Deciding on when to draw Social Security based on only one or two factors could be a huge mistake.  As you approach retirement, your financial life doesn’t necessarily become less complicated.  In some ways it gets even more complex.

It may seem like making the right decision is pretty straightforward.  However, once you include all the different income, tax, and lifestyle variables, it isn’t that easy.  At NextGen Wealth, we help guide you through these decisions in a deliberate and methodical approach.

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.

This post was last updated on January 08, 2025, 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, 2025, to reflect all updated information and best serve your needs.

If you’re required to take Required Minimum Distributions (RMDs), then knowing your options is important. Qualified Charitable Distributions (QCDs) are a useful tool to keep in mind.

This post was last updated on January 06, 2025, to reflect all updated information and best serve your needs.

Understanding when capital gains can push you into a higher tax bracket is very important.  The final step of investing success is keeping your hard-earned cash where it belongs – in your bank account!

This post was last updated on January 04, 2025, to reflect all updated information and best serve your needs.

You’ve reached many milestones in your life so far, but retirement brings new challenges and opportunities. There are many goals that you may be looking forward to already or maybe you’re going back to the drawing board.

This post was last updated on January 03, 2025, to reflect all updated information and best serve your needs.

Saving money for retirement is critical, but when it comes to the types of accounts you have, it can start to get a little confusing. 

This post was last updated on January 03, 2025, 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 31 December, 2024, to reflect all updated information and best serve your needs.

Planning for your retirement is the key to fully enjoying the fruits of your labor. Whether you have an IRA (individual retirement account), a 401(k) or other retirement account, you'll want to get the most out of it by maximizing your contributions. Understanding the contribution limits put in place by the IRS will help you maximize your savings.

This post was last updated on December 31, 2024, to reflect all updated information and best serve your needs.

In addition to sounding cool, mega backdoor Roth conversions can be super helpful for long-term tax-savings. For high income earners, having the ability to get more money into a Roth account now will make retirement income planning much easier.

Running out of money is a real worry for retirees. However, you can reduce or eliminate worries around longevity risk in retirement. With careful planning, it might be easier than you think.

Regardless, we recommend planning for your retirement early and often. The longer you wait, the less options you have. So, what can you do to protect yourself from longevity risk?

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.

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 15, 2021, to reflect all updated information and best serve your needs.

Congratulations! You’ve worked for decades to prepare for retirement and now you’re there, or almost there, ready to start what can be the most enjoyable phase of your life. Very likely, you’ve got plans to travel, see family and friends and maybe even revisit hobbies you’ve neglected for decades.

This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.

Are you looking forward to the day you retire? Many dream of retirement, counting down the days when they can leave the cubicle life behind. But, before you turn in your work badge, make sure your finances are in order first.

Many Americans are one paycheck away from going into debt to pay for an emergency. A report by the Federal Reserve on the economic well-being of U.S. households found that 40 percent of American’s can’t afford an unexpected $400 expense. Having some extra cash can help you be prepared in case financial disaster strikes.

There are many different ways to save money – some easier than others. Pick what works for you and stick with it for a few months, setting aside the money that you save in a separate savings account. You can use the extra money to start an emergency fund or invest for retirement.

Probate can be quite a headache. Fear not! There are two not-so-secret secret weapons in your estate-planning arsenal, known as Transfer-on-Death (TOD) and Payable-on-Death (POD) designations.

These simple, yet overlooked methods are an easy and free way to avoid losing time and money to probate. Don’t burden your loved ones with complicated and confusing processes to claim their inheritance.

If you’re looking to minimize taxes in retirement, or anytime before, one of the options is converting your traditional individual retirement account (IRA) into a Roth IRA. This shifts the tax burden from a future date to the present day. Before you make such a move, though, it’s important to consider what this will mean to your finances.

Minimizing taxes in retirement seems very appealing. Once you stop working, your income in retirement will come in part from your savings so the less taxes you can pay, the more money you will have available for enjoying your life.

This post was last updated on July 30, 2022, to reflect all updated information and best serve your needs.

Whether you’re new to investing or you’re a seasoned pro, you’re bound to make mistakes. As you gain more experience with the market, you’ll be less prone to making impulse decisions. However, there’s one mistake that all investors are bound to make at one point or another – trying to time the market.