Many financial planners focus on assisting high-net-worth clients. However, it can be reasonably argued that those in the lower- and moderate-income groups may need the most support with financial matters. In light of the recent pandemic-induced economic turmoil that squeezed the livelihood of many Americans, it might be a good time for the financial service industry to roll up its collective sleeves and pitch in. One place to start is to identify tax code provisions that enable less affluent individuals to plan for retirement, pay for college, and cope with student debt.
Author: Kenn Beam Tacchino, JD, LLM, is a professor of taxation and financial planning at Widener University in Chester, PA. Professor Tacchino has won awards for both his teaching and his scholarly writing. Among other consulting activities, he conducts retirement planning seminars for employee groups.
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