Why the Best Retirement Plans Are Built Around People, Not Just Compliance 

What if the retirement plan you offer your employees is actually pushing your best people out the door?

It is a question that stops most business owners in their tracks. And the honest answer, more often than they expect, is yes. 

In my experience working with business owners over the past decade, across plan auditing, consulting, corporate benefits administration, and fiduciary advisory, the pattern is remarkably consistent. 

A retirement plan gets established because the CPA recommended it or because a competitor was offering one. The paperwork gets filed, the box gets checked, and then something happens. Nothing. The plan sits there. Participation stays low. Employees either do not enroll, do not understand their options, or do not contribute enough to make a meaningful difference in their financial future. 

And here is the part that rarely gets measured: the employees who leave for a better benefits package somewhere else. 

A retirement plan is not a box to check. It is a statement about how you value the people who build your business.  

Employee expectations have shifted. People still care about compensation, but as concerns about retirement among younger workers continue to rise, benefits play a larger role in how employees evaluate where they work.  

A recent Employee Benefit Research Institute (EBRI) survey found that 78% of workers say retirement benefits are a major factor in deciding whether to stay with an employer or explore other opportunities. The plan itself is no longer just a benefit. It is a recruiting and retention tool.  

So what separates a retirement plan that employees actually use and value from one they ignore? 

That is a great question, and it is the one we help business owners answer every day. But before we get into the strategies, consider the data. These numbers tell the story of why a well-designed retirement plan matters and what happens when plan design is left on autopilot. 

Sources: Employee Benefit Research Institute, Selerix, Gallup, JP Morgan, PLANSPONSOR, Vanguard How America Saves 2025, Bank of America Participant Pulse 2025.   

The data is clear. Plan design matters. Communication matters. Follow-through matters. And the business owners who treat their retirement plan as a living, breathing part of their benefits strategy are the ones retaining their best people. Below are seven ideas that can turn a retirement plan from a dusty compliance obligation into one of the most powerful tools in your business.

1. If They Cannot Find the Door, They Will Never Walk Through It

Think about the last time you tried to sign up for something online and the process was so frustrating you just closed the browser. That is exactly what happens with retirement plan enrollment when the process is too complicated, too manual, or too full of jargon employees do not understand. 

The biggest barrier to retirement plan participation is not employee apathy. It is enrollment friction. 

Amazon changed the way all of us think about transactions. One click and it is done. That expectation for a frictionless experience did not stay in online shopping. It followed consumers into every part of their lives, including the workplace. 

Employers want frictionless administration. Employees want frictionless enrollment. And when there is friction, things simply do not get done. 

When employees have to track down forms, decipher unfamiliar terminology, or figure things out on their own, many simply do not enroll at all. They intend to get around to it, but life gets in the way and the months turn into years. 

Over time, that delay can create a significant retirement readiness gap between employees who got started early and those who kept meaning to. 

The fix is often simpler than business owners expect. Clear enrollment steps during onboarding, written guides in plain language, a portal that is intuitive to access, and default contribution rates employees can adjust to their comfort level. 

Think of it like a GPS. If you hand someone a destination and a simple route, they will drive. If you hand them a paper map with no markings, most of them will stay parked. 

Has anyone on your team audited your enrollment process from the employee’s perspective in the last 12 months? 

That is a great question, and one we walk through with every business owner we work with. You would be surprised how often the answer reveals gaps nobody knew existed. 

And with SECURE 2.0 now requiring automatic enrollment for plans established after December 29, 2022, the landscape has changed. New 401(k) plans must enroll eligible employees at a default contribution rate between 3% and 10% of compensation, with annual automatic escalation of at least 1% per year until the rate reaches between 10% and 15%. 

Employees can always opt out or adjust, but the default puts them on the right path from day one. 

2. Your Match Is Only as Good as Your Message

Employer contributions are one of the most direct ways to tell employees their participation matters. A well-designed match does not just help employees save. It sends a message: we are investing in your future alongside you. 

But plans can fall short when matches are poorly explained, structured in ways employees do not fully understand, or set so low that employees do not recognize the value. When employees cannot clearly see what they are getting, they contribute less than they otherwise would. That reduces engagement and diminishes the perceived value of the plan as a whole. 

An employer match that nobody understands is an employer match that nobody uses. 

There are several approaches that tend to move the needle. A traditional match up to a set percentage is the most common. Non-elective contributions provided regardless of employee deferral remove the participation barrier entirely. Tiered match designs that reward higher savings rates or employee longevity can encourage people to increase their contributions over time. 

Think of a match like a fitness center membership subsidy. If the company pays 50% of the monthly fee and employees know about it, most of them will sign up. 

But if the subsidy is buried in an email nobody reads, the gym stays empty. The match itself is only as effective as the communication around it. 

When was the last time you surveyed your employees to find out if they understand how the match works and what they need to contribute to get the full benefit?

3. The Roth Question Your High Earners Cannot Afford to Ignore

A Roth feature can be a powerful addition for employees who expect their tax situation to change over time or who value having options when it comes to how their retirement income will be taxed. 

Still, many employers either do not offer a Roth option at all or fail to explain when it might be useful. In some cases, employees default into pre-tax contributions simply because that is the only option presented clearly. 

Do your employees know they may have the option to contribute on a Roth basis, and do they understand when that choice could benefit them?  

That is a great question, and one that matters more in 2026 than ever before. Under SECURE 2.0, starting this year, employees who earned more than $150,000 in FICA wages in 2025 are now required to make their catch-up contributions on a Roth basis. This is not optional. 

If your plan does not currently offer a Roth option and you have employees in that income range who are 50 or older, they cannot make catch-up contributions at all until Roth is added to the plan. 

If your plan does not offer Roth and you have high-earning employees over 50, SECURE 2.0 just took their catch-up contributions off the table.  

Beyond compliance, the Roth option tends to resonate with younger employees early in their careers, employees who want flexibility in future withdrawal taxation, and those balancing current budgeting with long-term planning. Without understanding their options, employees may miss opportunities to build tax diversification that could save them significantly in retirement.

4. Stop Handing Out Textbooks and Start Having Conversations 

Most employees do not skip retirement plan participation because they are uninterested. They skip it because they are unsure. They do not know what options apply to them or how they will benefit. The information they receive feels either too technical or too generic to be useful. 

Think of it this way. If you walked into a restaurant and the menu was written entirely in a language you did not speak, you would probably walk out, even if the food was excellent. 

Retirement plan education works the same way. The content might be valuable, but if it is not delivered in a way employees can absorb, it does not matter. 

The goal of plan education is not to make employees smarter about retirement. It is to make them confident enough to take the next step. 

Short sessions, plain language, and recurring touchpoints tend to resonate more than a single annual meeting. Education is most effective when it is practical and action-oriented, giving employees space to ask the questions that actually matter to them. 

Questions like: How much should I contribute to receive the full match? What is the difference between Roth and pre-tax? How do I choose investments if I am not an expert? What should I contribute to hit my target retirement date? 

Some employers rely on dense materials, one-time presentations, or overly technical explanations. Others assume employees will figure it out on their own. 

And many point to the online education tools provided by their plan custodian as evidence that resources are available. Those tools exist, and some are quite good. But the reality is that very few employees actually use them. 

