Brian Wood, CFA on LinkedIn: Wood - Disclosures for Social Media posts.indd (2024)

💡 During your financial journey, attempting to avoid common IRA mistakes can help as you pursue your goals. Let's dive in:1️⃣ Not keeping up with new RMD rulesRequired minimum distributions are how the IRS collects taxes from tax-deferred retirement plans. Before 2019, RMDs began in the year you turned 70½. In 2019, the SECURE Act raised the RMD age to 72, and SECURE Act 2.0 raised the RMD age to 73, and by 2033, age 75. Remember, withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.2️⃣ Not seeking guidance on new Inherited IRA rulesAnother provision of the SECURE Act includes a new 10-year distribution period, effectively eliminating the "stretch IRA" strategy, which allows beneficiaries to take distributions over their lifetime. There are some exceptions, but the new rule has prompted some to review their estate strategy. 3️⃣ Maintaining multiple Traditional IRAs and rollover accounts If you have multiple IRAs, the IRS treats them as a single IRA under the "aggregation rule." When computations for taxes or distributions are made, the combined value of all your Traditional IRA accounts has to be considered. Keeping track of them is critical. We're on this journey together. If you would like to review your retirement strategy, do not hesitate to contact us. 💪#FinancialFreedom #SmartSaving #IRAInsights #RetirementReadySee below for link directly to Regulatory Disclosures for Legacy Capital Wealth Partners, LLChttps://lnkd.in/gMbK9u5M

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🗣 First, the good news: according to the latest Retirement Confidence Survey, most pre-retirees (68%) and retirees (74%) are optimistic about financing a comfortable retirement! 🚧 Inflation remains a top concern, with 83% of surveyed pre-retirees worried that rising costs will make it harder to save as much as they'd like. For many, there’s still a gap between the nest egg they want ($1.5M+) and what they have saved. 🤔 So what does this mean? Inflation may weigh on savings efforts, but most surveyed pre-retirees are feeling good about their retirement choices and their future!See below for link directly to Regulatory Disclosures for Legacy Capital Wealth Partners, LLChttps://lnkd.in/gMbK9u5M#Retirement #RetirementConfidence #Inflation #savings #surveysays

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In a 2024 National Institute of Retirement Security survey of working-age Americans, 79% agree that the nation faces a retirement savings crisis, up from 67% in 2020. And more than half of Americans (55%) are concerned about their financial security in retirement.Gen Z, the youngest adults in America, thinks they have a potential solution. Have you heard about the FIRE 🔥 movement? The FIRE philosophy (Financial Investment, Retire Early) urges workers to save up to 70% of their income for early retirement. According to a survey by Credit Karma, more than 50% of Generation Z say they are part of the FIRE movement.However, the problem is that 76% of Gen Z have no company-sponsored retirement plan, and nearly 60% lack a savings account. So, the data would suggest that the vast majority of people lack the tools needed to pursue the early retirement dream.When was the last time you assessed your retirement strategy?Let us know if you’d like to review your approach to see if you’re on track to pursue your retirement goals. #GenZ #FIREmovement #RetirementStrategy #FinancialLiteracy #InvestInYourFutureSee below for link directly to Regulatory Disclosures for Legacy Capital Wealth Partners, LLChttps://lnkd.in/gMbK9u5M

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🌄 Surviving the Retirement Wilderness: Just like a seasoned explorer, you need the right tools and knowledge to navigate the challenging terrain of retirement planning. Our free guide equips you with the essentials for a journey through the unknowns of financial forests. Ready to conquer the wilderness?https://lnkd.in/e3NDsUBU

Recent retiree or within 5 years of retirement? Historic inflation and a potential recession mean your retirement decisions carry extra weight. There is a silver lining however - these uncertain times have created opportunities for advanced strategies. Learn how to leverage them with this FREE checklist. If you’re worried about what’s going on and want advice now, I reserve a few appointment slots each week. Call 954-420-7375 and book a complimentary 1-on-1 appointment and take control of your retirement.

HBKS INSIGHTS: As retirees age and their financial and life circ*mstances change, many will move into continuing care retirement communities (CCRCs). At such a time, tax efficiency becomes a priority consideration. Financial Advisor Tyler Holes explains. #financialplanning #financialadvisor #retirementplanning

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In this informative read, our Head of Wealth Planning, Daniel Fan, addresses the common question of whether to convert pre-tax retirement accounts or IRAs into Roth IRAs. Dan analyzes how such conversions could impact your taxable income, retirement savings, and tax bracket. With new tax law changes and potential future rate increases, a Roth conversion might be a strategic move for certain individuals.Click here to read more: https://lnkd.in/eGeMh8zs#teamff #wealthplanning #incometax #rothconversion

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The IRS frequently changes and adds new rules for retirement savings, so consider all the rules before investing. #retirementplanning #financialadvisor #financialplanning

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Most CPAs and advisors tend to favor pre-tax investments over other forms like Roth and Non-Qualified, but should that always be the case? Our most recent blog post looks at the positives and negatives of that thought process and offers a different perspective.#financialplanning #Roth #WealthManagementTim Farley Jr., ChFC, CLU, ChSNC Bernard Garrah, ChFC, CLU, CFBS, ChSNCJohn B. Blatt CLU,ChFC,CFBShttps://lnkd.in/gkr8FT_H

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Ever wondered how to balance retirement incomes when partners have different earnings? Consider spousal RRSPs! 💑 These accounts can help smooth out the tax burden during retirement. To make the most of them, team up with a Certified Financial Planner to ensure they are set up properly.#SpousalRRSP #Investments #IncomeSplitting SaaS Wealth Insurance

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