American households are drowning in consumer debt, with the Federal Reserve Bank reporting a new record of over $1.13 Trillion in Credit Card debt in 2024.[1] Total consumer debt, including the largest category, mortgage debt, is also standing at an all-time high of $17.5 Trillion.[2] In our new high interest rate environment, the interest payments […]
Retirement Tax Planning: The Three Tax Wallets
Note: While some information in this article is specific to BP employees, the points about the three tax wallets may be useful for anyone saving for retirement. To understand the myriad types of retirement accounts and their complex tax treatments requires a certain depth of knowledge and expertise in retirement tax planning, more than can […]
6 Winning Strategies For Your Roth
You’ve read my last piece on the new tax codes and why a Roth might be a good option, decided a Roth is right for you, and now you want to know how to contribute to your Roth. Here are 6 ways to maximize your Roth retirement accounts[1]: 1. Open and contribute to a Roth […]
The Tax Code is Changing. Should your Retirement Plan?
Keep your retirement plan on track by determining if a Roth is right for you. If you have been following tax reform, you know the Tax Cuts and Jobs Act of 2017 (TCJA) lowered the marginal tax rate of five brackets. You also know if nothing is done to make these tax brackets permanent, there […]