Employers who rely too heavily on promoting these digital libraries are satisfying a compliance requirement, not meeting their employees where they are. There is a meaningful difference between making information available and helping someone make a decision and act on it. That difference usually comes down to in-person guidance or one-on-one conversations, the kind of support that turns confusion into confidence. 

If you sat down next to one of your newest employees and asked them to explain how your plan works, could they do it?

5. One Size Fits Nobody

One of the most common missed opportunities in retirement plan design is treating every employee the same. Plans are sometimes designed with a single average employee in mind, without considering how financial needs and priorities evolve over the course of a career.  

A 28-year-old early in their career is focused on learning the basics and managing cash flow. A 45-year-old mid-career is thinking about increasing contributions and planning around family needs. A 58-year-old approaching retirement is evaluating timing, catch-up contributions, and what their income will look like on the other side. 

Think of it like a shoe store that only carries one size. The product is fine. It just does not fit most of the people walking through the door. 

A plan that speaks to one life stage and ignores the others will lose the employees it cannot reach. 

And in 2026, the numbers work in favor of employees who are paying attention. The standard 401(k) deferral limit is now $24,500. Employees age 50 and older can contribute an additional $8,000 in catch-up contributions, for a total of $32,500. 

Under SECURE 2.0, employees between the ages of 60 and 63 can take advantage of the super catch-up, contributing an additional $11,250 instead of the standard $8,000, for a total of $35,750. That is a meaningful increase for employees in their peak earning years who want to accelerate their savings. But only if they know the option exists. 

SECURE 2.0 also reduced the service requirement for long-term part-time employees. Starting in 2025, employees who work at least 500 hours per year for two consecutive years must be eligible to make elective deferrals, even if they do not meet the plan’s normal eligibility requirements. 

This means more of your workforce may now have access to your plan than you realize. 

6. You Cannot Save for Tomorrow When Today Is on Fire

Retirement planning does not exist in a vacuum. Many employees are simultaneously managing emergency savings gaps, high-interest debt, student loans, rising household expenses, and anxiety around market volatility. 

Asking them to think about retirement when they are stressed about next month’s rent is like asking someone to plan a vacation while their house is on fire. 

Employees who are financially stressed today are not thinking about retirement tomorrow. And no amount of plan design will change that. 

Some employers focus exclusively on retirement savings without acknowledging the financial pressures employees face day to day. The result is predictable: employees feel forced to choose between short-term stability and long-term planning, and in many cases, they opt out of retirement contributions entirely because other financial needs feel more urgent. 

Does your benefits strategy address the financial pressures your employees face today, or only the retirement they may not be thinking about yet? 

That is a great question, and one that often shifts how business owners think about their entire benefits package. 

Retirement benefits become more impactful when paired with education or tools that help employees stabilize short-term decisions while still planning for the long term. Emergency savings programs, student loan assistance, financial literacy workshops, and access to guidance during major life transitions all contribute to a workforce that feels supported enough to participate in a retirement plan with confidence.  

7. A Plan Without Follow-Through Is Just a Filing Cabinet 

Some employers treat the retirement plan as a one-time project. The plan gets established, the enrollment meeting happens, and then it runs on autopilot. But employees benefit most when there is visible follow-through: regular check-ins, reminders, and access to support as questions arise or life circumstances change. 

Think of it like planting a garden. You do not just put seeds in the ground and walk away. You water, you weed, you check on things. 

A retirement plan needs the same kind of attention. Periodic reminders tied to raises, bonuses, or annual reviews. Clear points of contact when employees need guidance. Updates when plan features change or new options become available. 

The difference between a plan that exists and a plan employees actually use is almost always the follow-through. 

Without ongoing support, employees may stick with outdated contribution levels, miss opportunities to adjust their strategy as their lives change, or feel uncertain about whether they are making informed decisions. The plan itself may be well designed. But if nobody is tending the garden, the results will disappoint everyone. 

Who on your team is responsible for checking in on the plan after the initial setup is done? 

If the answer is nobody, you are not alone. And that is one of the most common reasons plans underperform. The good news is that it is one of the easiest things to fix. 

The Rules Changed. Did Your Plan? 

The regulatory landscape around retirement plans has changed significantly. SECURE 2.0, signed into law in December 2022, introduced over 90 provisions that are rolling out over several years. 

Several key provisions are now in effect or taking effect in 2026, and business owners who are not aware of them could face compliance issues. Here are the changes that matter most right now: 

Mandatory automatic enrollment: Plans established after December 29, 2022 must include automatic enrollment at a default rate between 3% and 10%, with annual escalation to at least 10% (up to 15%). Exemptions apply for businesses with 10 or fewer employees, businesses less than three years old, and church and governmental plans. 

Roth catch-up mandate for high earners: Starting in 2026, employees with FICA wages above $150,000 in the prior year must make catch-up contributions on a Roth basis. Plans without a Roth option will need to add one or those employees lose access to catch-up contributions entirely. 

Enhanced catch-up for ages 60 to 63: The super catch-up allows contributions of $11,250 instead of the standard $8,000 for employees in this age range. This provision is optional for plans, but offering it can be a meaningful benefit for experienced employees in their peak earning years. 

Long-term part-time employee eligibility: Employees working at least 500 hours per year for two consecutive years must now be eligible for elective deferrals. Business owners with part-time staff should verify they are tracking hours and enrolling eligible employees. 

Plan amendment deadline: Most plans have until December 31, 2026 to formally adopt plan amendments reflecting SECURE 2.0 changes, though plans must already be operating in compliance. 

The plan amendment deadline is December 31, 2026. Compliance is not optional, and the clock is running. 

One Team, One Plan, Your People: The Firm-to-Family™ Approach 

Many of the ideas in this article are easy to understand on paper. Applying them is where the work happens. 

Every business is different. Every workforce has its own mix of ages, income levels, financial pressures, and goals. A plan design that works for a 50-person manufacturing company looks very different from one that works for a 200-person technology firm. 

I started my career as an auditor at a St. Louis-based accounting firm, where I saw retirement plans from the compliance and financial reporting side. I moved into retirement plan consulting, eventually advising on the management of over $1 billion in retirement assets. 

But the experience that shaped my perspective most was spending several years inside a large corporate employer, where I was responsible for benefits strategy, plan design, and administration for both active employees and retirees. That combination of managing plans from the inside and advising on them from the outside is something I carry into every client conversation at Gatewood. 

My role at Gatewood is to bring that dual perspective to every engagement. That means evaluating plan features, identifying participation gaps, benchmarking against industry standards, and providing ongoing support as employee needs change. It is not a one-time conversation. It is a relationship. 

Is your retirement plan keeping pace with your business, or is it still built for the company you were five years ago?  

Through our Firm to Family™ approach, we do not treat your retirement plan as a standalone product. We bring together the right expertise to help you make coordinated decisions that consider your employees, your business goals, your tax situation, and the long-term impact on the people who depend on your leadership. To learn more about why this matters, read Firm to Family: Why Financial Planning Must Change When Others Depend on Your Decisions. 

That means your retirement plan consultant is working alongside Gatewood’s wealth planners, tax coordinators, and Investment Committee. If a plan design decision has tax implications for the business, we coordinate that. If an employee benefit strategy intersects with the owner’s personal wealth plan, we connect those conversations. 

