Oak Street Advisors

Saving for retirement is getting a little easier in 2024 thanks to the phase-in of a handful of provisions stemming from the Secure 2.0 Act.

How saving for retirement is changing in 2024 Workers can contribute more to retirement accounts in 2024 — plus some rules relaxed on taking emergency withdrawals.

If you’re itching to save more into your 401(k) for 2023, your plan may have a feature that allows you to bypass the yearly deferral limit. This lesser-known 401(k) feature is a ‘no-brainer’ for big savers.

This lesser-known 401(k) feature is a 'no-brainer' for big savers, advisor says Big savers can funnel more into 401(k) plans for 2023 with after-tax contributions. Here's what investors need to know.

Joe and Bryan Taylor attended the 2023 NAPFA Fall National Conference in Louisville, Kentucky this past week and learned about various new strategies now available to OSA clients. They were also able to connect with other fee-only financial planners and RIA owners to share thoughts and experiences.

Adding your kids as authorized users on your credit cards may seem counterintuitive to the concept of financial independence. But it offers one way to help them learn responsibility, build their credit scores and continue the conversation about money all while helping them prepare for a future of financial independence.

Can I Add My Child To My Credit Card? Most credit card issuers allow children under 18 years to be added as authorized users on a credit card and some don’t have any age restrictions whatsoever. Adding your kids as authorized users on your credit cards may seem counterintuitive to the concept of financial independence. But it offers o...

How you handle your pre-tax and after-tax accounts can make a big difference in your income in retirement and the legacy you leave.

Remember: Retirement Accounts Are Not All Taxed the Same

IRS delays change for 401(k) catch-up contributions. Here’s what higher earners need to know.

IRS delays change for 401(k) catch-up contributions. Here's what higher earners need to know The IRS has delayed the "Secure 2.0" change for 401(k) catch-up contributions. Here's what higher earners need to know.

Retirees could cut their lifetime tax burden as well as minimize taxes’ impact on the long-term wealth of their heirs.

Benefits of Doing Roth IRA Conversions Early in Retirement

New rules governing certain 401(k) catch-up contributions are causing confusion and raising concerns.

The Problem With 401(k) Catch-Up Contributions for 2024

Help To Raise Kids Who Aren’t Entitled

FINANCIAL PLANNING FINANCIAL PLANNING Print this Article Help Your Clients Raise Kids Who Aren’t Entitled By Kristin MacDermott and Jocelyn Baker Families of wealth seek a delicate balance. They want their children to benefit from their hard work and financial blessings but in ways that result in self-suf...

Mega Roth Superpowers - How this underutilized 401(k) tax strategy can help pre-retirees this year.

Mega Roth Superpowers Still Kicking Our columnist shows how this underutilized 401(k) tax strategy can help pre-retiree clients this year. (By Monica Dwyer)

All About RSUs: How They Work and What You Should Know

Restricted stock units, not to be confused with stock options, have become a popular way for companies to incentivize top talent to stick around.

All About RSUs: How They Work and What You Should Know Restricted stock units, not to be confused with stock options, have become a popular way for companies to incentivize top talent to stick around.

Millions of high earners pay this investment income tax every year. Here’s how to avoid it.

Millions of high earners pay this investment income tax every year. Here's how to avoid it Higher earners may be subject to the 3.8% net investment income tax every year. Here's how to reduce your tax bill.

It's Midyear Tax Planning Time: Strategies to Use Now

It's Time for Midyear Tax Planning Midyear tax planning is a strategy that can help reduce your tax burden next filing season. Here’s what you should do now.

The Ultimate Guide to Converting Your 529 Plan to a Roth IRA

The Ultimate Guide to Converting Your 529 Plan to a Roth IRA The SECURE Act 2.0 allows you to convert up to $35,000 of your 529 plan to a Roth IRA. This can save you on taxes in the long run, as earnings in a Roth IRA grow tax-free.

'Boot' in a 1031 Exchange: What It Is and How to Minimize Tax Implications

‘Boot’ in a 1031 Exchange: What It Is and How to Minimize Tax Implications The part of a 1031 exchange that doesn’t meet tax-free criteria could trigger a hefty tax bill, but there are ways to manage unwanted boot.

Did you know that once-in-your-lifetime you can convert dollars, which would inevitably be taxed when distributed from your Traditional IRA, to your Health Savings Account (HSA) where they’ll grow and be distributed tax-free?

