Three in five affluent Americans (63%) said they are very or somewhat likely to change their personal financial plans based on the new federal tax law, according to a poll conducted on behalf of the AICPA. To read the full article in the Journal of Accountancy, click: How the New Tax Law Will Change Wealthy Americans’ Financial Plans.
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Retirees with multiple retirement accounts are advised to have a tax-efficient way of tapping into these accounts to minimize the tax bite, writes Morningstar’s Christine Benz. Retirees who have reached the age of 70 1/2 should take required minimum distributions from tax-deferred accounts, while those who are younger should draw from their taxable accounts, selling assets with the highest cost basis first, writes the expert. “Finally, tap company retirement-plan accounts and IRAs. Save Roth IRA assets for last.” To read the full article in FinancialPlanning, click: Get a Tax-Smart Plan for In-Retirement Withdrawals: Retirement Scan.
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Retired CPAs Share Retirement Advice The transition into retirement can be challenging for CPAs who have grown accustomed to the daily routine and demands associated with the accounting profession. Maria L. Murphy, freelance writer, discusses seven tips from accountants who have successfully transitioned for making the most of life after work. To read the full article in the Journal of Accountancy, click: Retirement Tips from Retired CPAs.