Wealth Insights is our regular financial planning update, generally refreshed on Thursdays. Wealth Insights provides perspective on financial planning topics to help as you consider options for navigating your financial life.
Some employers offer 401(k) plan participants the opportunity to make Roth 401(k) contributions. If you have access to this option, Roth contributions could play an important role in helping enhance your retirement income.
A 401(k) in-plan Roth conversion (also called an “in-plan Roth rollover”) allows you to transfer the non-Roth portion of your 401(k) account into a designated Roth account within the same plan.
Medicare Part B is the medical insurance portion of Medicare, which covers physician services, outpatient hospital care, and many other services typically covered under health insurance plans.
From time to time, you may consider replacing or exchanging your life insurance policy for another life insurance contract or annuity contract.
A health savings account (HSA) is a savings vehicle established to set aside funds tax free to pay for health care expenses.
Medicare won’t cover all of your healthcare costs during retirement, so you may want to buy a supplemental medical insurance policy known as Medigap.
Medicare is a federal program that provides health insurance to retired individuals, regardless of their medical condition, and some younger people with disabilities or certain health conditions.
Medigap is health insurance that supplements the benefits covered under Medicare. It also fills in some of the gaps left by Medicare, such as your deductible and coinsurance contributions.
Your payment of someone else’s tuition is a qualified transfer (a nongift gift). You are allowed to make this type of gift without incurring federal gift tax or federal generation-skipping transfer tax (GSTT).
You’re free to give almost any type of property to whatever organization you choose. But in order to obtain the tax benefits associated with charitable giving, contributions need to be made to qualifying tax-exempt organizations that have been organized in the United States and meet certain criteria.
Giving to charity is not only personally satisfying, the IRS (and possibly your state) also rewards you with generous tax breaks.