​Sounds great, right? Here’s how…

ONCE-IN-A-LIFETIME OPPORTUNITY: IRA-TO-HSA TRANSFER Did you know that once-in-your-lifetime you can convert dollars, which would inevitably be taxed when distributed from your Traditional IRA, to your Health Savings Account (HSA) where they’ll grow...

You’ll soon be able to roll over funds from your 529 plan into a Roth IRA, thanks to recent legislation.

529 plans get a boost with tax-free rollovers to Roth IRAs

Avoiding possibly higher taxes in retirement, having no RMDs and the markets being lower are just three reasons to switch to a Roth IRA.

Considering a Roth IRA Conversion? 6 Reasons It Makes Sense

The choice between pre-tax and Roth 401(k) contributions may be trickier than you expect.

Pre-tax vs. Roth 401(k): Deciding which to use for retirement is trickier than you think The choice between pre-tax and Roth 401(k) contributions may be trickier than you expect, financial experts say. Here's what to know.

How exactly is a Roth 401(k) taxed? The essence is that you don't get a tax deduction when you contribute part of your pay to it, just as you get with a traditional 401(k). Instead, a Roth 401(k) allows employees to contribute after-tax dollars.

How Is a Roth 401(k) Taxed?

A High Deductible Health Plan is a health insurance plan defined by lower premiums and a higher deductible. But don't let "higher deductible" scare you off. HDHPs offer affordable coverage while offering savings opportunities when paired with an HSA.

Your Crash Course in High-Deductible Health Plans Discover how an HDHP works, its benefits, and if one is right for you. Pair your Lively HSA with a qualified high deductible health plan to start saving today.

Last year's inflation, the highest in decades, means married couples can now hand their heirs almost $26 million tax-free, $1.7 million more than in 2022.

Inflation lets wealthy Americans give heirs even more tax-free Last year's inflation means married couples can now hand heirs almost $26 million tax-free, $1.7 million more than in 2022.

Get Ready for taxes: What's new and what to consider when filing in 2023

Get Ready for taxes: What's new and what to consider when filing in 2023 | Internal Revenue Service IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.

The Secure Act 2.0 brings changes to retirement tax laws. OSA is already developing planning strategies around these new changes.

'Secure 2.0' clears Congress as part of omnibus appropriations bill, will bring more changes to U.S. retirement system Both chambers of Congress have now approved an omnibus government-funding bill, which includes dozens of retirement-related provisions known as "Secure 2.0."

Many people wonder whether they should be investing in qualified or non-qualified dividends and what the differences are. The largest difference is in how each is taxed.

Qualified vs. Non-Qualified Dividends: What's the Difference? Many people wonder whether they should be investing in qualified or non-qualified dividends and what the differences are. The largest difference is in how each is taxed. To help you determine what stock paying dividends could have a place in … Continue reading → The post Qualified vs. Non-Qualif...

The investments held in a Roth IRA determine the return, not the interest rate. One day, those returns will exceed the annual contributions, thanks to the power of compounding.

One Day, Your Roth IRA Gains Will Equal the Annual Contribution Find out how to set an investment goal, and see how a Roth IRA can help you reach it.

Should You Pause 401(k) Contributions in a Bear Market?

Should You Pause 401(k) Contributions in a Bear Market? Morningstar Compares Alternatives Morningstar recently compared the numbers on different scenarios for investors who may be thinking of pausing their 401(k) contributions. The result was not favorable for those who opted to stop contributing to their retirement plans, and the data showed that … Continue reading → The post Should...

Here's the One-Word Secret to Lowering the Tax Hit on your IRA RMDs

Here's the One-Word Secret to Lowering the Tax Hit on your IRA RMDs Everybody hates being told what to do, and retirement investors hate it even more when being told what to do comes with a hefty tax bill – which brings us to the IRS rule known as required minimum withdrawals, or … Continue reading → The post Here's the One-Word Secret to Lowering the Tax Hit ...

The South Carolina Department of Revenue is issuing the first round of rebates to eligible taxpayers who filed a 2021 SC Individual Income Tax return (SC1040)​ by October 17​.

South Carolina Income Tax Rebate 2022 After SC state lawmakers approved state tax rebates in June, the South Carolina Department of​ Revenue will be issuing close to one billion​ dollars to eligible taxpayers who filed a 2021 state Individual Income Tax return.​