Skip to main content

The Retirement COLLAB Blog

Insights You Can Learn from Your Tax Return

You can use your annual tax filing as a valuable feedback loop for tax-saving strategies. Many Americans are missing opportunities to learn more about their tax situation. These insights can help you build strategies to save on taxes throughout your lifetime – not just year to year.

The real goal in tax planning is to reduce your total tax bill using tools and strategies allowed by law. You want to pay all the taxes you owe, but you’re not trying to overpay either. Continually reevaluating and reassessing is the key to doing this.

Continue reading

Crucial Aspects of Long-Term Care Planning

Crucial-Aspects-of-Long-Term-Care-Planning

Long-term care is an overlooked yet crucial piece of your retirement plan. It’s too late to make any major adjustments when you need long-term care. This is why proactively planning what care you want and how to pay for it is essential.

If you want access to specialty care, you’ll need to know what’s covered by insurance, estimated out-of-pocket expenses, and more. It’s also important to consider the impact of your care on loved ones. Long-term care planning can help you secure access to the care you want and avoid burdening your children.

Continue reading

Why It's Important to Update Estate Planning Documents Regularly

Why-Its-Important-to-Update-Estate-Planning-Documents-Regularly

Everyone eventually runs out of “tomorrows." Hopefully, your appointment to update your estate documents is scheduled for today. Passing away without proper estate planning and up-to-date documents can be a nightmare on top of a nightmare for your loved ones.

Don’t let a legal mess be the last thing your family remembers about you. Planning for your eventual demise is about as much fun as a root canal. However, careful planning and current documentation are a great gift when the time comes.

Continue reading

Will My Pension Reduce My Social Security Benefits?

Will-My-Pension-Reduce-My-Social-Security-Benefits

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.

Continue reading

Tax Hints from Warren Buffett’s Charitable Giving

Tax-Hints-from-Warren-Buffetts-Charitable-Giving

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.

Continue reading

Building Multiple Streams of Retirement Income

Building-Multiple-Streams-of-Retirement-Income

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.

Continue reading

The Best Time of Year for a Roth IRA Conversion

The-Best-Time-of-Year-for-a-Roth-IRA-Conversion

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.

Continue reading

What We've Learned in a Decade of Retirements

What-Weve-Learned-in-a-Decade-of-Retirements

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.

Continue reading

The Widow's Penalty and How to Avoid It

The-Widows-Penalty-and-How-to-Avoid-It

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.”

Continue reading

Beyond Roth: Voluntary After-Tax Contribution Benefits

Beyond-Roth-Voluntary-After-Tax-Contribution-Benefits

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.

Continue reading