For those nearing retirement, there’s one truth that becomes increasingly clear: the window to build wealth narrows with each passing year. While starting early is always ideal, it’s not too late for pre-retirees in their 50s or [...]
Birthdays in retirement aren’t just a reason to celebrate—they’re also checkpoints that can unlock new financial opportunities (or trigger important deadlines). From Social Security eligibility to Required Minimum Distributions (RMDs), several key ages mark turning points in [...]
Annuities have long been a cornerstone for those seeking a steady income stream in retirement. However, the financial landscape is ever-evolving, and what worked a few years ago might not be the best fit today. With rising [...]
Navigating the intricacies of retirement accounts can often feel like charting unfamiliar territory. Whether you're adjusting your investment portfolio or considering contributions and withdrawals, understanding the tax implications is crucial to maximizing your retirement savings. Let's delve [...]
Retirees aiming to reduce their taxes in retirement can benefit from strategic conversions and transfers between traditional and Roth Individual Retirement Accounts (IRAs), especially when considering the timing and financial landscape. Identifying optimal windows for Roth conversions [...]
Imagine transitioning into retirement not as a sudden leap but as a gradual, comfortable glide. This approach, known as phased retirement, is gaining popularity. It allows people like you to reduce working hours over time, allowing a [...]
In 4 Retirement Planning Myths That Could Cost You, we tackled some of the most common financial myths that could be costing you money. In this article, we’re going to debunk three more myths about general personal [...]
What if everything you thought you knew about financial planning was wrong? Many well-meaning people fall victim to common financial myths—some of which could cost them thousands of dollars or even their retirement security. Let’s break down [...]
Catching up on retirement savings can feel daunting, especially if you've started late. However, with strategic planning and commitment, it's entirely possible to build a comfortable nest egg for your future. Here are four actionable steps to [...]
Retirement planning can sometimes feel like trying to hit a moving target. Policies change, rules shift, and retirees often find themselves needing to adapt their strategies to keep pace. Many recent policy changes affecting retirement have many [...]
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Eagle Wealth Management Group Inc. (“Eagle Wealth”) is a federally registered investment advisor with the Securities and Exchange Commission. The information provided by Eagle Wealth, or any portion thereof, may not be copied or distributed without Eagle Wealth’s prior written approval. All statements are current as of the date written and do not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. The standard fee schedules for Eagle Wealth strategies are shown in the firm’s Form ADV Part 2.
There is a way to potentially accelerate your mortgage payoff using a method called Bi-Weekly Mortgage Payments. This program is implemented by dividing your monthly mortgage payment in half and paying it every other week. Use this calculator to compare hypothetical pay-off schedules.
Different mortgage terms and rates can make selecting a mortgage confusing. Use this calculator to help determine the total cost of various mortgage alternatives taking into account the opportunity cost of your money.
With interest rates near historic lows, many people have refinanced their mortgages. Does refinancing make sense for you? Use this calculator to help analyze your situation.
When buying a home, mortgage lenders may look your income, assets, and down payment. They also may look at your liabilities and obligations, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use this calculator to help estimate how much of a mortgage you may be able to obtain.
When you receive some extra money it may be difficult to determine whether you should invest the funds or use them to pay debt. One financial theory suggests that if your after-tax return on investments is greater than the after-tax cost of your debt, you should invest. Use this calculator to help analyze a hypothetical situation.
Leasing is one method of acquiring a new auto. Although lease payments may seem attractive at times, it may not always be the best financial decision when compared with purchasing the vehicle. Use the following calculator to help analyze the decision of whether to buy or lease.
It may make financial sense for you to sell your current vehicle and purchase one with better gas mileage. Taking into account the monthly savings at the pump, the financial question is how many months it may take you to recover the out-of-pocket costs you incur when purchasing a new vehicle. Use this calculator to estimate your potential breakeven period.
Although Americans have reduced their personal debt levels in recent years, some credit card balances remain high. Additional monthly payments may make a difference and accelerate the payoff of your outstanding credit card debt.
If consumer prices rise and your income does not your standard of living may suffer. Use this calculator to understand how historical inflation has impacted dollars' purchasing power over the years.
Businesses generate a "sources and uses of cash" statement to evaluate their income and expenses and to check profitability. Similarly, a cash flow statement can help you evaluate your personal income and expenses and see if you are operating "in the red" or "in the black" each month.
For those who itemize deductions, the mortgage interest on their main home and on a second home may be deductible. Use this calculator to estimate your potential tax savings.
It might surprise you to learn how many days you may have to work to pay your estimated federal tax liability (including Social Security tax withholdings). Use this calculator to estimate your Tax Freedom Day -- the day you begin earning money for yourself.
Here's the bad news: The government may tax up to 85% of your Social Security benefit. The good news: It's possible to manage how much of your Social Security is taxed.
This calculator is designed to help compare a fully taxable investment to two tax-advantaged situations. In one situation, an investment account is not taxed until the money is withdrawn. In the second scenario, the money is an investment that is not subject to federal or state tax.
Federal taxes on your net capital gain(s) may vary depending on your marginal income tax bracket and the holding period of the asset. Use this calculator to help estimate capital gain taxes due on your transactions.
Albert Einstein was attributed as saying, "The hardest thing in the world to understand is the income tax." Use the following calculator to help get a rough estimate of your tax liability.