The same way we serve our wealth management families, we serve our business clients: as one integrated team, not a collection of disconnected advisors. For a closer look at what that team approach looks like in practice, see From Firm to Family: Why Your Financial Plan Deserves a Team. 

The best retirement plans are not built by checking boxes. They are built by someone who understands your business, your people, and where you are headed. 

If you are thinking about how your retirement plan fits into the bigger picture of supporting your employees and growing your business, we are here to help you work through it.

Important Disclosures

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Gatewood Wealth Solutions and LPL Financial do not provide legal or tax advice or services. 

All investing involves risk including loss of principal. No strategy assures success or protects against loss.   

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. 

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply. 

Divorce is one of life’s most emotionally charged and financially complex transitions. Whether you are just beginning to consider it, actively going through the process, or finding your footing after it’s finalized, your financial life will inevitably change. For many women—whether a successful professional or a full-time caregiver to children—this can feel overwhelming, isolating, and uncertain.

At Gatewood Wealth Solutions, we recognize that divorce is not just a financial event—it’s an emotional journey filled with grief, fear, uncertainty, and sometimes betrayal. It affects more than just the couple—it ripples into relationships with children, in-laws, mutual friends, and shared professionals who may now be forced to choose sides.

Trust can be deeply shaken. That’s why our approach is grounded in empathy, discretion, and partnership. We walk with our clients through every stage—supporting them not just as financial advisors, but as steady, compassionate allies in a time of profound change.

This guide outlines the key considerations you need to think through—and the actions you should take—as you navigate this pivotal chapter.

When You’re Considering a Divorce

Before any paperwork is filed, it’s essential to take stock of your situation:

• Understand your financial position: Begin gathering all relevant documents—tax returns, bank and investment statements, insurance policies, loan documents, retirement accounts, and household expenses.
• Assess your lifestyle and spending: What does it cost to live your current life? What expenses may remain or change post-divorce?
• Consider future housing and income needs: Will you stay in the home? Will you need to re-enter the workforce?
• Meet with a financial advisor and attorney confidentially: Even if you aren’t sure you’ll move forward, early professional advice can help you understand your rights, risks, and options.

This stage is about preparation. Quietly gathering information and creating a plan helps protect your interests and gives you space to process what’s ahead emotionally.

Types of Divorces and Their Implications

Understanding the process can help you choose the right path:

• Mediated Divorce: A neutral third-party mediator helps spouses negotiate terms. Often lower in cost and less adversarial.
• Collaborative Divorce: Each spouse has their own attorney, but all commit to resolving without litigation. Additional experts, like financial advisors or therapists, may be involved.
• Litigated Divorce: If cooperation breaks down, the case proceeds to court. This is often the most contentious and expensive route.

The choice impacts your financial, emotional, and relational outcomes. Working with a financial advisor early can help you evaluate settlement options from a long-term planning lens and ensure you’re emotionally supported throughout the process.

Financial, Legal & Emotional Challenges for Women

Whether you’re a professional earning a significant income or a stay-at-home parent managing the household, divorce introduces several issues: 

For Working Professionals:

• Dividing complex assets like equity compensation, business interests, and retirement plans
• Adjusting to new tax liabilities and loss of household income
• Protecting future earnings from excessive support obligations

For Stay-at-Home Mothers:

• Understanding entitlements to spousal or child support
• Re-entering the workforce or seeking training
• Securing long-term financial independence post-divorce

For All Women:

• Creating a new personal budget and financial plan
• Updating wills, trusts, beneficiary designations, and account titling
• Managing emotional trauma, decision fatigue, and shifts in family and social circles
• Navigating loss of shared friendships and community

We understand that many women feel lost in this transition. Trust in others—even professionals—can feel fragile. That’s why working with a firm like Gatewood, where we prioritize empathy, clarity, and transparency, can be a stabilizing force. Our goal is to rebuild your sense of control and confidence in your future.

A financial advisor can act as a steady hand through these transitions, helping ensure nothing falls through the cracks.

The Role of the Financial Advisor in a Divorce

A qualified financial advisor does more than analyze numbers—they provide clarity, structure, and emotional steadiness. They:

• Create financial models to evaluate settlement options
• Project cash flow and retirement viability post-divorce
• Inventory and organize assets and liabilities
• Assist in updating legal documents and insurance policies
• Coordinate with your attorney, CPA, and other relevant professional advisors
• Provide clarity when emotions are high and decisions feel overwhelming

At Gatewood, we are skilled at guiding clients through emotionally sensitive transitions with the care and confidentiality they deserve.

We build comprehensive plans tailored to your new life—empowering you to move forward with confidence.

What Documents Should You Have

• Tax returns (3 years)
• Bank, investment, and retirement account statements
• Pay stubs and income documentation
• Mortgage and debt documents
• Insurance policies (health, life, disability)
• Prenuptial or postnuptial agreements
• Estate planning documents

These help define marital vs. separate property and inform negotiation strategy. Having them prepared gives you a stronger voice in conversations that may feel emotionally loaded.

Evaluating Employee Benefits

Benefits can be an overlooked asset. Make sure to:

• Review health insurance options (COBRA, marketplace, employer coverage)
• Assess pensions, 401(k)’s, RSUs, or stock options
• Understand dependent care benefits or FSA’s
• Clarify ownership or division of group life insurance policies

If you’re covered under your spouse’s benefits, have a plan for transitioning off.

Practical Steps to Take During a Divorce

1. Assemble a professional team: attorney, financial advisor, therapist
2. Open individual bank and credit accounts
3. Track your income and spending
4. Freeze or monitor credit
5. Establish a post-divorce budget
6. Update passwords and secure personal information
7. Review estate plan and insurance needs

We guide clients through each of these so they feel supported and informed—not alone.

 Two Examples of Planning in Action

Case Study 1: Sarah, Corporate Executive

Sarah was a high-earning executive who handled investments but never paid much attention to cash flow. During her divorce, we:

• Modeled child support and alimony scenarios
• Analyzed division of deferred compensation and RSU’s
• Built a post-divorce financial plan that ensured she could maintain her lifestyle and retire on time
• Worked with her attorney to structure settlement payments in a tax-efficient way

Sarah walked away empowered, informed, and with a clear roadmap for her financial future.

Case Study 2: Emily, Stay-at-Home Mom

Emily had been out of the workforce for 15 years, raising her three children. We:

• Helped her inventory marital assets
• Coordinated with her attorney to secure support and long-term housing
• Built a cash flow plan with gradual return-to-work assumptions
• Worked with an estate attorney to update her will and establish a trust for the children

Emily gained financial confidence and clarity, with a plan that gave her options.

A Final Word and Where You Can Turn

Divorce doesn’t have to mean financial confusion or fear. With the right team and the right plan, you can take control of your future, protect what matters, and make empowered decisions.

At Gatewood Wealth Solutions, we specialize in helping women plan through and beyond divorce. Whether you’re just starting to consider it or have finalized it and need help rebuilding, we’re here for you.

Let’s talk. Your next chapter deserves a solid plan.

Important Disclosures
This material was created for educational and informational purposes only and is not intended as tax, legal or investment advice. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither LPL Financial nor any of its representatives may give legal or tax advice.

This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.

For high-earning professionals, retirement isn’t a date—it’s a strategy. And one of the most overlooked ways to take control of that strategy, even while you’re still working, is through an in-service distribution (ISD).

