Latest articles by Joe F. Schmitz Jr., CFP®, ChFC®
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Are You a 'Midwestern Millionaire'? Four Retirement Strategies
Midwestern Millionaires might not live in the Midwest, but they share a saver's mindset. These strategies are for those who have saved $1 million or more.
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If Not Long-Term Care Insurance, Then What?
If you don't buy long-term care insurance, how can you plan to cover your long-term care needs once they (most likely inevitably) arise?
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Converting Retirement Savings to a Roth IRA? Don't Do This
You might want to convert all of your savings to a Roth in one go, but you could end up paying hundreds of thousands more in taxes than you have to.
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Two Alternatives to Required Minimum Distributions (RMDs)
required minimum distributions (RMDs) If the thought of paying taxes on your RMDs is stressing you out, consider these two options to save on taxes and anxiety.
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Why I Love Roth IRAs and Roth Conversions
Roth IRAs Roth IRAs truly are a gift from the government, and now is a great time to take Uncle Sam up on them. Here’s why.
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Year-End Retirement Tax Planning Actions if You Have $1 Million or More
Consider implementing these four strategies before December 31 to potentially improve your tax situation for this year and the future.
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Do You Have the Five Pillars of Retirement Planning in Place?
A solid retirement plan requires planning in these five areas so you're covered on everything from taxes to health care expenses to what happens to your estate when you're gone.
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Three Charitable Giving Strategies for High-Net-Worth Individuals
If you have $1 million or more saved for retirement, these charitable giving strategies can help you give efficiently and save on taxes.
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Will You Pay Taxes on Your Social Security Benefits?
You might, depending on your income, but smart financial planning now can help lower or even eliminate your taxes in the future.
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Here's Why You Shouldn't Put All Your Money Into Roth IRAs
Converting a tax-deferred account to a Roth can be a good strategy for lowering future taxes, but moving all of your money at once is typically not recommended.
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Should You Move Your 401(k) to an IRA Once You Hit 59½?
Some 401(k)s allow for in-service withdrawals at age 59½, opening up greater investment options. Here are three reasons for taking the plunge.
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You're 62 Years Old With $1 Million Saved: Can You Retire?
The answer depends on several factors. The key is to create a plan that combines all aspects of retirement — income, taxes, health care and legacy planning.
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How Much Do You Need for a Comfortable Retirement?
What you need to be comfortable in retirement won't be the same as what your neighbor might need. Here's a scenario in which $1 million might be enough.
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Should You Keep Your 401(k) When You Retire?
Here are three primary reasons you might want to consider moving your retirement money from your 401(k) to an IRA once you retire.
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Five Reasons Some Financial Planners Avoid Tax Planning
They might not be allowed to do it at their company, but they also might not be willing to commit the time or are more focused on compensation. Here's how to make sure you're covered.
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How a Roth Conversion Can Spare You From Medicare’s IRMAA and Taxes
If you've been a good saver and face large required minimum distributions (RMDs), then you need to plan for how to head off or limit higher Medicare premiums.
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If You're the Millionaire Next Door, You May Be a Terrible Spender
Good job on all that great saving. Now you need to start spending some of that hard-earned retirement savings on the things you love.
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This Trust Can Protect Your Assets From Long-Term Care Costs
A Medicaid asset protection trust can help ensure your protected assets go to your beneficiaries rather than your long-term care, but it has to be set up properly.
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Are You a DIY Retirement Planner? Four Things You Need to Know
While saving is a huge part of retirement planning, tax efficiency and estate planning can be just as important, especially once you actually retire.
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Should You Take Your Pension as a Lump Sum?
The answer depends on multiple factors, such as what your alternative investment options would be, whether you want to leave money to a beneficiary and more.
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Should You Take the Survivor Option on Your Pension?
In some cases, you could buy life insurance instead and get a better deal in protecting your spouse. There are some things to keep in mind, though.
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If You Have a Pension, Smart Tax Planning Should Start Now
Adding pension income to Social Security benefits and income from required minimum distributions could see you facing a tax torpedo and higher Medicare costs.
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What’s the Difference Between a CPA and a Tax Planner?
CPAs do the important number crunching for tax preparation and filing, but tax planners look at the big picture and come up with tax-saving strategies.
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Five Estate Planning Things You Need to Do Now
For a solid estate plan, you should put powers of attorney in place, designate beneficiaries, tackle tax planning and more.
