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Piershale Financial Group
Mike Piershale, ChFC, is president of Piershale Financial Group, a wealth management firm in Barrington, Illinois. With more than 30 years of experience, Mike has extensive knowledge in key areas of financial planning and works with clients on retirement and estate planning, portfolio management and insurance needs. In addition, his widespread knowledge on tax planning allows him to highlight opportunities for maximizing tax reduction strategies.
Many retirement savers can get an extra-good deal on Roth conversions right now. Here's why.
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There are some major financial benefits to tying the knot. From IRAs to Social Security and tax exemptions, there are many reasons (besides the obvious one: love) for older couples to say I do.
Municipal bonds come with some risks that bank CDs don't, but there are ways to minimize them while still getting a better return. Plus, the interest you earn is tax free, and who doesn't love that?
When all is said and done, the QBI deduction could actually end up forcing people who save for retirement in a SIMPLE IRA, SEP IRA or 401(k) to pay more in taxes, not less.
If you're close to retirement, the pressure is on because you don't have much time to bounce back from something like a job loss or divorce.
Children and grandchildren inheriting traditional IRAs could quickly find themselves in the top 37% tax bracket thanks to changes ushered in by the Tax Cuts and Jobs Act.
No one likes to pay taxes unnecessarily, but that's what a lot of people who inherit IRAs end up doing. Failing to track down the IRA basis associated with an inheritance can be a costly mistake.
It's about as fun as herding cats, but rounding up all your IRAs and 401(k)s into just one or two accounts can really simplify your financial life.
As seniors weigh their prescription drug coverage during annual enrollment, it pays to review the basics of how it works, how much it costs and how the "doughnut hole" may affect them.
The time to get ready is well before the time comes. Here's how to approach some important talks and what you need to cover.
A smaller home, with fewer possessions to weigh you down and lower bills to boot: What's not to like? For many folks, downsizing makes a lot of sense, but there are a few points to consider.
You're busy enjoying retirement and you just plain forget to take your required minimum distribution. Or you do the math wrong. It could be a costly mistake. Here's how to fix it.
Romance aside, you may want to delay your wedding date (or divorce, if that's the case) to get the best Social Security benefit possible.
If your company offers you the opportunity to invest in its stock, it could come with some significant tax benefits and growth prospects.
If you don't like paying taxes, health savings accounts could be a way to save for your health costs… and for retirement, too.
For small-business owners (and their employees) SIMPLE IRAs can be a slam-dunk at tax time.
If you have a moderate or low income but earn a lot in interest and dividends from investments that you don't need for living expenses, here is one way you may be able to lower your tax bill.