We’re often asked this question:

 “Can I move my 401(k) into an IRA while I’m still working—so I can take full advantage of active, personalized portfolio management?”

In many cases, the answer is yes. And when done strategically, it can unlock greater control, tax advantages, and long-term flexibility.

Let’s explore how in-service distributions work—and when they make sense as part of a bigger-picture plan for your future.

What You Gain with an In-Service Distribution?

An in-service distribution allows you to move all or part of your 401(k), 403(b), or pension assets into an IRA—without leaving your job. As long as the transfer is done as a direct rollover, your funds retain their tax-deferred status and the transaction is not taxable.

The IRS permits in-service distributions from:

• 401(k) or 403(b) plans once the participant reaches age 59½

• Defined benefit pensions or profit-sharing plans, sometimes at earlier ages (e.g., age 55 or based on years of service), depending on the plan document

But just because you can, doesn’t always mean you should—yet for many executives, this move creates flexibility, personalization, and greater alignment with long-term goals.

A Tale of Two Executives

Consider the stories of Michael and Susan, both successful professionals at different stages in their careers:

MICHAEL, age 59½, is a senior vice president who has spent 25 years with his company. He’s still passionate about his work but is beginning to think about his long-term financial independence. His 401(k) has grown substantially, but he feels limited by the investment options in the plan.

Because his plan allows for in-service distributions at 59½, Michael transfers a portion of his account into an IRA, enabling Gatewood’s investment team to tailor his strategy, diversify his portfolio, and begin creating a tax-smart income plan for future retirement.

SUSAN, age 67, is a chief operating officer who planned to retire at 65 but has decided to continue working for a few more years. She wants to avoid unnecessary risk and better align her retirement assets with her estate plan.

Her company’s retirement plan permits in-service distributions after age 65, and she uses the opportunity to roll assets into a professionally managed IRA. This move gives her more flexibility in charitable giving, Required Minimum Distribution (RMD) planning, and tax-efficient withdrawals—while continuing to contribute to her 401(k).

Questions to Consider Before Making an In-Service Distribution

• Does your employer’s retirement plan allow in-service distributions?
  Not all plans offer this option, so the first step is to confirm availability through your plan documents or HR department.
• Are you old enough to qualify?
  Most 401(k) and 403(b) plans require that you reach age 59½ to take an in-service distribution without penalty. Some profit-sharing or pension plans may allow earlier access based on years of service.
• Would you benefit from broader investment flexibility?
  Employer plans typically offer a limited set of investment options. Rolling assets into an IRA can provide access to a wider range of strategies aligned with your goals and risk tolerance.
• Do you want more active portfolio management?
  If your plan is passively managed or lacks personalization, an IRA under Gatewood’s management may offer more proactive oversight and strategic alignment with your financial plan.
• Are you looking to incorporate advanced tax strategies?
  IRAs can unlock planning opportunities like Roth conversions, tax-efficient withdrawals, and Qualified Charitable Distributions (QCDs), which are harder to implement inside a 401(k).
• Are you preparing for retirement and want to build a withdrawal or legacy strategy?
  Making the move early can simplify your transition into retirement and help ensure your assets are structured for income, estate planning, and long-term preservation.

If you answered “yes” to more than one of these questions, an in-service distribution may be a valuable next step.

The Strategic Advantages & Smart Tradeoffs

The Advantages

Rolling assets into a Gatewood-managed IRA opens the door to a more expansive investment toolkit. Gone are the one-size-fits-all fund menus. Instead, you gain access to custom portfolios built with individual securities, ETFs, and even alternative investments—crafted around your objectives.

You also unlock:

• More proactive risk management
• Integrated tax planning (Roth conversions, QCDs, and withdrawal sequencing)
• Simplified estate coordination and beneficiary alignment
• Continued creditor protection under federal bankruptcy law, if the IRA is classified as a rollover*

*Note: Gatewood helps ensure that rollovers retain their ERISA-level protections by correctly classifying and documenting IRA rollovers.

Important Considerations

While an in-service distribution provides significant advantages, there are tradeoffs to be aware of:

• You lose access to 401(k) loan features. For most executives over 59½, this is rarely a material concern.
• Rollover IRAs¹ do not fall under ERISA’s federal creditor protections (outside of bankruptcy), which could matter in high-liability professions. We’ll help you evaluate based on your state’s protections and profession.
• IRAs require RMDs at age 73—even if you’re still working. In contrast, some 401(k)s let you defer RMDs while employed.

When Your Current Plan May Be Good Enough (For Now)

If your employer’s plan offers strong investment options, low costs, and you’re not yet focused on tax strategy or estate planning, staying the course may be appropriate—at least for now.

But if you’ve outgrown the plan’s limits, and want more alignment with your total financial life, then an in-service rollover may offer the clarity, control, and customization you deserve.

Why Gatewood for In-Service Distribution Management?

At Gatewood Wealth Solutions, we don’t just manage investments—we guide families through life’s most important financial transitions. Our in-service distribution process reflects that philosophy.

With us, you gain:

• A firm-to-family relationship built on trust, care, and your long-term purpose
• Integrated planning through our Total Client Deliverable—investments, cash flow, tax, and estate strategy in one plan
• An investment philosophy that focuses on risk management and long-term confidence
• No longer stuck with one-size-fits-all fund menu
• Disciplined, proactive management that evolves with your life and the market
• Clarity and confidence to navigate IRS rules, retirement timing, and plan complexity

Final Thought: It’s Not About Leaving Your Job. It’s About Taking Control.

Taking an in-service distribution isn’t about leaving your employer—it’s about taking control of your financial future.

If you’re ready for more flexibility, more strategy, and more confidence in your retirement plan, let’s start the conversation.

Your future self will thank you.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Investing involves risk including loss of principal.  No strategy assures success or protects against loss.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC

¹A plan participant leaving an employer typically has four options (and may engage in a combination of these options): 1. Leave the money in their former employer’s plan, if permitted; 2. Roll over the assets to their new employer’s plan, if one is available and rollovers are permitted; 3. Roll over to an IRA; or 4. Cash out the account value (38-LPL) show less

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

Receiving an inheritance can be a powerful and emotional moment. Whether it follows the loss of a parent, grandparent, or another loved one, it often comes with a mix of gratitude, responsibility, and uncertainty. In many cases, these inherited assets are not held in trust or managed by a trustee—they come to you directly through beneficiary designations, account titling, or the probate process.

At Gatewood Wealth Solutions, we guide clients through these transitions with the thoughtful planning and care they deserve.

Here’s what you need to know if you’ve recently been notified that you’re inheriting assets—and how to make confident, well-informed decisions that align with your long-term goals.

Types of Assets You Might Inherit

Depending on your loved one’s estate, you might inherit:

• A personal residence
• Bank accounts (checking, savings, CDs)
• Retirement accounts (traditional and Roth IRAs, 401(k)s)
• Investment accounts (brokerage, mutual funds, stocks)
• Stock certificates or bonds held outside an account
• Life insurance proceeds
• Annuities
• Vehicles or personal property
• Rental properties or land
• Business interests

Inherited Assets not Held in a Trust May Pass to Heirs in One of Two Primary Ways:

By Operation of Law:

This includes assets that transfer directly to a named individual through mechanisms like beneficiary designations, joint ownership with rights of survivorship, or titling such as Transfer on Death (TOD) or Payable on Death (POD).

