Rhame & Gorrell Wealth Management (RGWM) and its advisors have been providing sound financial advice to The Woodlands and Greater Houston community for over 25 years. After decades of wide-ranging experience with various large firms throughout the investment management industry, Jeff Rhame and Michael Gorrell made the decision to become an independent fiduciary registered with the Securities and Exchange Commission (SEC) as a fee-only financial planning and investment advisory firm in 2016.
As inflation drives prevailing bond interest rates higher, a knock-on effect that directly impacts employees of ExxonMobil is the reduction of lump-sum distribution value for the ExxonMobil pension plan. The vast majority of current employees are subject to a lump-sum calculation that uses “Segment Rates” to determine the present value of the pension annuity payments. For many employees, rolling over the lump sum of the pension value into an IRA is an attractive option at retirement. Increased Segment Rates reduce the lump-sum – in some cases dramatically.
The estate planning process can feel overwhelming and forever ongoing - especially if you’re taking it on alone. As you try to address every possible question or pain point your heirs may encounter, here are a few questions of your own to consider.
The tax season is officially here. If you haven't already, now is the time to get prepared. Whether you meet with a tax professional or prepare your taxes yourself, proper planning helps the processes go more smoothly and may reduce the risk of costly errors. Check out the tax tips below and prepare to tackle this tax season with confidence.
Preparing a strategy that is both advantageous and tax-efficient might feel daunting at first. Thankfully, there are some things you can do now to keep from overpaying this tax season.
Should You Delay Social Security Benefits?
Social Security benefits become accessible at age 62, but full retirement benefits will only be available once an individual reaches their full retirement age, determined by their birth date.1 Any benefits received before reaching your full retirement age are reduced by ~6.5% per year when drawn early.
To find your best match, first, consider the type of help you want. Then explore fees, qualifications, your working relationship, investment details, and more.
Every year, our firm receives new clients looking for assistance with retirement planning that haven't been getting much more from their previous advisor than a...
The House of Representatives Ways and Means Committee’s September proposal for tax changes includes many sweeping modifications across the income, capital gains, and estate tax systems in our country. If enacted as proposed, there will be several potential pitfalls to navigate for mid-to high-income households.
For employees of companies that provide a 401(k) plan for retirement savings, there is a particularly time-sensitive potential change regarding after-tax contributions if your plan allows them.
As we approach “tax-season”, it’s important to understand different types of income and how they are taxed. Classic investments, like stocks, are one of several investments taxed by capital gains. Capital gains taxes can apply to any property that acquires value over time. These taxes are calculated by subtracting the cost of the investment from the final selling price of said investment. This final amount is reported as a capital gain. However, the final amount can be taxed at different rates depending on the investment type and total monetary gain.
Below we’re reviewing how capital gains taxes are determined and what methods you can use to reduce them.