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2 weeks ago | 
forbes.com | David Rae
Ignoring the crisis du jour (Trump's Tariffs Induce Stock Market Meltdown) will be nearly impossible for anyone to ignore. It is dominating the news cycle and driving up prices of things you buy every day, like groceries. You may not notice bananas costing a few cents more per pound, but you will surely feel the pain of a "Tariff Fee" line item when you purchase your next car.
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3 weeks ago | 
forbes.com | David Rae
Whether you dream of retiring ASAP or working forever, prepping for a secure retirement is a smart move. As someone who has been helping people plan for retirement for several decades, I've met many looking to retire by the age of 60 or, if possible, sooner. Keep reading as we share some of the steps needed to retire by the time you reach your 60s. How Much Money Do You Need To Have Saved To Retire At Age 60?
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3 weeks ago | 
forbes.com | David Rae
Tax Day is just around the corner. The deadline to file your 2024 taxes is April 15, 2025. If you cannot complete your taxes by the deadline, you can request an automatic six-month extension to file your taxes. The deadline to apply for a tax extension also falls on April 15. With all the turmoil at the IRS these days, I'd rather see you take the time (on extension) to file your taxes properly rather than rushing and having to amend your taxes later.
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3 weeks ago | 
procurementleaders.com | David Rae
For as long as I’ve been involved in the procurement space, CPOs have shown varying degrees of enthusiasm for broadening the function’s value proposition. Over the past few years – not surprisingly – their focus has been focused on keeping the lights on, with almost all of their energy devoted to keeping key supply lines open and critical suppliers in business. It’s hardly surprising, given they’ve faced a global pandemic and the long list of subsequent crises.
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1 month ago | 
forbes.com | David Rae
If you want to retire in or to California, you may wonder how California will take your Social Security and other retirement benefits. There is some good news and some bad news here. The good news is that regardless of where you choose to retire in California, you will not owe state taxes on your Social Security benefits. However, California will still take a chunk of your other retirement income sources.
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1 month ago | 
forbes.com | David Rae
I love helping my clients maximize their tax-free retirement income streams. Converting a traditional IRA account to a Roth IRA is a fabulous part of a proactive tax-planning strategy to reduce the tax drag on your retirement income. However, many people forget about state taxes when developing the optimal Roth conversion strategy for their personal financial and tax-minimization needs. Most people focus on federal tax rates when choosing how large a Roth conversion to do each year.
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1 month ago | 
forbes.com | David Rae
If you've shopped for hotel stays and airfare, you may have been shocked by the sharp spike in pricing over the last few years. From revenge travel to treating yourself, you will probably have to work a little bit harder to get more joy from your travel spending. Paying a ton of money won't guarantee perfect weather or a dreamy resort vacation. Who among us couldn't use a little more money and a little more happiness?
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1 month ago | 
forbes.com | David Rae
As we enter tax season, you may wonder what else you can do to pay fewer taxes. Perhaps your CPA or financial planner has been telling you to set up a cash balance plan or 401(k) for years, and you don’t know how to do it. Running a retirement plan can be a bit of work, but the tax savings are huge. Make 2025 the year you at least look at what a cash balance plan could do for your march toward financial freedom, or if nothing else, how it can reduce your taxes each year. What Is A Cash Balance Plan?
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1 month ago | 
forbes.com | David Rae
As your business grows each year, it may also feel like your tax bills keep growing more painfully. Generally speaking, America has a progressive tax system, which means most people pay less taxes on their first dollar of income than their last. Proactive tax planning is a great way to ensure you increase your take-home pay without working more hours or adding more clients (unless you want to). Business owners' most valuable tax deductions come from expenses they already pay.
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1 month ago | 
forbes.com | David Rae
Looking for ways to get more tax-free income in retirement? You should check out the mega backdoor Roth tax-planning strategy. That is assuming you have already maxed out your Roth IRA and 401(k). Making the maximum mega backdoor Roth contribution in 2025 could help triple your contributions in 2025 versus just contributing to a regular Roth 401(k). The mega backdoor Roth allows for nearly 10 times the contribution limits of a regular Roth, depending on your age.