Common examples include retirement accounts, life insurance policies, jointly owned bank or brokerage accounts, and certain real estate titles. These assets typically bypass probate and go directly to the named beneficiary.

Through the Probate Process:

If an asset was not titled properly or did not have a valid or current beneficiary designation, it becomes part of the decedent’s estate and must go through probate.

This legal process involves court oversight and can delay distribution while ensuring debts and taxes are settled. Probate assets often include solely owned property, untitled personal items, or accounts where no beneficiary was named.

Each type of inherited asset comes with its own set of rules—governing how it transfers, when it must be distributed, and what taxes may apply.

From the timing of IRA distributions to the tax treatment of inherited property or investment accounts, it’s essential to understand the unique requirements and implications of each asset you receive.

STORY #1: Inheriting a Home Through Probate 

David, age 38, inherited his mother’s $300,000 home in St. Louis after her passing. The home had no beneficiary deed, so it did not transfer automatically upon death. Instead, it passed to David through probate, according to the terms of his mother’s will, which named him as the sole beneficiary of the property.

The house was fully paid off and had been her primary residence. David lived across the country and wasn’t interested in relocating. Emotionally attached but financially uncertain, he faced several key decisions: Should he keep the home? Rent it out? Or sell it?

Challenges: 

• Navigating the probate process and retitling the home in his name
• Understanding the home’s stepped-up cost basis
• Assessing the local real estate market
• Handling repairs, property taxes, and maintenance from out of state

Solution:

With no beneficiary deed in place, the home passed through probate according to David’s mother’s will. As an out-of-state beneficiary, David needed help understanding his responsibilities and evaluating whether to keep, rent, or sell the property.

Gatewood helped David by:

• Coordinating with an estate attorney to navigate probate and retitle the home
• Clarifying the stepped-up cost basis to reduce potential capital gains taxes
• Analyzing the financial pros and cons of renting versus selling
• Connecting him with a local realtor to assess market conditions and listing strategies

Ultimately, David chose to sell the home and invest the proceeds in a diversified portfolio aligned with his long-term goals.

STORY #2: Inheriting Financial Accounts with Beneficiary Designations

Julie, age 52, inherited the bulk of her father’s estate through direct beneficiary designations. She was named on each account as the Payable on Death (POD) or Transfer on Death (TOD) recipient, allowing her to bypass probate and take direct ownership of the assets.

Her inheritance included:

• $150,000 in a traditional IRA
• $120,000 across multiple bank accounts
• $400,000 in a brokerage account

While the process of receiving the assets was relatively straightforward, Julie wasn’t sure where to begin—and she recognized that timing and tax decisions could have long-term implications for her wealth.

Challenges:

• Establishing an inherited IRA and understanding distribution rules
• Titling and consolidating bank and investment accounts
• Deciding which assets to spend, save, or invest
• Understanding potential tax implications on inherited investments

Solution:

Gatewood worked closely with Julie to help her gain clarity and confidence. We:

• Opened a properly titled Inherited IRA and built a 10-year RMD strategy to minimize taxes and preserve flexibility
• Helped consolidate her bank accounts to simplify cash management
• Reviewed the brokerage holdings for cost basis, reallocation needs, and alignment with her financial goals
• Coordinated with an estate attorney to ensure proper documentation and address future estate planning needs

With a clear, personalized plan in place, Julie could move forward with confidence—using the inheritance to strengthen her financial foundation and accelerate her path to independence.

Key Questions to Ask Yourself

Inheriting assets can be overwhelming—especially when you’re navigating grief, unfamiliar paperwork, and looming decisions. Asking the right questions early can help you stay focused, intentional, and in control:

• What exactly am I inheriting—and what is it worth?
• How were these assets titled or designated (beneficiary, TOD/POD, will, probate)?
• Are there time-sensitive steps or deadlines I need to meet?
• What are the tax rules for each type of asset?
• Do I need to revise my own estate plan now that my financial picture has changed?
• How should I balance short-term needs with long-term goals?

Common Issues & Smart Action Steps by Asset Type

Inherited Home

• Confirm the home’s value at date of death for tax purposes (step-up in basis)
• Decide whether to keep, rent, or sell—factoring in market, maintenance, and emotion
• Review property taxes, insurance, and potential legal costs

IRA or Retirement Plan 

• Open an Inherited IRA (if eligible) and follow IRS distribution rules
• Most non-spouse heirs must distribute within 10 years—plan withdrawals accordingly
• Explore tax-efficient withdrawal strategies that align with your income and goals

Bank Accounts

• If TOD/POD, work directly with the bank to transfer funds
• If held in probate, follow court or executor instructions for release
• Consider whether to hold, invest, or pay down debt

Investment Accounts or Stock Certificates

• Retitle or transfer assets using the stepped-up cost basis
• Review for concentration risk or misalignment with your financial plan
• Be mindful of capital gains and future tax impact

Life Insurance & Annuities

• Contact the carrier to file a claim and review payout options
• Life insurance is typically tax-free; annuities may have taxable portions
• Decide between lump sum and installment payments based on needs and planning

Vehicles & Personal Property

• Transfer ownership through the DMV—requirements vary by state and may include probate documentation, title, and a death certificate
• Update insurance coverage to reflect the new owner and intended use
• Get a valuation for tax, sale, or estate recordkeeping
• Consider logistics and emotional attachment—decide whether to keep, sell, or donate

Other Real Estate

• Obtain a professional appraisal to establish the date-of-death value
• Review deed and title status to determine if probate is required
• Consult an attorney to assist with transfer, sale, or co-ownership issues
• Consider ongoing costs (property taxes, insurance, maintenance) when deciding whether to keep or sell

Business Interests

• May require a professional valuation or legal support for transfer or sale
• Involve an attorney early if ownership or succession is unclear

Why Work with Gatewood—and an Estate Attorney

Inheriting assets is rarely simple. There are legal steps to follow, tax traps to avoid, and emotional decisions to make. But you don’t have to navigate it alone.

At Gatewood Wealth Solutions, we offer the clarity and expertise to help you:

• Organize and prioritize next steps
• Make confident, informed financial decisions
• Align inherited assets with your personal plan
• Coordinate with attorneys and other professionals to help ensure nothing is missed

This is about more than just what you’ve received. It’s about honoring a legacy, avoiding missteps, and building a future that reflects your values.

Let’s start with a conversation.

Because Wealth with Purpose starts with wisdom in moments like these.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Investing involves risk including loss of principal.  No strategy assures success or protects against loss.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC

As you enter your 50’s, retirement is no longer a distant dream—it’s a fast-approaching reality. For couples like David and Lisa, both busy professionals juggling demanding careers, aging parents, and two kids in college, the pressure is real. Between tuition bills, thoughts of future weddings, and a desire to retire early (or at least have the option), they’ve started asking the big questions: Are we on track? Can we afford to retire when we want to? What happens if we can’t work as long as we thought?

If this sounds like you, you’re not alone. Your 50’s are a critical decade for aligning your wealth with your future goals. Here are five key areas to review now to make sure your retirement plan stays on course:

1. Supercharge Your Retirement Savings

Now’s the time to take full advantage of catch-up contributions. In 2025, individuals age 50 and older can make a catch-up contribution of $7,500 to their 401(k), bringing their total annual limit to $31,000.

