Latest articles by Joe F. Schmitz Jr., CFP®, ChFC®
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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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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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Do You Have at Least $1 Million in Tax-Deferred Investments?
If the answer is yes, then this article is for you. Find out how you can keep more of that $1 million for yourself and away from Uncle Sam.
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What You Can Do Now to Avoid Paying Higher Taxes in 2026
Tax rates are set to increase once the Tax Cuts and Jobs Act sunsets at the end of 2025, but steps you take now could put you in a better financial position.
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Don’t Let the 'Widow's Penalty' Blindside You: How to Prepare
If one spouse passes away, the surviving spouse could pay nearly double the amount of income taxes. Are you planning for this?
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Are You Taking Too Much Risk in Retirement?
Use a two-bucket plan, with a protection bucket and a growth bucket, to protect your nest egg from market volatility so it lasts as long as you need it to.
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Is Your Financial Adviser Doing a Good Job for You?
If your meetings focus only on investment returns, that’s a problem. These 10 questions can help you determine if your financial adviser is being lazy.
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What CRNAs Need to Know About Money Post-Graduation
Like other high-income professionals, certified registered nurse anesthetists (CRNAs) face unique financial challenges when it comes to cash management, risk and accumulation.
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High-Income Millennials, This Advice Is for You
If you are in your 20s or 30s and making $150,000-plus a year, your financial planning needs are more advanced, and need more attention, than the average Millennial.
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Will You Pay Higher Taxes in Retirement?
Your Social Security income and RMDs will most likely combine to deliver a tax torpedo, but there are ways to reduce your income in retirement to pay less tax.
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Five Things Federal Employees Should Know for Retirement
Knowing the ins and outs of retirement is challenging, especially for federal government employees.
