Latest articles by Joe F. Schmitz Jr., CFP®, ChFC®
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Five Reasons Roth Conversions and Pensions Work Well Together
This financial planner unpacks why Roth conversions can save you big-time on taxes if you're a retiree with a pension.
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Five Opportunities if You're in the 2% Club in Retirement
If you're among the 2% of the population with both a pension and $1 million or more saved, you're in a unique yet complex position as you approach retirement.
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Could You Retire at 59½? Five Considerations
While some people think they should wait until they're 65 or older to retire, retiring at 59½ could be one of the best decisions for your quality of life.
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Retiring With a Pension? Four Things to Know
The road to a secure retirement is slightly more intricate for people with pensions. Here are four key issues to consider to make the most out of yours.
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Have $1M+ Saved? Consider a Financial Planning One-Stop Shop
A 'one-stop shop' team — including a financial planner, estate planning lawyer, CPA and more — could serve all of your tax, estate and retirement planning needs.
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Want to Hire a Financial Planning Firm? Five Questions to Ask
The key to finding a financial planner who will do great work for you and your family is knowing what to look for during your search.
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Are You a 'Midwestern Millionaire'? Four Retirement Strategies
Midwestern Millionaires might not live in the Midwest, but they share a saver's mindset. These strategies are for those who have saved $1 million or more.
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If Not Long-Term Care Insurance, Then What?
If you don't buy long-term care insurance, how can you plan to cover your long-term care needs once they (most likely inevitably) arise?
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Converting Retirement Savings to a Roth IRA? Don't Do This
You might want to convert all of your savings to a Roth in one go, but you could end up paying hundreds of thousands more in taxes than you have to.
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Two Alternatives to Required Minimum Distributions (RMDs)
required minimum distributions (RMDs) If the thought of paying taxes on your RMDs is stressing you out, consider these two options to save on taxes and anxiety.
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Why I Love Roth IRAs and Roth Conversions
Roth IRAs Roth IRAs truly are a gift from the government, and now is a great time to take Uncle Sam up on them. Here’s why.
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Year-End Retirement Tax Planning Actions if You Have $1 Million or More
Consider implementing these four strategies before December 31 to potentially improve your tax situation for this year and the future.
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Do You Have the Five Pillars of Retirement Planning in Place?
A solid retirement plan requires planning in these five areas so you're covered on everything from taxes to health care expenses to what happens to your estate when you're gone.
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Three Charitable Giving Strategies for High-Net-Worth Individuals
If you have $1 million or more saved for retirement, these charitable giving strategies can help you give efficiently and save on taxes.
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Will You Pay Taxes on Your Social Security Benefits?
You might, depending on your income, but smart financial planning now can help lower or even eliminate your taxes in the future.
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Here's Why You Shouldn't Put All Your Money Into Roth IRAs
Converting a tax-deferred account to a Roth can be a good strategy for lowering future taxes, but moving all of your money at once is typically not recommended.
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Should You Move Your 401(k) to an IRA Once You Hit 59½?
Some 401(k)s allow for in-service withdrawals at age 59½, opening up greater investment options. Here are three reasons for taking the plunge.
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You're 62 Years Old With $1 Million Saved: Can You Retire?
The answer depends on several factors. The key is to create a plan that combines all aspects of retirement — income, taxes, health care and legacy planning.
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How Much Do You Need for a Comfortable Retirement?
What you need to be comfortable in retirement won't be the same as what your neighbor might need. Here's a scenario in which $1 million might be enough.
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Should You Keep Your 401(k) When You Retire?
Here are three primary reasons you might want to consider moving your retirement money from your 401(k) to an IRA once you retire.
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Five Reasons Some Financial Planners Avoid Tax Planning
They might not be allowed to do it at their company, but they also might not be willing to commit the time or are more focused on compensation. Here's how to make sure you're covered.
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How a Roth Conversion Can Spare You From Medicare’s IRMAA and Taxes
If you've been a good saver and face large required minimum distributions (RMDs), then you need to plan for how to head off or limit higher Medicare premiums.
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If You're the Millionaire Next Door, You May Be a Terrible Spender
Good job on all that great saving. Now you need to start spending some of that hard-earned retirement savings on the things you love.
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This Trust Can Protect Your Assets From Long-Term Care Costs
A Medicaid asset protection trust can help ensure your protected assets go to your beneficiaries rather than your long-term care, but it has to be set up properly.
