Options for Limiting Taxes during Retirement

Taxes and Retirement pic
Taxes and Retirement
Image: taxes.about.com

Possessing three decades of experience in retirement planning, Barry Kornfeld is the co-founder of First Financial Tax Group. Through his firm, Barry Kornfeld focuses on tax planning and income optimization to maximize clients’ wealth.

Plan a retirement that limits tax implications by opening a Roth individual retirement account (IRA) and downsizing your home. A Roth IRA allows you to save a sum of money that has already been taxed. Available through numerous financial institutions, the account gives you the option to withdraw funds at the age of 59 and a half without paying additional taxes. If you decide to access the funds earlier, be aware that a 10 percent penalty may apply.

During retirement, you may discover that the size of your home exceeds your needs. Downsizing is a reasonable solution to reduce costs associated with maintenance. Furthermore, if your mortgage is paid in full, selling can increase wealth with little to no tax. Use the money to supplement your retirement income or invest it for future gains. It is best to discuss this option with a tax professional to ensure you comply with Internal Revenue Service regulations.

Miami Heat and Swiss Watchmaker Tissot Launch Partnership

Heat Partner w Tissot pic
Heat Partner w Tissot
Image: nba.com

A long-time income tax and estate-planning professional, Barry Kornfeld oversees First Financial Tax Group, a Boca Raton, Florida-based firm he cofounded. In his free time, Barry Kornfeld enjoys travelling, biking, and watching the Miami Heat basketball team.

In a recent press release, the Miami Heat organization announced that it has launched a partnership with Tissot, the legendary Swiss watchmaker and official timekeeper of the National Basketball Association. The partnership will include a marketing campaign to engage Heat fans and will bring Tissot shot clocks into AmericanAirlines Arena by the 2016-2017 season.

For its part, Tissot will release a special-edition Miami Heat watch that will offer a chronograph function and feature the Heat colors and logo. Miami Heat Executive Vice President John Vidalin and Tissot President Francois Thiébaud recently met in New York to announce the partnership and unveil the Miami Heat watch, which fans can soon purchase in Tissot brick-and-mortar stores and on its website for $450.

Miami Heat Sign Keith Benson to Undisclosed Deal

Florida-based financial services professional Barry Kornfeld provides tax advisory and income-planning services for retirees as the owner of First Financial Tax Group in Boca Raton. Outside of work, Barry Kornfeld enjoys playing and coaching basketball and cheering on his favorite NBA team, the Miami Heat.

In a recently released statement, the Miami Heat announced that they have signed 6-foot-11, 230-pound center Keith Benson. Benson was picked up by the Atlanta Hawks in the second round of the 2011 NBA Draft, but he has only played three NBA games.

After a stint in the NBA Development League, the 27-year-old spent the last two seasons playing for international teams in China, Belarus, Lithuania, and Estonia. Last year, Benson posted decent numbers in 47 games split between Neptunas Klaipeda in the Lithuanian Basketball League and BC Kalev/Cramo Tallinn in the Estonian Basketball League.

In addition to his overseas play, Benson spent this summer playing for the Orlando Magic in the NBA Summer League, where he averaged 12.8 points, 6.2 rebounds, and 2.40 blocks in five games. Benson is the 16th player on the Heat’s roster and will reportedly spend the 2015-16 season with the team’s D-League affiliate, the Sioux Fall Skyforce.

Former U.S. Comptroller of the Currency Explores Social Security

Barry Kornfeld leverages extensive expertise in tax planning, guaranteed income, and estate planning to work with clients of First Financial Tax Group, which he co-founded in Boca Raton, Florida. To stay at the forefront of his field, Barry Kornfeld attends seminars and lectures by recognized experts, such as former U.S. Comptroller General David Walker.

In March 2015, David Walker appeared in an interview on CNBC and expressed concerns about how the rising costs of health care, public pensions, and Social Security could impact retirement planning around the nation. In the interview, Walker notes that the Social Security Administration has warned that its Disability Insurance Trust Fund could be depleted by 2016, which could mean that almost 11 million people would stop receiving the disability payments they depend upon.

According to Walker, Congress will most likely respond to the issue with a temporary solution by transferring payroll revenues from the retirement fund over to the dwindling disability fund. Walker has instead suggested several long-term solutions to gradually correct the Social Security system, including raising the retirement age for workers in conjunction with life expectancy increases. He also recommends modifying the benefit formula to offer more financial support to retirees with lower incomes and less money to higher-income retirees.