Choosing the Right Tax Professional
Managing taxes during retirement might be the single most critical factor influencing your retirement lifestyle. As you transition from working for an income to withdrawing income from your savings and investments, you might have questions: With historically low tax rates set to expire at the end of the year, now is an ideal time to…
Federal Employees: What Does the Federal Buyout Mean for Your Retirement?
Are you a federal employee wondering if the buyout is right for you, or have you recently taken the offer? With so much uncertainty surrounding this program and its implications, it’s completely normal to feel unsure. Let’s take a moment to step back and review what’s at play so you can make informed decisions with…
Understanding the Current Economic Landscape [Matt’s Minutes February 2025]
Matt Curfman, CFP®, CEO & Co-Owner of Richmond Brothers, and his sidekick pup, Oliver, discuss key market events, including the Federal Reserve’s decision to pause rate changes and the impact of tariffs and inflation. Matt highlights the resilience of the economy and the potential for continued market growth, while emphasizing the importance of safety nets…
5 Key Tips to Avoid Costly IRA Rollover Mistakes [Richmond Refreshers]
If you’re switching employers or seeking to benefit from the tax advantages of a traditional or Roth IRA, you may want to consider rolling over your retirement savings into an IRA. One strategy is the ’60-day rollover,’ where you receive funds from your retirement account and must redeposit them into another account within 60 days….
“Magic” Retirement Number? [Richmond Refreshers]
How much do you need for a comfortable retirement? Let us know how you feel about these “magic” numbers in the comments below! Sources: 1. https://news.northwesternmutual.com/2024-04-02-Americans-Believe-They-Will-Need-1-46-Million-to-Retire-Comfortably-According-to-Northwestern-Mutual-2024-Planning-Progress-Study 2. https://news.northwesternmutual.com/2023-06-22-Americans-Believe-They-Will-Need-1-27-Million-to-Retire-Comfortably,-According-to-Northwestern-Mutual-Planning-Progress-Study 3. https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire 4. https://www.census.gov/library/publications/2023/demo/p60-279.html Chart source: https://news.northwesternmutual.com/2024-04-02-Americans-Believe-They-Will-Need-1-46-Million-to-Retire-Comfortably-According-to-Northwestern-Mutual-2024-Planning-Progress-Study Richmond Brothers, Inc. is an SEC-Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Richmond…
Navigating Healthcare Taxes
As you approach retirement, it’s important to be aware of potential taxes that could affect your healthcarecosts, particularly if your income exceeds certain thresholds. Under The Affordable Care Act, individuals with higher income levels are subject to an additional 3.8% Medicare surtax on investment income, including taxable interest, dividends, capital gains, and rental property income….
A New Year’s Perspective on Market Trends and Opportunities [Matt’s Minutes January 2025]
Matt Curfman, CFP®, CEO & Co-Owner of Richmond Brothers, discusses the significant developments of 2024 and what Richmond Brothers is anticipating for the new year ahead. What does Richmond Brothers feel will continue to impact the sectors in 2025? Tune in to find out! Or check out the Closed Captions here! Sources: Research Reports Ycharts…
New Year’s Resolutions
Improving one’s financial health is often somewhere on the list of New Year’s resolutions, as many look toward 2025 with hopes of starting fresh. As you resolve to stick to your budget and increase your savings, don’t forget to add “organize retirement accounts” to the list. The new year provides a great opportunity to review…
The power of compounding
The power of compounding emphasizes the profound impact of small contributions over time. If offered a million dollars or a penny that doubles every day for 30 days, would you choose the million dollars? Many would not realize that smaller amounts can become large amounts over time. Similarly, many Americans have the power of compound…
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