For those ages 60 to 63, an additional special catch-up of $3,750 is available, allowing a maximum contribution of up to $34,750.

David and Lisa maxed out their workplace plans and reviewed whether Roth or traditional contributions made more sense based on their tax situation.

Also consider:

• Maxing out IRA’s (including backdoor Roth IRA’s if income limits apply)
• Health Savings Accounts (HSA’s) as a tax-advantaged way to save for future medical expenses
• Evaluating whether an in-service rollover to an IRA provides more investment flexibility

2. Evaluate Your Investment Allocation

The portfolio that got you here might not be the one to get you through retirement. You’re close enough to retirement that preserving wealth matters—but far enough away that you still need growth.

Make sure your investment strategy reflects your time horizon, risk tolerance, and future income needs. Lisa and David worked with their advisor to assess:

• Are we taking the right amount of risk?
• Are we properly diversified?
• How do our returns compare to what’s assumed in our financial plan?

3. Review Your Retirement Timeline and Income Plan

What if you want to retire at 60? Or take a step back at 58? It’s time to explore your options.

Your 50’s are the perfect time to start modeling different retirement ages and income strategies. At Gatewood, we walk clients through scenarios that answer:

• When can we afford to retire?
• What will our income sources be?
• Should we consider partial retirement or phased withdrawal strategies?

And don’t forget Social Security—understanding your optimal claiming strategy can make a significant difference over time.

4. Don’t Overlook Healthcare and Long-Term Care Planning

If you retire before age 65, how will you handle healthcare costs? This is one of the biggest surprises for early retirees. Lisa and David ran a cost analysis to see what COBRA, ACA plans, or a health sharing ministry might cost if they retired early.

Also consider:

• Reviewing employer benefits and whether they offer retiree health plans
• Evaluating long-term care insurance or alternative funding options
• Planning for Medicare expenses and gaps post-age 65

5. Revisit Your Estate and Family Planning

Your wealth isn’t just for retirement—it’s part of your legacy. In your 50’s, it’s time to update your estate documents, revisit beneficiaries, and plan for future family milestones.

Lisa and David:

• Updated their wills and trusts after their children turned 18
• Reviewed powers of attorney and healthcare directives
• Created a savings plan for future weddings or family support

This is also a great time to open up conversations with your kids about money, values, and your plans.

Bonus: Get a Professional Second Opinion

A lot can change in your 50’s—and it’s easy to overlook opportunities or risks. A financial planning team can help you:

• Spot gaps in your plan
• Stress-test your retirement strategy
• Align your investments, insurance, and taxes with your goals

David and Lisa left their meeting feeling confident—not because they had all the answers, but because they had a plan.

So, whether you’re thinking about retiring early, catching up on savings, or just want to make sure you’re on track, now is the time to pause, plan, and prepare.

Let’s make sure the next chapter of your life is everything you’ve worked for—and more.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal.

There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification and asset allocation do not protect against market risk.

The information provided here is general in nature. It is not intended, nor should it be construed, as legal or tax advice.  To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.

A plan participant leaving an employer typically has four options (and may engage in a combination of these options): 1. Leave the money in their former employer’s plan, if permitted; 2. Roll over the assets to their new employer’s plan, if one is available and

A Story of Reflection, Purpose, and Partnership

James and Evelyn, both in their early 70s, had spent the last few decades building a life they were proud of. They raised three children, enjoyed meaningful careers, and were now entering retirement with a sense of freedom—and a growing list of questions.

As they sipped coffee one morning overlooking their garden, their conversations increasingly turned to what came next—not just in terms of travel or hobbies, but how they wanted to be remembered. James had just received a letter about his required minimum distributions (RMD’s), and Evelyn had been reading about qualified charitable distributions (QCD’s). Both had been organizing old files and revisiting their estate plan.

“It’s not just about what we leave behind,” Evelyn said, “it’s about the impact we can make while we’re still here.”

Their story is one we often hear—a couple with more time to focus on family, travel, and passions, while also considering how to align their wealth with their values and legacy. Whether you’re looking to simplify, share, or steward your wealth more intentionally, your 70’s are an ideal time to revisit your financial plan. Here are five areas to focus on to live—and give—with greater purpose.

1. Intentional Giving During Your Lifetime

Giving isn’t just about what happens after you’re gone. Many couples like James and Evelyn find joy in witnessing the impact of their generosity now.

Consider:

• Annual Gifting: In 2025, you can each gift up to $19,000 per recipient without triggering gift taxes. That means James and Evelyn could gift a total of $38,000 to each child or grandchild. These gifts can help with education, housing, or launching a new business.
• Family Gifting Funds: A “family giving fund” invites your children and grandchildren to participate in charitable giving, creating shared values across generations.
• Qualified Charitable Distributions (QCDs): If you’re age 70½ or older, you can contribute up to $108,000 per person—or $216,000 per couple filing jointly—each year directly from your IRA to qualified charities. This strategy allows you to support causes close to your heart while reducing your taxable income.

2. Required Minimum Distributions (RMD’s)

RMD’s are the IRS’s way of ensuring that tax-deferred retirement savings are eventually taxed. Starting at age 73 (or 75 for those born in 1960 or later), you’re required to withdraw a minimum amount annually from accounts like IRA’s and 401(k)’s.

At Gatewood, we help ensure your RMD strategy supports both your lifestyle and your legacy. For James and Evelyn, this meant setting aside what they needed for living expenses, donating through QCD’s, and reinvesting any surplus to align with their future goals.

3. Review and Refresh Your Estate Plan

Your estate plan is your voice for the future. By your 70’s, it’s critical to ensure:

• Your will, trust(s), and powers of attorney reflect your current wishes
• Beneficiary designations on retirement accounts and life insurance are accurate
• Special instructions for healthcare, gifts, or guardianships are clearly documented

We recommend a full estate plan review every three years—or sooner if there’s been a major change in your family, finances, or goals.

4. Simplify and Organize for Your Heirs

Part of good legacy planning is making life easier for your loved ones when the time comes. James and Evelyn decided to:

• Consolidate outdated or unused accounts
• Digitally organize important documents and upload them to Gatewood’s secure client vault
• Create a simple summary of their accounts, contacts, and intentions—so their children wouldn’t have to guess or worry

These steps aren’t just practical—they’re a profound expression of care.

5. Live Fully, With Purpose

Legacy is about more than money—it’s about how you live, what you value, and how you share that with others.

James and Evelyn chose to:

• Travel with intention, visiting places tied to family history and shared dreams
• Create memorable experiences with their grandchildren, like family vacations and storytelling nights
• Volunteer together at a local literacy program
• Mentor younger professionals in their former industries

They realized that living well now is one of the most meaningful legacies they could offer.

Let’s Build Your Living Legacy

At Gatewood, our goal is to help clients go beyond the numbers to live and give with purpose. Whether you need help structuring gifts, updating your estate plan, or simply organizing your financial life, we’re here to guide you.

Your legacy doesn’t start after you’re gone—it begins with how you live today.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal.

There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification

and asset allocation do not protect against market risk.

The information provided here is general in nature. It is not intended, nor should it be construed, as legal or tax advice.  To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.

