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Retirement

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

Tax Planning in Turbulent Times Part 1: The Tools of the Tax-Planning Trade

Submitted by Desmond Wealth Management, Inc. on October 16th, 2021

Whether you’re saving, investing, spending, bequeathing or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome. No wonder people get nervous when there’s lots of talk about higher taxes, but little certainty on what may come of it, and who it might affect. 

Tags:
  • 401(k)
  • 529 Plans
  • DAF (Donor-Advised Fund)
  • Emergency Fund
  • Estate Planning
  • Financial Planning
  • HSA (Healthcare Savings Account)
  • Retirement
  • Roth IRA
  • Tax Planning
  • Traditional IRA
  • Read more

Is Inflation Haunting Your Financial Dreams? Part 2: What We Can Do About It

Submitted by Desmond Wealth Management, Inc. on September 15th, 2021

In our last piece, we covered the recent uptick in inflation, and what to make of it in a historical context. For investors, it’s important to take a step back and look at the big picture before acting on breaking news, but what if inflation does get out of hand, and stays that way for a while? 

Tags:
  • Financial Planning
  • Inflation
  • investment
  • Portfolio goals
  • Retirement
  • Read more

The Building Blocks of a Retirement Tier

Submitted by Desmond Wealth Management, Inc. on September 7th, 2021

When employees think about what it means to have enough money to retire, more than likely they are unsure how to translate their lifetime savings into income. For their entire working life, these employees receive regular paychecks; from this income, they generally construct a budget to cover their basic expenses.

Tags:
  • Financial Planning
  • Retirement
  • Read more

Minimizing Tax on Social Security Benefits

Submitted by Desmond Wealth Management, Inc. on July 31st, 2021

Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. 

Tags:
  • Financial
  • Retirement
  • Social Security
  • Tax Planning
  • tax return
  • Read more

Smart Ways to Seal 401(k) Leaks

Submitted by Desmond Wealth Management, Inc. on May 23rd, 2021

What job does your 401(k) perform? Why do workers "hire" your 401(k)? Why does the "customer" sign up for your 401(k)? Remember, 70% of workers live paycheck to paycheck,1 so why would they allocate precious take-home pay to your plan? 

Tags:
  • 401(k)
  • Financial Planning
  • investment
  • Retirement
  • Read more

Roth IRA Versus Traditional IRA: Which Is Better for You?

Submitted by Desmond Wealth Management, Inc. on September 14th, 2019

Roth IRAs tend to get a lot of hype and for good reason. Because you pay the taxes up front, your eventual withdrawals (assuming you meet the age and holding-period requirements — more on these below) are completely tax-free.

Tags:
  • Retirement
  • Roth IRA
  • Read more

Myths & Facts About Social Security

Submitted by Desmond Wealth Management, Inc. on August 20th, 2019

Myth #1: Social Security will provide most of the income you need in retirement.

Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect.

Tags:
  • Retirement
  • Read more
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