If you own a small business and you haven’t set up a retirement savings plan, what are you waiting for? A retirement plan can help you and your employees save on taxes while saving for the future. Tax advantages A retirement plan can have significant tax advantages: Employers with 100 or fewer employees are eligible […]
You can, but it isn’t your best option. Your 401(k) plan should be dedicated primarily to your retirement. There are two primary drawbacks to using your 401(k) for college funding. First, if you withdraw funds from your 401(k) before you are 59½, you will owe a 10% premature distribution penalty on the withdrawal. This penalty […]
Another day, another breach. National Public Data, a data broker that sells personal information, was hacked last year but only released details of the event at the end of August. The breach exposed sensitive details like full names, Social Security numbers, mailing addresses, email addresses, and phone numbers. What’s truly alarming is the scale: […]
Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? By making what’s called a qualified charitable distribution (QCD), you can benefit your favorite charity while excluding up to $105,000 in 2024 from gross income. These gifts, also known as “charitable IRA rollovers,” […]
Does your idea of an ideal retirement include globetrotting, visiting family, moving to a warmer climate, or something else entirely? As you envision the goals for your golden years, it’s important to make sure you have the financial wherewithal to pursue them. Otherwise, your expectations and reality might not align. In the world of finances, […]
Your retirement lifestyle will depend not only on your assets and investment choices, but also on how quickly you draw down your retirement portfolio. The annual percentage that you take out of your portfolio, whether from returns or the principal itself, is known as your withdrawal rate. Figuring out an appropriate initial withdrawal rate is […]
Why an HSA Should Be on Your Radar for 2025 As we enter the 2025 benefits enrollment period, it’s time to start thinking about your healthcare options for the new year. While many people focus on health insurance plans, there’s one powerful tool that often gets overlooked: the Health Savings Account (HSA). But don’t let […]
When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest to family members, co-owners, employees, or an outside party? The key […]
Are you tired of feeling like just another number? We get it. We believe that without proper support, it’s hard to simultaneously grow your business and serve your clients as you would like. Such a rudimentary business model might pass at some firms, but not here. The Per Stirling difference begins with our highly selective […]
Generally, you can join any state’s 529 savings plan. Why might you want to shop around? Some plans may be more appealing, for a variety of reasons. Here’s one way to approach this question. First, find out if your state offers any state tax benefits for 529 contributions or withdrawals, and whether those benefits are […]
