November 15, 2019
If you have retirement on your mind, the big question is this: Are you in a financial position to do so? While nothing replaces the advice of a seasoned advisor, you can take your first step to answering this question by applying a simple 5-step calculation.
In just five minutes, you can get to a simple Yes or No on whether you will have enough income and savings to cover your retirement expenses. Answer each question below in sequence:
When you’ve completed your calculation, compare the answer to your current annual expenses to see if the amount you projected is enough to cover your normal living expenses.
While offering a highly simplified model, this exercise will get you thinking about what you need to do in order to retire.
Be aware that this model does not take into account such things as growth rate of investments or inflation. So, if you have questions about retirement, please feel free to reach out to our firm for guidance.
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees.
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the simplified method.
Blah. It’s February. The depths of winter. Gloomy days relieved only by the darkness of night. A month made for curling up under the blankets and staying in bed. Sound familiar?