We have outlined some of the major areas to consider when preparing a partner to take over financial management below. The items have been divided into regular daily tasks, tasks that are annual or less frequent as well as estate planning concerns.
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We frequently hear from clients who are concerned about how to support their parents through the various transitions of the aging process. This is a critical issue for many folks who consider themselves to be a part of the “sandwich” generation- those who are caring for both growing children and aging parents at the same time.
Life transitions in general can feel scary, but retirement brings changes that many people find challenging. The big questions we frequently hear from clients approaching retirement are: what happens when I stop getting a paycheck and how do I pay myself in retirement?
You were likely encouraged to build up savings into various retirement accounts during your working years. When you contribute a portion of your wage income into a traditional pre-tax retirement plan, you are electing to defer the payment of taxes on that income.
SECURE Act 2.0 brought nearly 100 changes to retirement accounts in the final days of 2022. Here are a few of the most interesting or impactful changes, as well as a couple of anticipated changes that did not come to pass.