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Tips on Avoiding Scams from AARP

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.

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Avoid Costly Tax Mistakes by Collaborating with Your Accountant

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.

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Avoiding Pension Ankle-Biters

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.

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Important Deadlines as You Retire

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.

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SECURE Act 2.0 Changes Going into Effect in 2023

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.

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Is SECURE Act 2.0 Really a Big Deal?

 

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.

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Strategies to Save Money on Taxes in Retirement

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.

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What’s a Health Reimbursement Arrangement (HRA)?

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.

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Should I Roll My Pension Lump Sum into My 401(k) or IRA?

Taking a pension lump sum takes careful consideration. If you decide to take a lump sum, you’ll have to decide whether you transfer your lump sum pension payout into your 401k or your IRA. The decision to take a lump sum can’t be reversed, so take it seriously.

Many different factors come into play when we’re sorting through this decision. Pension payout calculations, tax considerations, and personal goals all matter. Also, your investment style and habits around money are very important as well.

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Navigating Pension Payout Options with Confidence

Deciding what pension payout option to choose is a momentous decision with huge impacts on your financial future. There may be several different options – and you don’t want to choose the wrong one. Your company’s plan documents can also be confusing, which makes things more stressful.

However, with the right education and planning, you can navigate this important decision with confidence. The biggest challenge is understanding how each payout option can help work in concert with the other pieces of your life. We hope to give you the tools to make informed comparisons to make the best decision for you and your family.

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Avoid Probate with These Two Free Methods Anyone Can Use

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.

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Calculating the Right Amount of Roth Conversions

Roth conversions are one of the most powerful methods for maximizing long-term tax savings. If you believe that a Roth conversion might be something you could benefit from, the next question is how much to convert. The right amount will vary based on your situation.

Once you’ve decided to implement a Roth conversion strategy, you’ll want to look at areas of opportunity. We usually look at projected cash flows throughout retirement and attempt to find any dips in income. Dips in income may be opportunities for additional Roth conversions.

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