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Whether you’re planning for retirement or simply trying to keep more of what you earn, this guide walks you through what’s changed, how it might affect you, and what actions you can take to get ahead before key provisions expire.
If you’re a business owner, the next 12 to 18 months could shape your financial future for decades.
Back in 2017, the Tax Cuts and Jobs Act (TCJA) introduced one of the most sweeping overhauls to the U.S. tax code in modern history. Now, with many of its provisions made permanent, the TCJA is no longer a temporary advantage — it’s the foundation of today’s tax environment.
In general, the amount of employee compensation that can be taken into account when determining employer and employee contributions is limited to $350,000 in 2025.
A Roth distribution is qualified if the account has been held for at least five years and the distribution is made after the employee reaches age 59½, dies, or becomes disabled. Distributions prior to age 59½ or otherwise nonqualified distributions from Roth accounts may be subject to income taxes and a potential 10% penalty, unless an exception applies.
By deferring (postponing) income to a later year, you may be able to minimize your current income tax liability and invest the money that you’d otherwise use to pay income taxes. And when you eventually report the income, it’s possible that you’ll be in a lower income tax bracket.
Certain retirement plans can help you postpone the payment of taxes on your earned income. With a traditional 401(k) plan, for example, you contribute part of your salary into the plan, paying income tax only when you later withdraw money from the plan (withdrawals before age 59½ may be subject to a 10% penalty tax in addition to regular income tax, unless an exception applies). This allows you to postpone tax on part of your salary and take advantage of the tax-deferred growth of any investment earnings.
When we meet clients for the first time and review their retirement plans, we often see far too few sources of income—and it doesn’t add up. That’s why we launched a new workshop: Retire ASAP – As Safe As Possible, As Soon As Possible.
People need this guidance now more than ever.
Social Security planning is one of the most important elements in any retirement plan, but getting the most from your Social Security benefit can also feel complex and frustrating. In our guide, “Optimizing Your Social Security in Today’s World,” you’ll uncover practical tips and easy-to-understand steps to get the most out of your Social Security benefits.
Long-term care is a broad term that encompasses a range of services and support for those who can no longer care for themselves due to age-related struggles. In general, once someone can no longer complete the six core Activities of Daily Living shown below,1 It’s usually time to consider some form of long-term care, whether that be home care, a facility, or increased medical intervention.
Deciding when and how to claim Social Security is one of the most consequential financial decisions you will ever make. While it may seem like a simple bureaucratic milestone, the “Social Security Maze” is filled with complex rules that can significantly impact your lifetime wealth.
For many, Social Security represents a substantial portion of their retirement income—often the equivalent of a million-dollar annuity. However, a single misstep in the filing process can result in a permanent reduction in benefits, unnecessary taxation, or missed opportunities for your spouse. This guide highlights the ten most common pitfalls we see, helping you protect the benefits you’ve spent your career earning
BUILD YOUR FOUNDATION:
10–15 Years From Retirement
STRENGTHEN YOUR
FINANCIAL FRAMEWORK:
5–10 Years From Retirement
PREPARE YOUR TRANSITION PLAN:
2–5 Years From Retirement
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By 2030, all Baby Boomers will be 65 or older, making up an increasingly large portion of the retiree population.1 While Boomers hold 51.8% of the nation’s wealth, a significant portion—40% of older Americans—rely solely on Social Security for income in retirement.2 With rising healthcare costs and inflation, many are questioning whether their savings will be enough to sustain them throughout their later years.3 In fact, 79% of Americans agree that the country is in the midst of a retirement crisis while 55% are concerned they won’t be able to achieve financial security in retirement.
Estate preparation isn’t just about securing your financial legacy, it’s about creating security and stability for your family and loved ones after you’re gone. It’s a selfless act that helps alleviate stress, minimizes conflict, and ensures that your wishes are honored when you’re no longer here to express them. Imagine leaving your loved ones not only with your cherished possessions but also with the clarity and assurance that their future well-being has been thoughtfully considered.
When clients consult a financial professional, one of their most common goals is to put their children through college. They have questions on everything from how they should save to when they should start saving. By tailoring your savings strategy to your specific situation—income, number of children, timeframe of their education, and risk tolerance—you can help optimize for growth and potentially set your child up for success. Let’s take a look at some popular college saving options, tax implications, and how you can balance saving for your children’s education with other financial goals.
Everyone’s financial situation is different, and everyone’s financial plan should also be different. Smallwood’s book takes a deep dive into existing plans to help readers learn how to create their own financial work of art by evaluating past and current circumstances and then chiseling away what doesn’t work.
Check out John L. Smallwood’s book It’s Your Wealth—Keep It, and purchase your copy today!
