News and Press

RichLife Advisors is dedicated to being your go-to resource for information needed to make informed decisions about all aspects of retirement. Founder and visionary, Beau Henderson, has dedicated his life to helping others plan for theirs through his many bestselling books, serving as a local and national media resource, hosting educational events, writing regular blogs, and hosting weekly radio and podcast shows.

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[Senior Planet from AARP] Year-End Tax Strategies

News & Press Tax Planning

There have been quite a few recent changes to tax laws that have had a big impact on retirees, and even more are coming down the pike. I KNOW this is busy time of the year for everyone! Regardless, you have got to make an appointment with your accountant and financial planner before the end of the year to make sure you're taking advantage of the best year-end tax strategies for your situation -- now and in the future. Here are five solid tax considerations for seniors and retirees...

[Senior Planet from AARP] Tips for Charitable Giving

News & Press Income Planning Tax Planning

A Qualified Charitable Distribution could be helpful if you are taking RMDs to reduce your taxable income. With a QCD you are making a donation to the charities of your choice directly from your IRA. This strategy both deducts the amount donated to your charity from your taxable income and meets the requirements for your required minimum distribution RMD.

[NextAdvisor in Partnership with Time] If You’ve Inherited an IRA or Will in the Future, This New IRS Proposal Could Mean Hefty Taxes

Tax Planning Estate Planning

If you're the beneficiary of an inherited IRA, the IRS is proposing changes to inherited IRA rules that could have significant tax implications for you. The problem is that no one knows exactly when those changes are going into effect and the impact they will have. NextAdvisor recently published an article detailing the proposed changes and how they could possibly affect beneficiaries if they are passed into law.

[Senior Planet] Life Insurance: Forgotten Financial Tool

News & Press Income Planning Tax Planning Estate Planning

Life insurance should be a key component of your financial plan, especially for retirees and pre-retirees. For very specific goals and needs, it can be the best tool to use. It can provide tax-free income for your children and grandchildren, replacement income in the event of the death of a spouse, be an additional source of retirement income for high-net worth individuals and even help your heirs pay estate taxes.

[Barron's] 5 Things to Know Before Retiring Outside the U.S.

News & Press Income Planning Tax Planning

The number of Americans considering retiring outside the U.S. is growing daily. Retiring abroad is far more complicated than you'd imagine. We've been working with a client for an entire year now who plans on retiring to Mexico. And, she is just beginning to feel ready to make the move. Without proper planning, retiring abroad can easily be derailed by financial, emotional, and health-care-related issues. Here are five tips to help soon-to-be retirees and their financial advisors plan ahead: 1. Do your homework. It’s important to map out a process. This is a major life transition. 2. Understand the banking options. Things work differently abroad. You need to know how you will bank and access your money. 3. Take a test drive. Before settling there permanently, take an extended vacation in the location you are considering. 4. Consult with an international tax expert. If you’re an American citizen or resident alien, you most likely will still have to pay taxes in the U.S. regardless of where you live. And, the tax rules are different for every country. 5. Think long-term. Many couples retire to a foreign country when they are healthy. What will happen if one or both end up needing medical or long-term care?

Two Pieces of Retirement Legislation to Watch in 2022

Income Planning Growth Planning Tax Planning Estate Planning

There are two pieces of legislation -- SECURE 2.0 and Build Back Better -- we will be watching closely over the coming months and providing updates because they will impact retirement planning in the future.

News and Press

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