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Trusted Answers From Licensed Business Professionals
INVESTING, TAX REPORTING

Do You Know What the Fees Are For Your 401(K) Plan Now?

By The BIDaWIZ Team on October 11th, 2012 at 8:00 pm

Back in May, we noted that the new 401(k) disclosure rules would be in effect by the end of the summer. The intent of these rules was to provide greater transparency to both employers and employees. Did it work and have you noticed a difference in the reporting? Read More.

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INVESTING

Should You Setup a Custodial Account For Your Child?

By The BIDaWIZ Team on August 22nd, 2012 at 4:00 pm

Parents that have already setup a 529 plan or Roth IRA for their child, may want to consider a custodial account as well. This account will effectively provide your young child with some capital when they are no longer a minor. Still, should you set one up and what are the drawbacks? .
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INVESTING, TAX PLANNING

The Tax Consequences For Inheriting A Relative’s IRA

By The BIDaWIZ Team on June 26th, 2012 at 8:00 pm

The tax rules can be very confusing when inherited IRAs come into the picture. There are many exceptions to the withdrawal rules and some financial professionals do not even understand them all. Make sure you're not receiving incomplete or inaccurate advice. .
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INVESTING, TAX PLANNING

Moving Your IRA Assets From One Financial Institution To Another

By The BIDaWIZ Team on June 26th, 2012 at 5:00 pm

Now may be the time to move your IRA assets from one financial institution to another. This is a fairly straightforward process, yet, many financial institutions are notorious for providing limited and sometimes inaccurate information for rolling over or transferring IRA funds. Mistakes can be costly and may trigger an unexpected taxable event. .
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INVESTING

Should Retirees Take a Lump Sum Pension Payment?

By The BIDaWIZ Team on June 15th, 2012 at 12:00 pm

Many companies are providing their retired employees with the option of receiving a lump sum pension payment as opposed to monthly checks. There are arguments supporting both options. .
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INVESTING, TAX PLANNING

Discussing Estate Planning And Wills With Your Parents

By The BIDaWIZ Team on June 13th, 2012 at 6:00 pm

Baby boomers and those from Generation X likely have parents that are reaching the later stages of their lives. One of the more important conversations that sometimes doesn't happen until after the fact, relates to the distribution of a parent's estate and assets when they are no longer around. There are certain ways to start this sensitive conversation and key areas to discuss. .
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INVESTING

Should I Open a Prepaid Tuition Plan or 529 Plan?

By The BIDaWIZ Team on June 8th, 2012 at 5:00 pm

Saving for college can feel like a daunting task these days with rising tuition costs and outstanding student debt now exceeding one trillion dollars. The average student is now holding at least $25,000 of debt which makes proper planning all the more important now. How can you prepare better for rising tuition costs? .
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INVESTING, TAX PLANNING

Teachers Need To Be Wary Over Their 403(b) Retirement Plans

By The BIDaWIZ Team on June 7th, 2012 at 6:00 pm

We've all heard of 401(k) plans offered by employers to help their employees plan for retirement. Rarely, do we hear about 403(b) plans which are commonly offered to public school employees and 501(c) organizations (i.e. hospital workers, church associations, and local government groups). Teachers need to be very cautious in relying solely on those plans for retirement. .
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INVESTING, TAX PLANNING

Why You Need Both a 401(K) And a Roth IRA

By The BIDaWIZ Team on June 7th, 2012 at 2:00 pm

For some, building a retirement plan is equivalent to allocating a portion of ones paycheck toward their 401(k). While contributing to a 401(k) plan is a step in the right direction, it by no means secures a path to a fruitful retirement. What else should you be doing to prepare for retirement? .
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INVESTING

When Should I Start Taking Social Security Benefits?

By The BIDaWIZ Team on May 10th, 2012 at 2:00 pm

The jury is still out on what will happen to the social security program which is expected to become insufficient by 2033 or in roughly 20 years. This means that workers under the age of 42 aren't expected to receive the full social benefits due to them. Rather, they will be lucky if they get 75% of their benefits. Still, it is important to know when is the right time to start taking social security benefits. .
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