The Tax Season Rush: A Stressful Time for Busy Professionals

As the April 15 tax filing deadline approaches, many professionals, executives, and business owners find themselves overwhelmed. Between managing high-stakes projects, running businesses, traveling for work, and making time for family and social commitments, tax preparation often takes a backseat.

For many, tax season is a scramble—hunting for W-2s, 1099s, business expense records, and charitable donation receipts, all while trying to juggle their already packed schedules. Instead of being proactive about tax strategies, they often find themselves reacting to their tax bill after the fact, missing valuable opportunities to reduce their tax burden.

The reality is that taxes are one of the biggest expenses professionals and business owners face—and just like any other expense, they should be strategically managed. The good news? There’s still time to make impactful tax moves before the filing deadline.

Last-Minute Tax Moves to Reduce Your 2024 Tax Bill

While most tax-saving strategies had to be completed by December 31, 2024, there are still important actions you can take to reduce your tax liability before filing.

1. Contribute to Retirement Accounts (If Eligible)

✔ Traditional IRA Contributions (Deadline: April 15, 2025)

• Contribute up to $7,000 (or $8,000 if age 50+) to a Traditional IRA and potentially deduct it from taxable income.

✔ SEP IRA Contributions (For Self-Employed Individuals) (Deadline: Tax Filing, Including Extensions)

• If self-employed, you can contribute up to 25% of net earnings, with a max of $69,000 for 2024.
• These contributions are fully deductible and can significantly lower taxable income.

✔ HSA Contributions (If Enrolled in a High-Deductible Health Plan) (Deadline: April 15, 2025)

• Contribute up to $4,150 (individual) or $8,300 (family) and deduct contributions from taxable income.
• If age 55 or older, you can contribute an additional $1,000 as a catch-up contribution.

2. Maximize Tax Deductions & Credits

✔ Review Charitable Contributions

• If you made charitable donations in 2024 but did not document them, gather receipts to claim deductions.
• If age 70½ or older, confirm whether you made Qualified Charitable Distributions (QCDs) from an IRA.

✔ Determine if You Qualify for the Child Tax Credit

• Up to $2,000 per child, subject to income phase-outs.

✔ Claim Education-Related Tax Credits

• American Opportunity Credit (for undergraduate students, up to $2,500)
• Lifetime Learning Credit (for continuing education, up to $2,000)

✔ Check for Home Energy Efficiency Credits

• If you installed solar panels, upgraded insulation, or replaced HVAC systems in 2024, you may qualify for tax credits.

✔ Deduct Student Loan Interest

• Up to $2,500 in student loan interest may be deductible.

3. Optimize Capital Gains & Losses

✔ Use Prior-Year Capital Loss Carry-forwards

• If you harvested losses in 2023, they can offset any 2024 capital gains.
• You can also deduct up to $3,000 in losses against ordinary income.

✔ Confirm Tax Treatment of Any 2024 Investment Sales

• If you sold investments, determine whether they qualify for lower long-term capital gains rates (0%, 15%, or 20%).

✔ Review Estimated Tax Payments (If Self-Employed or Have Large Investments)

• If you underpaid estimated taxes in 2024, confirm whether penalties may apply.
• The IRS waives some penalties if 90% of taxes were paid through withholdings or estimated tax payments.

4. Ensure Business Owners Take Advantage of Last-Minute Deductions

✔ Fund a SEP IRA (Deadline: April 15 or Tax Filing with Extensions)

• Contribute up to $69,000 (2024 limit) to reduce taxable income.

✔ Confirm Deductible Business Expenses

• Ensure home office, business mileage, travel, and client entertainment expenses are documented for deduction.

✔ Take Advantage of QBI Deduction (If Eligible)

• If you own a pass-through business (LLC, S-Corp, or Sole Proprietorship), you may be able to deduct up to 20% of qualified business income (QBI).

✔ Finalize Payroll and Employee Benefit Contributions

• Ensure any employee bonuses, retirement contributions, or profit-sharing payments are properly accounted for.

What to Gather for Your Tax Preparer or Financial Advisor

Pulling together the right tax documents ensures an accurate and efficient tax filing. Use this checklist to organize your records before meeting with your CPA, tax preparer, or financial advisor.

Personal Information

✔ Full Legal Names & Social Security Numbers for all dependents
✔ Filing Status: Single, Married, Head of Household
✔ Bank Information: For direct deposit refunds

Income-Related Documents

✔ W-2s from all employers
✔ 1099s (for self-employed, contract work, rental income, dividends, or investment income)
✔ K-1 Forms (for income from partnerships, S-corps, or trusts)
✔ Rental Property Income (if applicable)
✔ 1099-INT/1099-DIV (for interest and dividend income)
✔ 1099-B (for stock sales or investment transactions)
✔ Alimony Received (if applicable)

Deductions & Credits

✔ IRA Contributions (Traditional, Roth, SEP, SIMPLE IRA)
✔ HSA Contributions & Distributions
✔ Medical Expenses (if itemizing deductions)
✔ Mortgage Interest & Property Tax Statements (1098)
✔ Charitable Contribution Receipts
✔ Student Loan Interest (Form 1098-E)
✔ Education Expenses (Form 1098-T for tuition credits)
✔ Childcare Expenses (Name, Address, and EIN of Provider)
✔ Moving Expenses (if Military)

Business Owners & Self-Employed Tax Documents

✔ Profit & Loss Statement for 2024
✔ Business Expense Receipts (home office, vehicle mileage, travel, meals, equipment)
✔ Payroll & Employee Benefits Records
✔ Retirement Plan Contributions (Solo 401(k), SEP IRA, SIMPLE IRA)
✔ Estimated Tax Payments Made in 2024

Investment & Real Estate Tax Documents

✔ 1099-R for Retirement Distributions
✔ 1099-Q for 529 Plan Distributions
✔ 1099-S (if you sold a home or rental property)
✔ Schedule K-1 (if you’re a partner in a business or receive trust income)
✔ Cost Basis & Sale Proceeds for Any Investments Sold
✔ Rental Property Income & Expenses

Final Steps Before Filing

✔ Confirm Your Estimated or Final Tax Payment (If Owed)
✔ Check for Any Carry-forward Losses or Unused Deductions
✔ Consider Filing an Extension (If Needed)

• Use Form 4868 to extend the filing deadline to October 15, 2025.
• Note: You must still pay any owed taxes by April 15 to avoid penalties.

Don’t Wait—Plan Now to Reduce Your Tax Bill!

The weeks leading up to April 15, 2025 are crucial for filing accurately, claiming deductions, and minimizing taxes owed. The earlier you gather documents and meet with your advisor, the better positioned you are to reduce your tax burden and avoid last-minute surprises.

Need help navigating tax strategies or making final contributions before filing? Contact Gatewood Wealth Solutions today for a customized tax planning review!

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Investing involves risk including loss of principal. No strategy assures success or protects against loss.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC

Align Your Goals, Strengthen Your Bond, Love Your Financial Future. 

Valentine’s Day isn’t just about flowers, chocolates, and dinner reservations—it’s about celebrating love and partnership. This year, why not take the opportunity to strengthen your bond by aligning your financial goals as a couple? Financial planning may not sound romantic, but building a shared vision for the future is one of the most meaningful ways to show your love and commitment. 

