Skip to main content

The Tax Benefits of Net Unrealized Appreciation

tax-benefits-of-net-unrealized-appreciation-1200--600-px

This post was last updated on October 27, 2022, to reflect all updated information and best serve your needs.

If the company you work for has an employee stock ownership plan (ESOP) or profit-sharing plan, you’ll want to pay close attention. Company stock in your 401(k) you could potentially be eligible for tax rules to help you save money on your taxes.

Continue reading

Why Have Medicare in Retirement?

why-have-medicare-in-retirement

There are many perks to retirement, such as freedom, traveling, spending more time with friends and family, and for most, becoming Medicare eligible. Most seniors become eligible for Medicare when they reach age 65. Though, some seniors believe they do not need Medicare due to retiree or Veterans Affairs (VA) coverage. 

That is not always the case, so it’s important to know the facts when you approach your Golden Years. Here’s why you should have Medicare in retirement.

Continue reading

Are Roth IRA Conversions a Good Idea in Retirement?

Are-Roth-IRA-Conversions-a-Good-Idea-in-Retirement

This post was last updated on January 08, 2025, to reflect all updated information and best serve your needs.

It seems like Roth conversions are all the rage, but are they really the right thing for you? There are many potential benefits, but there are some trade-offs to consider as well. The decision to use a Roth conversion incorporates a much longer timeline than many other tax-saving strategies.

Continue reading

Top 5 Activities in Kansas City If You're Retired

Top-5-Activities-in-Kansas-City-If-Youre-Retired

Kansas City is full of activities for virtually anyone – especially retirees. There’s so much to do, you might even have a hard time fitting everything into your schedule!

From professional sports teams to outdoor activities to fine arts, there’s truly something for everyone. Kansas City also has a rich history worth exploring as well. We’re a little biased, but Kansas City is a great place to retire!

Continue reading

What is a Qualified Domestic Relations Order (QDRO)?

what-is-a-qualified-domestic-relations-order

Whether you’ve been married five years or 25 years, divorce presents many challenges - including financial issues. This is likely a difficult time as you navigate uncharted waters. 

Friends and family may try to give you helpful information, but having a trusted attorney, tax professional, and financial advisor are essential to protect what you have and help you make informed decisions.

Continue reading

Podcast Interview: Most Asked Money Questions Answered

podcast-interview-most-asked-money-questions-answered

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Millennial Money podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Shannah. She has an awesome podcast that covers everything you need to know about money regardless of whether you’re a millennial or not.

Continue reading

Interview on the Chain of Wealth Podcast

Interview-on-the-Chain-of-Wealth-Podcast

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Chain of Wealth podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Denis and Katie. They have an awesome podcast that talks about all things personal finance and they just recently reached over half a million downloads….CRAZY!

Continue reading

Podcast Interview: 8 Steps to Becoming a Great DIY Investor

FGG-Clint-Haynes-Twitter

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Financial Grownup podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Bobbi. She has an awesome podcast that covers everything you need to know so you can be a real financial grownup.

Continue reading

Why Your Credit Report Controls Your Financial Life

With the Equifax date breach being announced just over a month ago, credit reports and credit scores were actually an important topic of conversation for a change. However, a month in this day and age can seem like years ago.

Now that it is almost considered old news, we’re back to our normal everyday lives and, believe it or not, that’s not thinking about our credit reports or even our credit scores. That has become old news and we’ve now moved on to the next headline.

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

How to Make Supplemental Income in Retirement

how-to-make-supplemental-income-in-retirement

Your golden years are the perfect time to enjoy yourself to the fullest. Take all those trips you always wanted to! Start that hobby you’ve been putting off! 

Finally, learn that musical instrument you didn’t have time for during your career! Retirement is the time to live it up. If you’re spending money on travel and hobbies, though, you’ll probably want to consider ways to supplement your retirement and savings. Check out this list of possible supplemental income sources to see if any are right for you.

Continue reading
Tags:

Important Retirement Plan Contribution Deadlines for 2025

Important-Retirement-Plan-Contribution-Deadlines-for-2025

This post was last updated on December 31, 2024, to reflect all updated information and best serve your needs.

Make the most of your retirement planning in 2025! No matter how much time between now and these deadlines, mark your calendar so you don't miss anything. Now is the time to prepare for retirement account contributions (or withdrawals). 

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

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

Preparing Retirees for the TCJA Sunset in 2025

Preparing-Retirees-for-the-TCJA-Sunset-in-2025

The Tax Cuts and Jobs Act (TCJA) of 2017 significantly changed our tax landscape. However, most changes were temporary and set to expire or “sunset” at the end of 2025. This means some essential tax-saving tools may disappear.

In other words, time is running out to maximize particular tax savings – unless Congress takes action. We don’t know about you, but counting on Congress to do anything feels like a roll of the dice. We can take action now to set ourselves up for success regardless of what happens.

Continue reading

Can Capital Gains Push Me Into a Higher Tax Bracket?

No matter who you are, investing is always a smart move. Whether you’re saving for retirement or trying to grow your personal wealth, you need to take advantage of investment opportunities. However, while your money can grow tax-deferred, what happens when you withdraw it? 

In most cases, you will have to pay taxes on capital gains in your taxable (non-retirement) accounts. Fortunately, if you wait until the right moment, you can reduce your tax burden. In some cases, you might be able to save thousands or tens of thousands of dollars. 

Continue reading

How to Plan for the Top 3 Expenses in Retirement

how-to-plan-for-the-top-3-expenses-in-retirement

No matter how old you are, it’s never too early to start planning for retirement. However, while there are many different elements to this process, it helps to break it down into a few core components. Today, we’re going to cover how to plan for the top three expenses in retirement. 

Making sure that you have enough money to last through your golden years is imperative. No one wants to run out before it’s time. However, it’s not just enough to worry about sources of income during your retirement. You also need to plan how you’re going to be spending that money. 

Continue reading

What is Tax Gain Harvesting?

One of the biggest challenges to overcome when investing is trying to minimize your tax liability. Capital gains taxes can take a significant chunk of your gains if you're not careful. This is why you need to understand various tax strategies e to minimize your tax liability. 

Although it may seem a bit counterintuitive at first, tax-gain harvesting may be a viable option in some cases. While you may have heard of tax-loss harvesting, today we want to take a closer look at tax-gain harvesting to see how it works and when it should be deployed. This strategy is a bit more advanced than some others, but it can be beneficial when used effectively. 

Continue reading

Traditional 403(b) or Roth IRA?

traditional-403b-or-roth-ira-

This post was last updated on January 04, 2025, to reflect all updated information and best serve your needs.

A 403(b) plan or tax-sheltered annuity (TSA) is a retirement account for public schools, colleges, and universities as well as for churches and non-profit organizations. While the account works similarly to other retirement plans like a 401k, there are some differences.

Continue reading

Your Ultimate Health Savings Account Guide

Are you familiar with a Health Savings Account (HSA)? If you’re like most people, you’ve heard the term but you’re probably not sure what it is or if it makes sense for you.

If that’s the case, then it’s your lucky day because we’re going to dig into exactly what a Health Savings Account is and, most importantly, why I absolutely love them. So with that, let’s check out a few statistics that just might surprise you.

Continue reading