AMJ Financial Blog

Category: Uncategorized

How are Social Security Benefits Calculated?

Social Security planning often focuses on filing strategies to help determine when and how to take your benefits. But before you make any decisions, you should also consider the tax implications your Social Security benefits will have on your overall retirement plan. If you have additional sources of income in retirement, there is a chance… Read More

Leaving a Legacy: Life Insurance vs. Roth IRAs

Leaving a Legacy: Life Insurance vs. Roth IRAs When considering the best way to leave your loved ones an inheritance, it’s important to be aware of the options available to you. While life insurance is a well-known option, Roth IRAs can be effective as well. Both can provide a tax-free legacy, but you should know… Read More

Avoiding the 10% Tax Penalty

As a retirement account owner, you’ve probably been warned about the 10% early distribution penalty that applies to taxable distributions made before age 59½. But did you know that if for some reason you need to access your money early, there are exceptions to this rule? Expenses such as medical bills, buying your first home,… Read More

End-of-Year Checklist

End-of-Year Checklist With the holiday season upon us, your to-do list might seem endless. In the midst of preparing for all of the festivities, have you taken the time to review your end-of-year financial checklist? Though it may be difficult to find time to squeeze this in, it is important to consider whether there are… Read More

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Using IRAs to Help Children in 5 Easy Steps

Did you know there is no minimum age for having an IRA? As long as your child has earned income, you can open an account in their name. Whether they contribute to the IRA with their own money from working or a gift from you, the power of compound interest can help them get a… Read More

The Power of NUA in Numbers

Do you own company stock in your employer-sponsored retirement plan that you’re looking to roll over to an IRA? Before you make any moves, there may be a tax break available to you that could save you a significant amount of money: the Net Unrealized Appreciation (NUA) tax break. Completing an in-kind distribution (as opposed… Read More

4 Requirements of a See-Through Trust

Are you looking to have control over your IRA assets after they’ve been passed along to your beneficiaries? You’ve worked hard to build your nest egg, and you want to ensure that your assets are utilized in the best way possible—but how? A see-through trust is a trust that is treated as the beneficiary of… Read More

Oct. 15-21, 2018 – National Estate Planning Awareness Week

Estate planning is an often overlooked element of financial wellness. It is estimated that over half of Americans – 56% – do NOT have an up-to-date estate plan! National Estate Planning Awareness Week (H. Res. 1499) was adopted on September 27, 2008, to help consumers understand estate planning and its need, along with how best… Read More

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Calculating Your RMD in 5 Easy Steps

One of the greatest advantages of retirement savings accounts are the opportunities for tax-deferred or tax-free growth; however, the government sets a time limit on how long these benefits can last by way of establishing required minimum distributions (RMDs). An RMD is the minimum amount that must be taken out of your retirement accounts each… Read More

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What’s a QCD? And why you need to know…NOW

What’s a QCD—and Why Taxpayers Need to Know the Answer Now Thanks to tax-law changes, qualified charitable distributions are more attractive than ever for IRA holders. The new tax law makes a little-known tactic for making charitable donations more attractive for taxpayers with IRAs. Read the complete article from the Wall Street Journal:  WSJ-What’s a QCD-9-24-18.pdf… Read More