The average working adult changes jobs 12 times during their career, so there’s a good chance you’ve racked up more than a couple retirement plans over the years. If so, it might be time to consolidate.
The sad reality is that you owe taxes whenever you make money—or, in IRS terms, when you’ve realized gains. After selling an investment at a higher price than what you paid for it, capital gains tax is right there waiting for a slice of your profit. But there are ways to minimize what you owe in taxes so you can keep as much profit as possible.
There are many reasons you probably chose your career. Maybe it was the excitement of future opportunities, the salary, or the flexibility. For me, my reason was simple: I wanted a career where I could have a significant impact on people’s lives while using my passions and skills. From a young age, I saw that money, and how you handle it, can make or break your life. That’s why I decided to spend my days helping others discover financial freedom and feel empowered to make the right financial decisions for their lives.
2020 was a major reality check. We cannot predict the future and we have little control over anything. Even things we have always taken for granted were called into question, such as school for our children and time with loved ones. Saying that we all entered 2021 with some trepidation would be an understatement. Would it bring more restrictions, more confusion, more volatility?
Have you been daydreaming about your retirement lately? After the past year we’ve just had, who isn’t? I’m sure a relaxing and fulfilling retirement has never sounded sweeter, but not so fast! Before you begin packing your bags for that dream vacation, you’ll need to ensure your retirement accounts can foot the bill—not to mention all the bills to follow. Reality check: making your retirement years “golden” requires active planning and saving. There are countless retirement savings options—the problem is finding the account best suited for your unique needs.
Owning your own business can give you great freedom and power in life, but it also comes with great responsibility. One of the responsibilities business owners struggle with is creating a plan to convert their successful business into long-lasting personal wealth, namely retirement.
