- Mercer Advisors

Protecting Your Legacy: How to Navigate Wealth Transfer Taxes Amid Uncertainty

Careful planning is essential to help ensure your wealth passes efficiently to your loved ones. With significant changes potentially on the horizon, estate and tax planning remains crucial. The federal estate tax exemption stands at $13.99 million per individual and $27.98 million for married couples in 2025. However, there’s growing uncertainty about whether these historically high exemption levels will remain in place. If exemption levels change, it may impact estate planning strategies Fortunately, there are proactive [...]

Rebecca Mack2025-06-12T16:03:08+00:00June 12, 2025|Estate Planning, Financial Planning, Tax Planning|

Retirement Account Management and the Tax Question

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 into how transactions within Individual Retirement Accounts (IRAs) and 401(k) plans are taxed and how these differ from contributions and withdrawals. Internal Transactions: Selling Stocks Within IRAs and 401(k)s Imagine your retirement account as a greenhouse nurturing your investments. [...]

Rebecca Mack2025-05-28T19:41:29+00:00May 28, 2025|Retirement Income, Retirement Planning, Tax Planning, Tax Strategies, Taxes|

Post-Tax Season Tips for Pre-Retirees

Tax season is behind us, but for pre-retirees—those within 10-15 years of retirement—this is the perfect time to reassess financial strategies. The decisions you make now can potentially impact your retirement lifestyle, taxes, and financial security. Here are five key post-tax season moves to keep you on track. Tax-Advantaged Retirement Contributions If you’re still working, post-tax season is a great time to adjust your retirement savings contributions based on any tax refund or unexpected expenses. In [...]

Rebecca Mack2025-05-21T16:23:18+00:00May 21, 2025|Financial Planning, Tax Planning, Taxes|

8 Financial Habits to Start Before Tax Season

Tax season can be challenging, especially if one is not financially prepared. While it may seem tedious, preparing beforehand can save time from last-minute hassles and help optimize tax returns. Therefore, adopting certain financial habits before the onset of tax season may help lighten the tax season's load. 1. Regular expense monitoring—The first habit to work toward is consistently tracking expenses. This habit can help manage one's finances more effectively by providing a clear picture of [...]

Rebecca Mack2025-03-11T16:40:21+00:00March 11, 2025|Tax Planning, Taxes|

2025 Social Security Benefits and Taxes

People often misunderstand Social Security retirement benefits and taxation since not all benefits are taxable. The amount of benefits one receives and how much Federal tax applies depend primarily on the income level of the receiver and other factors. How to determine if benefits are taxable If Social Security benefits are the only source of income for the year, they may not be taxable. However, if income is received from other sources, such as wages, self-employment, [...]

Rebecca Mack2025-03-04T20:34:09+00:00March 4, 2025|Social Security, Tax Planning, Taxes|

6 Tips for Handling Taxes in Retirement

Retirement is a stage in life that many look forward to. However, it comes with its own set of financial challenges, among them being the handling of taxes. Contrary to popular belief, tax responsibilities do not necessarily cease once you retire. Your tax liability may increase if your retirement income sources are not tax-efficient. Understanding how to manage taxes during this period can go a long way in helping you maintain a suitable standard of living. [...]

Rebecca Mack2024-07-31T17:14:44+00:00July 31, 2024|Tax Planning, Taxes|

How Much Do Retirees Really Pay in Tax?

If you’re looking for information to inform your tax planning strategies for your retirement, please read further. Let’s start with the question everyone wants to know: Is it possible to receive income in retirement without taxes? While it may be technically possible, your optimal income sources probably have some type of taxation associated with them.[1] Most retirees have some kind of retirement account in place, and if you are taking money out of that account, it [...]

Rebecca Mack2024-05-29T13:49:41+00:00May 29, 2024|Tax Planning, Tax Strategies, Taxes|

These 3 Tax Strategies Could Help Your Retirement Strategy

Have you been considering the impact taxes will have on your retirement savings? Have you been strategic in managing the effect taxes may have on your financial future? If you answered no to either of these questions, you may want to take a look at the following tax planning ideas. Consider a Roth IRA You make contributions to a Roth IRA with after-tax dollars. So, when you withdraw from a Roth IRA, you don’t have to [...]

Rebecca Mack2024-01-11T20:30:06+00:00January 11, 2024|Tax Planning, Tax Strategies|

Take Advantage of These Tax Strategies Before the Year Ends

We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Because taxes are calculated from January 1st to December 31st of each year, and certain retirement rules and laws reset at the same time, you may have some significant last-minute moves you can make with your money before the tax [...]

Rebecca Mack2023-11-17T15:21:01+00:00November 17, 2023|Tax Planning, Tax Strategies|

Retirement Tax Strategies to Consider

How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. If you are putting together the puzzle pieces of your retirement plan and you are curious about some strategies related to taxes and retirement, here are some possible options: Consider a Roth IRA Roth IRAs allow you to contribute to a certain type of account that is not taxed upon withdrawal as long as [...]

Rebecca Mack2023-07-19T14:11:22+00:00July 19, 2023|Retirement Planning, Tax Planning, Tax Strategies|