Connections for Success


Wealth Management


What is Your Required Minimum Distribution Age?
Larry A. Ruff

Is it, or will it be age 70½, 72, 73 or 75? Let’s explore these possibilities. Required minimum distributions (RMDs) from qualified retirement accounts started with the passage of The Tax Reform Act of 1986. That law established the date when RMDs were required to begin as the year in which an individual reached age […]


401(K) Plan Early Access: How to Avoid Penalties
Jeffrey R. Green

If you have money in a traditional employer-sponsored retirement plan, such as a 401(k) or 403(b), you are probably aware that withdrawals before age 59½ generally are not advised. Early withdrawals are allowed under certain circumstances, but in most cases they are subject to a 10% penalty — on top of ordinary income taxes. However, […]


Spouses Benefit From Social Security Too
Jacqueline N. Janczewski

If you are or were married, do not overlook spousal benefits when you estimate your Social Security income and determine when to start receiving it. Qualifying individuals can receive up to 50% of their spouse’s full retirement benefit or their own Social Security benefit, whichever is greater. Here is a quick overview of the process. […]


Teaching Your Kids the Basics of Money Management
Justin L. Sylvan

Kids are never too young to learn about money and how to manage it responsibly. This blog advocates customizing money messages to children’s ages and interests and will give you some suggestions for teaching young children, grade schoolers, tweens and adolescents about managing money. For example, four-year-olds usually can understand the difference between needs and […]


Approaching 65? Get Up to Speed on Medicare
Peggy Vyborny

Managing health insurance costs is a key component of retirement planning. Medicare eligibility generally starts at age 65. But, given the number of decisions that you will need to make about the timing and scope of coverage, it is a good idea to start preparing well in advance. Medicare is complex and navigating the many […]


Working Remotely? Watch Out for Double Taxation
Colin O’Neill

More people are working remotely these days and that trend seems unlikely to change even after the pandemic is over. Remote work can be convenient. However, it raises the risk of double taxation if employees work in different states from their employers. Here is what you need to know — and what you can do […]


Preparing for New Cryptocurrency Reporting Rules
Adam J. Pechin

If you have invested in cryptocurrency (for example, Bitcoin or Ether), nonfungible tokens (NFTs) or certain other digital assets, it is important to familiarize yourself with the new tax reporting requirements that take effect in 2023. The new rules will not increase your taxes. Instead, they are designed to help the IRS identify unreported digital […]


Trusts – What Is the Hype?
Tanya Gierut

Whether you are trying to protect your assets from possible creditors, prevent young heirs from spending their inheritance or minimize estate taxes, there is likely a trust for you. Here are several strategies that can help you achieve your estate planning goals. Protecting assets from creditors A trust can be a great way to protect […]


Your Investment Strategy: Active, Passive or Both?
Christopher Georgiou

Stock market volatility during the last couple of years has reignited a long-running debate over active versus passive investing. Both strategies have supporters and critics and many experts advocate combining both approaches in a portfolio. As with most investment choices, the right strategy for you will depend on several factors, including your financial goals, investment […]


Working Remotely From “Out of State” Can Be Taxing
Dan Newman

The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: An increase in your state tax bill. During the pandemic, it has been fairly common for people to work remotely from another state — across state lines from the […]

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