For most Americans today, the 401(k) has become the cornerstone of retirement savings. While it remains a powerful tool, it’s no longer enough on its own to ensure the kind of retirement most people envision. Rising healthcare costs, longer life expectancies, inflation, and the decline of traditional pensions have reshaped the retirement landscape. To navigate this new reality, it’s essential to build a strategy that goes beyond the 401(k).

A closely held business often represents the majority of an owner’s net worth, yet many succession plans fail because the buy–sell agreement is either incomplete or inadequately funded. For attorneys and CPAs advising business owners, careful attention to structure, valuation methodology, and liquidity planning is critical.

When most people think about “getting their financial house in order,” they often focus on just one area—investments, a will, or perhaps insurance. But in reality, a strong financial plan is like a four-legged table: it stands steady only when each leg is strong.

When it comes to retirement planning, one of the most powerful strategies you can use is a Roth conversion. This move involves transferring money from a traditional IRA or 401(k) into a Roth IRA. While you’ll pay taxes now on the converted amount, the big benefit is that future growth and withdrawals in retirement are tax-free (as long as certain rules are met).