How Life Insurance can be one of your Greatest Tax Planning Tools

In tax planning there are essentially two primary goals: reduce/eliminate the income tax and reduce/eliminate the estate tax. To understand how life insurance fits into the picture we firsthave to understand some nuances of these two tax systems.   1. The Estate Tax   The estate tax is levied on the value of an individual’s […]

5 Retirement Withdrawal Strategies to Be Aware Of

Once you retire, it’s likely that you’ll need to rely on retirement accounts to boost your finances. For this reason, you need a solid retirement plan in place. A retirement strategy consists of six steps: determining time horizons, estimating expenses, calculating after-tax expenses, assessing risk tolerance and estate planning. As part of this, you’ll also […]

Is Life Insurance Taxable? Let’s Break It Down

According to Bankrate, over 54% of Americans have life insurance. While stable, this figure indicates a downward trend in the number of people applying for life insurance. Policy Genius shows that Americans purchased 27.80 million policies in 2018. This is much lower than in 2001 when life insurance purchases numbered 40.1 million policies. Let’s take […]

6 Sources of Retirement Income

Many people look forward to giving up the nine to five daily grind and living life at a slower pace in retirement. However, what you may not consider is how you’ll finance that slower pace. Without a job, obtaining a comfortable regular income may seem challenging.  However, there are many different ways to fund your […]

Roth IRAs vs Traditional IRAs: What’s the difference and which should I choose?

John Zeidler, MSA, CPA & Carl Zeidler, CFPⓇ, MSFS One of the most common questions we get as financial advisors is, “What’s the difference between a Roth IRA and a traditional IRA?”  There is so much confusion around the different names of retirement accounts; 401(k), 403(b), 457(b), deferred comp, SEP IRA, Simple IRA, traditional IRAs, […]

States That Do Not Tax Retirement Income + 3 Things to Know

Many of us start thinking about retirement in the decades before the big day arrives. The further out you start thinking about it, the more financially prepared you may be for it.  As you start saving money and pondering your ideal retirement location, take a moment to consider the following information, as what you plan […]

The Illinois Estate Tax and You

Most people think that the estate tax is something only the extremely wealthy have to deal with, but that is not necessarily the case— especially if you are a resident of Illinois. $4 million dollars may sound like a lot of money, but if you are a farmer or a business owner you may be […]

A Strategy to Potentially Reduce Market Risk to Your Retirement Savings

If you are approaching retirement or are already retired, you may be wondering about what the best plan of action is for your savings. With interest rates at such an historically low level and the Covid-19 crisis still with us, it’s natural to look for methods to reduce the risk of market losses and low […]

The Single Biggest Devastator of Your Retirement Savings

The Single Biggest Devastator of Your Retirement Savings Is Not Having Long-Term Care Insurance There’s something important everyone needs to remember when it comes to retirement planning: Your retirement is not just about you. If you are married or in a long-term relationship, you need to work with your partner to ensure each of you […]