Understand how finance intersects with personal choices. From deciding to marry, cohabitate, or stay single, to managing windfalls, explore how life’s decisions can impact your financial health.
Health Savings Accounts are one of the most powerful retirement planning accounts out there, if not the most powerful one. Despite this, many people don’t take advantage of them. If you want to take advantage of an HSA, you may be wondering how to fund an HSA.
How to Use an IRA to Fund Your HSA | Leveraging an IRA to HSA Rollover Read More »
Years ago, there were lucrative Social Security claiming strategies, such as file & suspend and restrictive applications, which are not available anymore. Now, it is more difficult to know what strategy is best for you. In the past, standard thinking was that waiting as long as possible was best, since it would maximize your benefit. However, this doesn’t always take into account the taxes you’ll pay on your social security.
Should I Take Social Security at 62? Read More »
When you’re working, taxes are pretty straight-forward and predictable. You get your W2 paycheck, and taxes are withheld, with qualifying retirement contributions giving you tax deductions. Pretty simple! However, when you retire, taxes get much more complicated.
Are You Equipped to Avoid These Retirement Tax Traps? Read More »
Discover a little-known strategy to quickly build a large Roth IRA by maximizing after-tax contributions to your 401(k) plan, enabling a mega Roth conversion upon retirement for tax-free growth and withdrawals.
Little-Known Way to Quickly Build a Large Roth IRA Read More »
With our current laws, if you’re approaching ages 73 or 75, you’ll likely be facing required minimum distributions (RMDs) soon. If you have any money in an IRA or 401(k), you have to take RMDs from these accounts when you reach those ages. This means you’ll have to pay taxes on those RMDs. If you’ve saved successfully for retirement, you may not want to take the RMDs since they can create additional taxes, increase your Medicare payments, and more.
4 Strategies for Optimizing RMDs from IRAs Read More »
At REAP Financial, we see many clients with questions like this: can I retire successfully with a certain amount saved? There is a lot of confusion about which numbers indicate that you can retire successfully. From the total amount saved, the withdrawal rate, inflation rate, and more, there are lots of factors to consider. However, the real driver of whether you can retire successfully is none of these things! It’s one you likely don’t even suspect.
Your Early Retirement Dream – How to Retire Early and Make Your Savings Last Read More »
Today, we bring you insights from Chris Heerlein, the CEO of Reap Financial, on tax-savvy ways to dive into the realm of second home investments. Join us as we explore
Tax-Wise Ways to Handle the Second Home Read More »
In a recent survey by the American Psychological Association, more than 80% of American adults said they were feeling increased financial stress due to: Higher inflation (87%) Ongoing supply chain
The Financial Stress Toll (of Late) Read More »
It’s been two years since COVID-19 hit U.S. shores, but are we anywhere near pre-pandemic normal yet? It doesn’t look like it. The stock market, while volatile, recovered nicely from
COVID: Are We Back to Normal Yet? Read More »
Chris Heerlein, in his video, shares personal anecdotes to emphasize the importance of private client financial relationships in wealth management. He recounts his early experiences of earning and saving money, beginning with a job at a metal foundry at the age of 14. This early exposure to financial realities, like the impact of taxes on earnings, sparked his lifelong focus on maximizing net wealth. Heerlein identifies with the mindset of his clients, understanding their desire to preserve the wealth they’ve worked hard to accumulate. He stresses that while paying taxes is a responsibility, ensuring that one does not overpay is equally important. This philosophy resonates with the families he consults, who are often driven professionals and entrepreneurs with a strong desire to maintain and grow their wealth.
Chris Heerlein on the Importance of Private Client Financial Relationships Read More »