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by Propel Financial Advisors

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Be the Early Bird: Sometimes It Makes Sense to Withdraw IRA Funds Sooner Thumbnail

Be the Early Bird: Sometimes It Makes Sense to Withdraw IRA Funds Sooner

Most of our clients who read this blogpost title are thinking, “Where is Danielle, and what have you done with her?” Before I answer that question, let’s go over a few terms you need to keep in mind while reading this blogpost: Pre Tax Savings: Retirement accounts like Traditional 401ks and IRAs where contributions (deposits) were not taxed by the IRS. Instead, taxes are assessed on future withdrawals. SS: Short hand for Social Security Income Roth IRAs: Retirement accounts where the contributions are taxed before they are deposited. Those deposits and their earnings, if all rules are followed, are tax free upon withdrawal. Taxable Brokerage Accounts: Nonretirement accounts like bank checking, savings, and brokerage accounts that allow post-tax deposits and are taxed only on the earnings in the year in which they are received.

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Ask an Expert: Should I rollover my 401(k) into an IRA? An examination of the costs. Thumbnail

Ask an Expert: Should I rollover my 401(k) into an IRA? An examination of the costs.

In our Ask an Expert Series, the Financial Advisors of Propel address common misconceptions, mistakes, and missing information we see in media stories. As part of our continuing effort to dispel some myths or half-truths you might read on the internet, this blogpost directly responds to an article published by Forbes online titled “Rolling Over a 401(k) to an IRA Can Cost You Thousands of Dollars” by Bob Carlson and published on July 21, 2022.

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Ask an Expert: Tax Planning in Advance Can Save You Big in Retirement Thumbnail

Ask an Expert: Tax Planning in Advance Can Save You Big in Retirement

In our Ask an Expert Series, the Financial Advisors of Propel address common misconceptions, mistakes, and missing information we in media stories. Recently, the New York Times ran an article about the difficult decisions that retirees are struggling with when forced to make a withdrawal from their IRA accounts: “When You’re Forced to Cash Out in a Bearlike Market”.

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Ask an Expert: Relying on Free Financial Advice Will Cost You Thumbnail

Ask an Expert: Relying on Free Financial Advice Will Cost You

We often see bad financial advice on the internet and social media. Sometimes the advice is just plain wrong. Let’s walk through an example. A recent financial advice column in The Cut, “I’m Getting Married and Having a Baby. How Should I Plan?”, illustrates some of the dangers of relying on free advice. The column does offer some decent information about joint finances for those engaged to be married. When it comes to her take on 529 accounts, however, we see some questionable advice mixed in with clearly incorrect information.

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Happy Graduation: A Great Time to Create a Savings Plan for your Child’s College Expenses Thumbnail

Happy Graduation: A Great Time to Create a Savings Plan for your Child’s College Expenses

As financial advisors we spend a lot of time talking about retirement planning, but we can also help you navigate a college savings plan that’s best for your family’s situation. Those who make a plan save, on average, twice as much as those who don’t. First, I want to stress that your priority should always be your own retirement savings. There are no loans available for retirement like there are for college. Being a financial burden on your future children is not a legacy you want to leave.

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Roth IRA: How to Maximize This Wonderful Tool Before Congress Acts Thumbnail

Roth IRA: How to Maximize This Wonderful Tool Before Congress Acts

This year we celebrate the 25th anniversary of the Roth IRA account type. We recommended them to clients for the entirety of their existence because of their potential for excellent tax savings and liquidity. It was an uphill climb for a very long time; but after years of pontificating, we finally see a general recognition of the account type and a new interest in utilizing it among our existing and prospective clients. Unfortunately, for the first time in the history of the Roth IRA, Congress is threatening to create new restrictions. This makes it even more important to include Roths in your retirement planning sooner than later.

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