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.”

Married couples enjoy many tax benefits, including higher thresholds for marginal tax brackets and higher standard deductibles. When one spouse dies, there may be some changes to income, but there likely won’t be as large of a change in living expenses.

What does it actually look like when you work with a financial planner? This varies a lot between financial planners and clients alike. However, we’re peeling back the curtain to show you how we create your financial plan at NextGen Wealth.

Whether you’re already working with an advisor or a do-it-yourself investor, having a clear system for success is vital. The COLLAB Financial Planning Process™ is our answer. We hope you enjoy this “inside look” at how we construct a plan for your future.

Health Reimbursement Arrangements (HRAs) are employer-funded plans that allow employees to pay for qualified medical expenses with tax-free money. HRAs can be used to reimburse employees for a wide range of expenses, including individual health insurance premiums, deductibles, copayments, and coinsurance.

If your employer offers an HRA, you should certainly check it out. It’s a great benefit to help reduce your overall healthcare costs! There are several types of HRAs, so be sure to check your plan documents carefully.

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.

After-tax contributions could be a great option to top off your retirement savings. Of course, there’s nothing magical about these contributions, but if you’ve already hit other contribution limits, this might be a great benefit.

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.

As you draw closer to retirement, it’s essential for you to get things filed on time. In many cases, you’ll only have one opportunity to get things right. Other decisions may lock you in for a long time.

No matter what, each decision and deadline as you approach your retirement date is critical. This is why NextGen Wealth specializes in the transition phase of retirement and beyond. If you take the time to lay the foundation of your retirement on solid ground, everything else goes much more smoothly.

This post was last updated on January 28, 2024, to reflect all updated information and best serve your needs.

You may have spent your whole life working towards retirement. However, as you get closer to retirement, there are so many feelings and doubts that can creep in and cause you stress. There’s no need to worry – as long as you have a plan.

This post was last updated on January 18, 2024, to reflect all updated information and best serve your needs.

Proper planning is crucial to ensure a smooth transition into a fulfilling retirement lifestyle. However, it can be really intimidating when you first get started. You aren’t the first person to retire, so you can draw on the experience of others who’ve walked this path.

You’ll encounter many important decisions as you transition into retirement. Almost none are as important as your access to quality healthcare. Your life insurance needs will probably change too.

If you’re trying to retire early, or at least before you’re eligible for Medicare, you’ll have to weigh your healthcare options carefully. You’ll want to make the best decision for you to preserve your health, wealth, and legacy.

This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.

For some people, the “traditional” idea of retirement just doesn’t fit their lifestyle. The idea of never working again, going to the golf course every day, and just lounging around doesn’t sound very appealing. Luckily, you can craft what retirement will look like for you – even if you don’t really retire.

This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.

Retirees who work with a financial advisor are happier and more confident – in their finances and in life. Many of us have concerns about money. So, it makes sense that getting expert help would increase happiness by reducing financial stress.

The right financial planner does so much more than just help you with a 401k rollover. A true expert takes the time to get to know you and craft a detailed, thought-out plan around your hopes and dreams. The process should center around you, not your money.

This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.

Many SECURE Act 2.0 changes were set to go into effect later, but 2023 was an important year when many changes took effect. We’ve made a list of these changes so you can more easily track them.

This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.

Overall, this is a tough question to answer. SECURE 2.0 doesn’t cause any real major changes, but collectively, all the small changes have a significant impact. Put a different way, SECURE 2.0 probably won’t derail or save your retirement, but you certainly need to update your financial plan.

This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.

Although you might not care much about what age you are, the government does. It’s very important you keep track of key age-related milestones in retirement. If you fail to properly plan around these, you may be missing out on some opportunities – or even face penalties.

This post was last updated on January 07, 2024, to reflect all updated information and best serve your needs.

There are three main phases of retirement planning: accumulation, transition, and decumulation (retirement). Depending on which you’re in, you’ll need to focus on different aspects of your financial life. The advice and expertise you’ll need will also be different as you move through these phases.

This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.

Are you looking for ways to avoid taxes on retirement and Social Security income? There are many retirement tax strategies you should be aware of. You may even be looking for how to avoid taxes on withdrawals from your 401k or other investment accounts.

This post was last updated on January 07, 2024, to reflect all updated information and best serve your needs.

Interested in keeping your medical costs low in retirement? Failing to plan out key details could cost you if you’re not careful. Income Related Monthly Adjustment Amounts (IRMAA) for your Medicare Part B and Part D premiums are a prime example.

This post was last updated on January 07, 2024, to reflect all updated information and best serve your needs.

It seems like Roth conversions are all the rage, but are they really the right thing for you? There are many potential benefits, but there are some trade-offs to consider as well. The decision to use a Roth conversion incorporates a much longer timeline than many other tax-saving strategies.