​As we face a “likely" climate where taxes are going to be higher, I wanted to share a couple of optimal planning ideas to avoid - what I call “Tax Torpedoes”. What is a tax torpedo? It’s when your effective rate on certain portions of your income is higher than the statutory tax rate (in essence, the legal tax rate for each bracket of total income).
While every strategy will not be applicable to you, there is at least one idea that regardless of where you are in life, should be considered to potentially reduce your taxes and increase net income.

​Are you looking for more control over your retirement investments? A self-directed IRA can be a beneficial plan for many people and enables holders to invest in unique assets, like real estate and precious metals. However, it also comes with increased responsibility and regulations. To find out if a self-directed IRA (SDIRA) is right for you, consider the below factors.

Whether you’re just easing out of the workforce or you’ve been in retirement for a few years now, making the right financial moves is critical. If you’re working with an advisor or taking a look at your finances yourself, one central goal during retirement is protecting your wealth from unnecessary taxes. 
In many cases, there are ways to avoid owing more taxes - but usually, this requires proactive action beyond tax season. Below we’ll explain four tips you can utilize throughout the year to help minimize your tax obligations in retirement.

 According to the Transamerica Center for Retirement Studies, the most frequently reported retirement worry is outliving savings and investments. Across all ages, 51% of respondents cited this concern, and 41% of retirees claim the same fear. Additionally, only 46% of retirees think they've built a nest egg large enough to last through retirement.
 
Now is the time to face your fears. Take a look at a dozen ways you could go broke in retirement and learn how to avoid them. Some you can avert with careful planning; others you have little control over. But you can prepare your finances to make the best of whatever may come.

Throughout the first half of 2020, residents of Georgia as well as citizens around the globe have been feeling the detrimental physical and financial impacts of the COVID-19 pandemic. As of April 21, 2020, deaths in America climbed above 39,000. Throughout March and April, families across the country have continued to practice social distancing and follow strict stay-at-home orders.1

As an individual nearing 70, you’ve intended to delay your Social Security benefits until the decade comes. But in some cases, there are times when you may need the money sooner than expected. Seemingly in the knick of time, there is an option to receive up to six months of benefits in a lump-sum by initiating your Social Security retirement benefits early. While this is an important option to have, what are the consequences of applying early?

You notice over your morning coffee a stern warning emanating from your television as the very serious business reporter notes the Dow opening down one percent. What do you do? If you screamed, “Sell!” or “Panic!” perhaps you should take the advice of some of the world’s savviest investors and turn away from the stock ticker for the rest of the day. You may be envisioning dollar signs flying out of your wallet and you want to get on the phone and sell. You may even see an opportunity to buy. However, history tells us that sticking to your investment plan is always the smartest course of action and that market timing or panic selling will rarely if ever outpace simply letting the periodic "Bear " market to run its course.