Your Social Security benefits could be reduced if you also have a pension. Don’t be caught off guard by all the unique rules surrounding pensions and Social Security. Knowing the facts about Social Security taxation, the Windfall Elimination Provision, and the Government Pension Offset is essential.

Armed with the correct information and guidance, you can avoid surprises and cover your bases. A common concern for retirees with a pension is how this will affect their Social Security benefits. Let’s take some time to understand which rules apply to your situation so you can plan accordingly.

Warren Buffett is one of the greatest investors and philanthropists of all time. What can we learn from his charitable giving, and how can we apply it to our own giving strategies?

The main point of charitable giving is making the biggest impact. However, when we plan our giving carefully, we can save on taxes and put even more money to good use. There are many considerations, such as when, how much, and which charities and causes to support.

Savvy retirees know the importance of having multiple streams of income in retirement. Multiple income sources help ensure financial stability and peace of mind. We know the importance of having a diversified portfolio, but diverse income streams are even better!

You don’t want all your nest egg(s) in one basket. It’s best to analyze all potential income sources first thoroughly. Then, you can craft a comprehensive financial plan to meet all your retirement needs.

Roth IRA conversions are a valuable tool in long-term tax planning. This method might save you tens of thousands of dollars or more on your taxes. But is there a best time of year to complete Roth conversions?

You must consider many variables to determine what’s best for you. Life happens, and your tax-saving strategies must be adjusted accordingly. This is why we typically evaluate and complete Roth conversions annually.

The last decade has seen some major changes and events, but a lot remains the same. Reflecting on 10 years in business at NextGen Wealth has been a remarkable experience. We’ve accomplished so much, but there’s still much more to come!

We’ve continually added services and enhanced the client experience. It’s amazing to see how much we’ve accomplished navigating successful retirements.

This post was last updated on January 16, 2025, to reflect all updated information and best serve your needs.

Losing a spouse is awful, and getting hit with a larger tax bill only makes things worse. Thinking about death is never fun, but failure to plan could mean serious tax issues for a surviving spouse. This is what’s often called the “widow’s penalty.”

This post was last updated on January 16, 2025, to reflect all updated information and best serve your needs.

Are you looking for a way to supercharge your retirement savings? You might want to look into after-tax contributions to your 401k. Larger employers offer this option more often, but some smaller employers may also offer it.

Fraud and online scams are a growing threat to all Americans. However, you can take steps to make yourself less likely to become a victim of scammers. In 2023, the Federal Trade Commission received reports of over $10 Billion in total fraud losses!

Brandon Lovingier was privileged to interview Kathy Stokes, the Director of Fraud Prevention Programs with AARP, at FinCon 2023. Her insights on fraud prevention are used throughout this article, along with some of our own advice and helpful tips. We hope to inform you of best practices to protect you and your loved ones from becoming victims of fraud, theft, and scams.

Getting accurate and timely information is critical to your success every tax season. Unfortunately, not all of the details about your financial life show up in your tax documents. Your accountant will need your input to understand the context of your tax documents.

You don't want to miss out on any potential tax savings or make a mistake on your taxes. This is why communicating and collaborating with your financial planner and accountant is so important. Timely and accurate information can prevent problems and possibly keep more money in your pocket.

There are lots of small, yet important things to creep up on you as you approach retirement. However, these “ankle biters” can turn into a big collective problem if you don’t pay attention. Don’t let the tiny details derail your retirement plans!

We’ll discuss some of the finer details that often get missed or confused. You’ll feel so much better knowing you’ve covered all your bases.