Retirement planning is a constantly evolving process. Strategies that may have worked fine a few years ago may no longer be the optimal direction to continue.

One silver lining in the current market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay taxes on a lower asset base when you convert.

Freedom is not won by sitting idly and hoping for a miracle. Financial freedom requires vision, courage, and sacrifice for a higher goal. The Financial Independence, Retire Early (FIRE) movement is a part of that vision.

Adults caring for aging parents and children simultaneously have now become known as the "sandwich generation."  While each generation comes with its own array of financial challenges, the sandwich generation often feels a tight financial squeeze as they juggle the cost of care for their elderly parents with care for their children.

Almost half of all adults are part of the "sandwich generation." These are adults in their 40s and 50s who are helping support or care for a parent while also supporting or caring for a child.1

For many of us, a new year is an opportunity for fresh starts and discovering the best versions of ourselves, but some things—like tax contributions and retirement deadlines—don't change much, if at all. And with that shiny new year right around the corner, meeting end of year deadlines and getting tax efficiencies in place now may prepare us for a smoother transition.