The tax, dubbed the Billionaire Minimum Income Tax by the White House, would hit both the income and unrealized gains of U.S. households worth more than $100 million.
More than half of investors expect inflation to increase this year, and 61% think the combination of low rates and rising price pressures will make it tougher to create a retirement income stream.
The shift from having taxes withheld to making estimated tax payments can be challenging for people entering retirement.
With most broad market indexes nestled into correction territory, financial advisers are steering clients toward Roth conversions in a tax management move.
J.P. Morgan Asset Management says that advisers should plan for 35 years in retirement for clients, rather than the previous 30 years, as average life expectancy continues to increase.
In February, the agency continued to retain 17.6 million tax returns from the 2020 filing season and about 5.9 million pieces of taxpayer correspondence that required manual processing.
Last year’s attempt to raise taxes on the wealthy has catalyzed conversations between advisers and clients about tax strategies this season.
Increased longevity makes it likely that future reforms will mandate a higher retirement age, according to a new report from the American Academy of Actuaries.
Bill would raise deduction cap for most and exclude millionaires. However, the plan is unlikely to be taken up in Congress anytime soon.
The firm reported a 9.4% decline in the number of advisers last year, but said it had 2½ times more recruited assets in 2021, at $929 million, compared to $363 million in 2020.
The length of the marriage, whether the individual claiming benefits has remarried, and the age at which they're claiming all affect benefit amounts.
A study by the Center for Retirement Research finds that a third of 401(k) participants would choose to delay collecting benefits if they could use 401(k) assets as a temporary substitute.
Expect delays as the Social Security Administration's field offices reopen to the public after closing in March 2020 amid the pandemic.
As the next generation of investors comes on board, advisers are repeating the age-old mantra about not panicking in response to market swings.
Social Security's 1,200 field offices have been closed since March 2020 in response to the pandemic.
Financial advisers could fill the void when it comes to clients' questions about when to claim benefits.
Many of the processing delays and customer service shortages that have plagued the IRS for years will persist this year, Treasury officials warn.
If Congress finally comes to an agreement on the bill, some provisions could be retroactive. The state and local tax deduction hangs in the balance.
As firms chase scale with bigger and bigger deals, RIA sellers are enjoying the ride of record-level valuations.
Survivors are subject to an earnings limit if they claim the benefit before reaching full retirement age.
