpayers could not avoid income tax by exploiting weaknesses in the tax code. Since the AMT was not indexed for inflation, the number of

Budget deal would avoid another government shutdown

Budget deal would avoid another government shutdown

A bipartisan Budget Conference Committee this week announced a budget deal that caps federal government spending for the next two fiscal years. The plan, which requires approval from the full House and Senate, would also trim $63 billion from automatic spending cuts through sequestration, without the need for taxes. Although the plan does not address