There are basically two approaches when considering your long-term care needs: self-insure or purchase long-term care insurance. Use this calculator to determine your potential long-term care needs and how long your current assets might last.
Disability insurance is often overlooked, but it can play a critical role in your overall financial plan. This calculator may help you better assess the your household's "sources and uses" of money, which is one place to start when considering disability insurance.
Many people have the potential to earn a small fortune during their working years. Yet some are unaware of how their annual income adds up over the years. This calculator, designed to help you estimate how much you may earn before you retire, could surprise you.
Creating a strategy that may help your loved ones is one of the most important and fundamental steps in developing a sound financial approach. This calculator may help you better assess your family's needs in the event of your untimely death.
Many factors can affect your eligibility and annual contribution amounts to an Individual Retirement Account (IRA) -- including your marital status, your current earned income level, and whether you participate in a retirement plan at work. Use this calculator to help determine whether you are eligible to contribute to a Traditional or a Roth IRA and at what maximum contribution amounts.
College costs have risen steadily over the past several years, which is why some should consider starting to save early. Whether you plan on paying all the costs or just a fraction, this calculator can help you better assess the overall price tag of higher education.
Taxes and inflation may have an effect on an investment. Use this calculator to better understand the potential impact of taxes and inflation can have on the purchasing power of your investment.
Many consider dividends an important component when evaluating an investment opportunity. This calculator takes a look at the pre-tax and after-tax yield on an individual stock.
On your way home from work, do you drive in the slow lane or the fast lane? Each person has a different propensity for risk. When investing, this risk propensity may be used to help assess your asset allocation. The following questionnaire may help determine your risk tolerance.
This is a hypothetical example used for illustrative purposes only. It is not intended to provide specific advice regarding risk tolerance. Contact a financial professional for more information regarding a risk-tolerance assessment.
Compound interest can have a dramatic effect on the growth of an investment. Use this calculator to illustrate the potential impact of compound interest on the future value of an asset.
When it comes to investing, tax deferral can be a powerful tool. Use this calculator to help compare the potential future value of an investment being subject to income tax each year with deferring the tax until funds are withdrawn.
Estate tax laws have been regularly repealed then reinstated since the first law was passed in 1797. The most recent version of the law was passed in 1916, and, in some form or another, a federal estate tax has been with us ever since. Use this federal estate tax calculator to estimate your potential tax liability.
The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.
In order to get where you want to go, you need to know where you are. You can get a view of your financial position by generating a personal net worth statement. Use this calculator to list your assets, minus your liabilities.
With medical advances and improved lifestyles, life expectancies in the U.S. have been on the rise. Use this calculator to help determine how many years you may need to plan for in retirement or how many years you may need to provide for a surviving spouse or children.
Deposits into an annuity are not tax-deductible; however, you may not have to pay taxes on the interest earned until you begin making withdrawals. This tax-deferral period can have a dramatic effect on the growth of an investment. Use this calculator to compare the potential tax advantages of saving in an annuity versus an account where the interest is taxed each year.
Compensation for a self-employed individual (sole proprietor or partner) is that person's "earned income."* The starting point to determine the individual's earned income is the net profit amount from the Schedule C (or Schedule K-1 for a partnership). Use this calculator as a starting point to assess your potential maximum contribution amount for a Self-Employed 401(k), a SIMPLE IRA, or an SEP. *Earned Income = Net Profit - 1/2 of Self-Employment Tax - Contribution
Under the SECURE Act, your required minimum distribution (RMD) must be distributed by the end of the 10th calendar year following the year of the Individual Retirement Account (IRA) owner's death. Penalties may occur for missed RMDs. Any RMDs due for the original owner must be taken by their deadlines to avoid penalties. A surviving spouse of the IRA owner, disabled or chronically ill individuals, individuals who are not more than 10 years younger than the IRA owner, and child of the IRA owner who has not reached the age of majority may have other minimum distribution requirements.
Your IRA may play a key role in your retirement. And the amount of retirement income your IRA can generate may vary widely depending on what assumptions you make about return and tax rates during the accumulation and withdrawal periods. Use this calculator to help estimate your monthly and annual income from various IRA types.
It may surprise you how fast inflation can erode purchasing power. This calculator is designed to help you estimate how much more income you may need at retirement to keep your same standard of living that you have today.
Your retirement income can vary widely depending on what type of account holds your savings and what assumptions are made about overall returns and tax rates during the accumulation and withdrawal periods. Use this calculator to help compare employee contributions to the new after-tax Roth 401(k) and the current tax-deductible 401(k).
Due to increasing life expectancies, many are concerned they may outlive their retirement savings. Use this calculator to help determine when your retirement savings account may be depleted given a specified monthly income target. Remember, you currently may be in receipt of a company pension or Social Security that may help supplement your retirement savings accounts.
Retirement may start a new phase of your life. This pre-retirement calculator is designed help you assess how well you have prepared and what you can do to potentially improve your retirement outlook. You also should consider re-evaluating your preparedness on an ongoing basis. Changes in economic climate, financial markets, and your personal situation may impact your strategy.
You have worked hard to accumulate your savings. Use this calculator to determine how long those funds may potentially last given regular withdrawals.
