Last week I reviewed the priority of saving and listed several different types of accounts to save in. This week, I want to provide clarity around the types and common purpose of various accounts. In general, there are three broad...Read More
Welcome to Reston Wealth Management’s blog where Alex Voorhees, CFP® discusses various issues related to wealth management in a one minute or less read.
We will discuss a number of topics, including taxes, budgeting, investments, market updates, Social Security & Medicare, and estate planning.
Our goal is to explain OLD concepts that our readers may have heard before in a NEW and SIMPLE way.
As an opening to this series on Teaching Children about Money, I want to share my desire for educating the next generation. A common pattern that we see with many of our clients is that they were taught very little about money from...Read More
Roth IRAs are a popular retirement planning tool. But they can be used as a generational planning tool as well. Roth IRAs provide several important advantages that include, but are not limited to, tax-free growth and not being subject...Read More
Last week I discussed an example of using a Roth conversion ladder as a strategy for early retirement. However, this does not make sense for everyone, especially for those with higher earnings and thus higher tax brackets prior to...Read More
59 ½ is an oddly specific age. But it’s the age that has several retirement rules around it that often dictates when people decide to retire. Because of those rules, many individuals feel like they can’t afford...Read More
When a last will and testament is drafted, usually the testator, the person drafting the document, selects an executor. While this may seem like an honor, the role of serving as an executor comes with numerous responsibilities. Their...Read More
“At your current earnings rate, if you continue working until…” Those words are often passed over but are extremely important, especially if you plan to retire early. Social Security calculates your estimated benefit...Read More
For those on Medicare, starting Medicare, or researching Medicare for the future, you may have come across an acronym, IRMAA. It stands for your Income-Related Monthly Adjusted Amount. Medicare premiums are based on income and if your...Read More
Over the past few years, there has been a major push toward the lowest possible expenses for index funds by the major investment companies. While there are advantages to having low or zero expense, expenses are not the only thing to...Read More
Those with company stock in their 401(k) may be able to take advantage of a little known tax strategy called Net Unrealized Appreciation (NUA). While it varies by plan, usually once you are retired, you are eligible to take an in kind...Read More
One roadblock that keeps many people from retiring early is the burden of health care expenses before Medicare. While there is certainly reason to be concerned, there are several strategies you can use to mitigate these costs. I will...Read More
There has been a growing frustration among individuals searching for new long-term care insurance. The issue? Premiums have grown tremendously over the past few years. One solution that has become increasing popular is a tax-free 1035...Read More
Managing your Business Cash Reserves Welcome to the part 2 of 2 in this short series on managing the cash flow of your business. In the previous post we discussed how to create a priority of saving outline. At the end of the post I...Read More
How to prioritize personal savings as a Business Owner Welcome to part 1 of 2 in this short series on managing the cash flow of your business. In this first post, we will discuss taking a look at your larger financial picture that...Read More
The Importance of Asset Location Asset location is a term used to describe how investments are distributed across various saving vehicles. For example, you may have an IRA, a Roth IRA, a Trust or Joint investment account, a 401(k), etc...Read More
The words ‘bear market’ have been bandied about a lot lately. When you read or hear them, remember to respond the same way you would if you saw an actual bear in the woods – by staying calm and keeping your wits about you. A changing...Read More