Category Archives: Tax Tips

6 Ways to Ramp Up Retirement Savings by Boosting Your 401(k)

NEW YORK (MainStreet) —Retirement is likely the last thing on Millennials’ minds as they embark on their first career trajectory, yet saving early through a 401(k) plan yields great returns in the long-run.

These six tips will help build and create a plan to maximize your retirement goal even if you have already started socking away your hard-earned money.

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Top Tips for a Tax-Conscious Retirement

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President Obama’s American Taxpayer Relief Act introduced a whole new set of rules for high-net-worth clients beginning in 2013. Among other things, the law raised the highest marginal tax rate from 35% to 39.6% as well as increased the tax rate on long-term capital gains and dividend income from 15% to 20%. Itemized deductions and personal exemptions were also pruned under the new law for couples making over $250,000 per year.

Certified Financial Planners and Certified Public Accountants have begun implementing a number of strategies designed to mitigate these higher tax rates on high-net-worth individuals. From managing tax brackets to timing IRA conversions, these strategies can help extend the life of a nest egg. These strategies have been evolving over time as the tax code changes, while becoming increasingly necessary due to higher tax burdens on the wealthy. (For more, see: Asset Protection for High-Net-Worth Individuals.)

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