At Gatewood Wealth Solutions, we believe that love and money go hand in hand. Whether you’re navigating financial discussions or preparing for life’s biggest milestones, aligning your goals is essential to loving your financial future. 

Aligning Your Goals: The Foundation of a Strong Bond 

Why Financial Alignment Matters 

Just like trust and communication, financial alignment is key to a healthy relationship. When couples work together to establish shared goals—whether it’s saving for a dream vacation, paying off debt, or planning for retirement—they create a foundation of understanding and partnership that strengthens their bond.

How to Get on the Same Page 

1. Plan a Money Date Night: Use Valentine’s Day as an excuse to schedule a money date. Over dinner or a glass of wine, discuss your financial dreams and challenges. 
2. Set Shared Goals: Identify your top priorities as a couple. Do you want to buy a home, save for retirement, or travel more? 
3. Create a Vision Board: Visualizing your shared goals can make them feel more tangible and exciting. 

Navigating Financial Discussions with Love 

Overcoming Money Differences 

Every couple brings unique financial habits and experiences to the relationship. While one partner might be a saver, the other could be more of a spender. Instead of letting these differences create tension, use them as opportunities to grow together. 

1. Practice Empathy: Take the time to understand your partner’s money mindset and what shaped their habits. 
2. Set Nonjudgmental Boundaries: Agree on spending limits or savings goals without criticizing each other’s choices. 
3. Communicate Regularly: Make financial discussions a regular part of your relationship, not just a one-time event. 

Handling Tough Conversations 

• Focus on shared solutions rather than pointing fingers. 
• Be honest about your fears and financial stressors. 
• Enlist a qualified advisor to provide a professional perspective when needed. 

Preparing for Life’s Key Milestones Together 

Every stage of life brings unique opportunities and challenges, and planning for these milestones together can bring you closer as a couple. 

Buying a Home 

• Discuss what “home” means to each of you—location, size, and budget. 
• Save for a down payment together, targeting 20% to avoid private mortgage insurance. 
• Plan for additional costs like maintenance and taxes. 

Starting a Family 

• Budget for medical expenses, childcare, and education savings. 
• Ensure you both have adequate life and disability insurance to protect your growing family. 
• Revisit your estate plan to include guardianship for children. 

Planning for Retirement 

• Talk about what retirement looks like for each of you—early retirement, travel, or starting a new venture. 
• Maximize your retirement savings through 401(k)s, IRAs, and Roth accounts. 
• Explore rolling over old 401(k)s for streamlined management and increased investment flexibility. 

Confidence in Wealth Activation and Enjoyment 

Valentine’s Day is a time to celebrate love, but it’s also an opportunity to reflect on the future you’re building together. Transitioning from wealth accumulation to wealth activation, confidently spending down your investments during retirement, requires careful planning. That’s where Gatewood Wealth Solutions can help. 

Our Team Is Your Team 

• Wealth Advisor: Guides you through key financial decisions. 
• Wealth Planner: Creates a roadmap tailored to your shared goals. 
• Portfolio Strategist: Aligns your investments with your risk tolerance and future aspirations. 
• Wealth Coordinator: Ensures every detail is executed seamlessly. 

Enjoying the Life You Build Together 

With a clear financial plan, you can embrace life’s key moments confidently. Whether it’s traveling the world, celebrating milestones, or simply enjoying everyday moments, your wealth plan ensures you can live with purpose and intention.

This Valentine’s Day, Commit to Your Financial Future 

Love is about building a life together, and your financial future is a big part of that. This Valentine’s Day, make a pledge to align your goals, strengthen your bond, and love your financial future. Whether it’s discussing your dreams, tackling tough money conversations, or preparing for life’s milestones, each step brings you closer to the life you envision together. 

Important Disclosures: 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 

Investing involves risk including loss of principal. No strategy assures success or protects against loss. 

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. 

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. 

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC 

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Investing involves risk including loss of principal. No strategy assures success or protects against loss.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC

Meet Sarah. Sarah earns a strong income, has a well-documented budget, and keeps track of every dollar she spends. Yet, at the end of every month, she finds herself with little to show for her efforts. Bills pile up, unexpected expenses crop up, and her savings account barely moves. Despite her best intentions, Sarah feels like she’s treading water—always working hard but never truly getting ahead.

Now, meet Emily. Emily earns about the same as Sarah, but her approach is different. Rather than budgeting every expense down to the penny, Emily follows one simple rule: pay yourself first. Every month, Emily sets aside a fixed percentage of her income—without fail—into her savings and retirement accounts. Whatever is left, she uses for bills, discretionary spending, and fun. Unlike Sarah, Emily doesn’t stress about where every dollar goes because she knows her financial future is secure.

The Power of Paying Yourself First

The difference between Sarah and Emily isn’t income or discipline—it’s strategy. Paying yourself first is the cornerstone of financial success. It’s a simple shift in mindset: instead of saving what’s left after spending, you save first and spend what’s left. This approach helps ensure you’re building wealth systematically, rather than leaving it to chance.

Here’s why this strategy works:

1. Automated Success: By setting up automatic transfers to your savings or retirement accounts, you remove the temptation to spend the money elsewhere.

2. Freedom to Spend: When you’ve already saved, you don’t have to feel guilty about how you spend the rest. Whether it’s dining out, a spontaneous trip, or a new gadget, you’ve earned the right to enjoy your money.

3. Compound Growth: The earlier you start saving and investing, the more time your money has to grow. Small, consistent contributions today can turn into significant wealth tomorrow.

    

Why Budgets Often Fail

Budgeting can feel restrictive, and for many, it’s a system that’s easy to abandon. When you budget, you’re constantly making decisions about what to cut, which can lead to frustration and, ironically, overspending. Paying yourself first eliminates this decision fatigue. By prioritizing savings, you’re securing your future without obsessing over every expense.

Avoid the Interest Trap

There are two types of people in the world: those who earn interest and those who pay it. The “pay interest” group often spends first, saves whatever is leftover (if anything), and ends up relying on credit cards or loans to fill the gaps. This cycle of debt makes everything more expensive and creates a financial treadmill that’s hard to escape.

The “earn interest” group, however, saves first and lets their money work for them. They systematically invest, avoid unnecessary debt, and benefit from the power of compounding.

Building Wealth: The Core Principles

To position yourself for financial independence, follow these basic principles:

1. Live Below Your Means: Spend less than you earn, no matter your income level.

2. Pay Down High-Interest Debt: Attack high-interest debt like credit cards first, and free yourself from the burden of compounding interest.

3. Systematically Save: Set a savings goal—start with 10–20% of your income—and automate contributions.

4. Build an Emergency Fund: Aim for 3–6 months’ worth of expenses to cover unexpected events.

5. Max Out Retirement Accounts: Take full advantage of 401(k) plans, IRAs, or Roth IRAs for tax-advantaged growth.

6. Invest in a Diversified Portfolio: Use dollar-cost averaging to invest consistently in a balanced portfolio of stocks, bonds, and other assets. Avoid chasing high-flyers or timing the market.

    

The Bottom Line

Paying yourself first is the simplest and most effective way to build wealth over time. It shifts the focus from what you can’t spend to what you can save, creating a sense of freedom and confidence in your financial journey.

So, the next time you receive a paycheck, remember Emily’s example. Before you pay your bills, treat yourself—your future self, that is. Because true financial security begins with one simple act: paying yourself first.