Retirement Planning
Independent Contracting Coming Under Scrutiny
Working as an independent contractor can provide flexibility and benefits not available to employees. Hiring independent contractors can potentially save an employer plenty on taxes and benefits. You may be able get the same productivity for less money and fewer administrative and cost issues. However, now more than ever before, independent contractors and the employers who utilize independent contractors need to make sure that their classification as such meets legal standards. Read more »
2010 Roth Conversions May Be Right For You
Prior to 2010, both singles and married couples with a modified gross income greater than or equal to $100,000 were ineligible for Roth IRA conversions. Those who were married and filing separately were ineligible to convert regardless of income. The elimination of income limits on Roth conversions and the anticipated “sunset” of the Bush Administration tax cuts (the reduction in the highest marginal tax rate from 39.6% to 35%) for 2010 may present a window of opportunity for some higher wage earners in 2010. Read more »
Retirement Planning in Today’s Economy
Today more than ever, the primary responsibility for saving and planning for retirement seems to have shifted to the individual, yet many have not adjusted their behavior in response to this change. As a result, a large portion of the population is unprepared for future retirement. With the 2008 stock market meltdown, declining prices in home values, and the overall poor state of the economy, this is a particularly harsh reality for small firm owners who are more focused on simply staying afloat. Read more »
Retirement Planning 2010: Getting a Head Start in the New Year
Timing is very important with investing and the same can be said for setting up your firm’s 401(k) plan. However, it is often the rare firm manager who recognizes that the groundwork for adopting the plan is best done early in the year. Read more »
Preparing for a “New” Retirement
Perhaps like many architects, you sometimes take a complacent attitude toward your retirement planning. “It’ll take care of itself,” you say or, “It’s too much of a hassle to change my plan or start a new one.” Finding time to plan for your future may be difficult while you’re busy running your firm, but it’s imperative that you take the time to consider starting a plan, assess your current plan or consolidate multiple plans. Read more »