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Retirement

Will the Recently Passed Pension Legislation Affect You?  

Submitted by Desmond Wealth Management, Inc. on June 19th, 2023

The President, on December 29, 2022, signed the Consolidated Appropriations Act, 2023, which is the “omnibus spending bill” Congress needed to pass to avoid a government shutdown. That legislation also included the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, a.k.a.

Tags:
  • 401(k)
  • 529 Plans
  • Emergency Fund
  • Estate Planning
  • Financial Planning
  • investment
  • Pension
  • Retirement
  • Roth IRA
  • Savings
  • SEP-IRA
  • Tax Credit
  • Tax Law
  • Tax Planning
  • Traditional IRA
  • Wealth Management
  • Read more

Are You Worried You Won't Have Enough Money Saved for Retirement?

Submitted by Desmond Wealth Management, Inc. on May 30th, 2023

All of us dream of one day being able to retire – to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you'll need a significant amount of money to do it, which is where a lot of Americans begin to worry.

Tags:
  • 401(k)
  • Budgeting
  • Family Wealth
  • Financial Planning
  • investment
  • Medicare
  • Portfolio goals
  • Retirement
  • Savings
  • Social Security
  • Traditional IRA
  • Wealth Management
  • Read more

Commonly Asked Tax Questions

Submitted by Desmond Wealth Management, Inc. on May 1st, 2023

Those dealing with income taxes only once a year when involved with their own personal tax return often have questions related to tax terminology. The following is a compilation of questions frequently asked by individuals:

 

What is Filing Status?

Tags:
  • Disaster Tax Relief
  • Gift Tax
  • Inheritance
  • Retirement
  • RMD
  • SALT (State and Local Taxes)
  • Tax Credit
  • Tax Deductions
  • Tax Law
  • Tax Reductions
  • tax return
  • Traditional IRA
  • Read more

What’s in the SECURE 2.0 Act?

Submitted by Desmond Wealth Management, Inc. on January 31st, 2023

The original SECURE Act was signed into law on December 20th, 2019. Its “sequel,” the SECURE 2.0 Act, was similarly enacted at year-end on December 29th, 2022.

Tags:
  • 401(k)
  • 529 Plans
  • Emergency Fund
  • Financial Planning
  • Retirement
  • Roth IRA
  • Savings
  • Traditional IRA
  • Read more

Start Off on the Right Foot for the 2023 Tax Year

Submitted by Desmond Wealth Management, Inc. on January 29th, 2023

Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year.

 

W-4 Updates

Tags:
  • 529 Plans
  • Business
  • Charitable Giving
  • Children
  • Family
  • Retirement
  • Tax Planning
  • tax return
  • Read more

When Should You Take Your Social Security?

Submitted by Desmond Wealth Management, Inc. on December 24th, 2022

Ever since President Franklin D. Roosevelt signed off on the 1935 Social Security Act, most Americans have ended up pondering this critical question as they approach retirement:

“When should I (or we) start taking my (or our) Social Security?”

Tags:
  • Financial Planning
  • Medicare
  • Planning
  • Retirement
  • Social Security
  • Read more

Last-Minute Year-End Tax Strategies

Submitted by Desmond Wealth Management, Inc. on December 4th, 2022

The purpose of this article is to get the IRS to owe you money.

Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.

 

Tags:
  • 401(k)
  • Business
  • Charitable Giving
  • Children
  • Financial
  • investment
  • IRS Safe Harbor
  • Retirement
  • Roth IRA
  • Tax Deductions
  • Tax Planning
  • Tax Reductions
  • tax return
  • Year-End
  • Read more

Summer Employment for Your Child

Submitted by Desmond Wealth Management, Inc. on May 11th, 2022

Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their earnings.

Tags:
  • Business
  • Children
  • Retirement
  • Roth IRA
  • Tax Reductions
  • tax return
  • Traditional IRA
  • Read more

Health Savings Accounts: The Ultimate Retirement Account

Submitted by Desmond Wealth Management, Inc. on April 22nd, 2022

It isn’t easy to make predictions, especially about the future. However, there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement.

You may need more.

Tags:
  • HSA (Healthcare Savings Account)
  • Planning
  • Retirement
  • Read more

Six Financial Best Practices for Year-End 2021

Submitted by Desmond Wealth Management, Inc. on December 11th, 2021

Believe it or not, another year has rounded third base and is dashing toward home plate. That said, there’s still time to make a few good plays in 2021 while positioning yourself to score more in the year ahead. Here are six financial best practices for the record books. 

Tags:
  • Charitable Giving
  • Estate Planning
  • Retirement
  • Tax Deductions
  • Tax Gain Harvesting
  • Tax Planning
  • Year-End
  • Read more
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