While the pandemic has caused widespread worry about retirement, many people managed to continue to contribute to their defined-contribution plans such as 401(k)s throughout 2020. However, contributing too much to a tax-deferred retirement account could potentially become a problem later on if taxes are increased in the future. And a tax increase seems fairly likely as President Biden's tax plan outlines several changes. This recent InvestmentNews article takes a closer look at how advisors can prepare their wealthier clients for these potential changes. Covisum Founder and President Joe Elsasser, CFP® was quoted in the article.
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