One of the questions that have to be answered when planning for retirement is, “Where’s my income going to come from.” Identifying the income is a necessary first step when you’re planning. But people often miss the second step—how much of that income will be taxed? Uncle Sam doesn’t give you a pass on taxes just because you’re retired. Most [...]
Every little bit helps, especially in the worst inflationary period in 40 years. But for people who have to take Required Minimum Distributions (RMD) from Traditional IRAs, Inherited IRAs, and Retirement Plans, there’s good news. Beginning in 2022, the amount you’re required to withdraw goes down meaning your tax bill on those distributions goes down, too. People are living longer, [...]
The seven deadliest words in the English language—We’ve never done it this way before. And that certainly applies to Baby Boomers whose prospects for retirement are different than any preceding generation. Many Boomers, those born between 1946 and 1964, have made their retirement plans based on their parent's generation. The World War II crowd retired with income from Social [...]
Oh, the day you can hang up your career and ease into that status you’ve been working toward most of your adult life, the place that brings a smile to your face, your happy place where you no longer answer to an employer, where you set your own schedule—that magical place called “Retirement.” You’ve been saving and planning and getting [...]
Saying you need an estate plan is like saying you need to eat your vegetables. You know it’s good for you but there are other things you’d rather do. A survey by Caring.com shows that in 2021, 25% of Americans ages 18-34 had some type of estate planning document, 22.5% ages 35-54 had a will or trust, and only 44% [...]
Retirement is a magical word. It means different things to different people. Whether it’s traveling the world and never having to work again, beginning a new career or business, or volunteering, you need enough income to pursue your definition of retirement. How much money do you need? The number is different for every person. But there are certain markers everyone [...]
“What in the world does that mean?” I can’t tell you how many times I’ve been asked that question during almost 30 years in the financial industry. Clients naming beneficiaries on IRAs, 401(k) accounts, annuities, or insurance policies stop dead-in-their-tracks when asked to decide whether they want beneficiaries to receive proceeds from their account Per Capita or Per Stirpes. After [...]
There’s an old axiom that says nothing in life is certain except death and taxes. True enough. But there’s one other thing that’s certain; we’re all going to retire—sometime. The number one retirement question I’m asked is, “What is the perfect age to retire?” Close on its heels is, “When should I start taking Social Security?” The Social Security question [...]
Someone trusts you so much that they name you to settle their estate after they die. You’re honored they have that much confidence in you, but you don’t think much about what’s involved in settling an estate. Among the long list of items you have to deal with is settling the deceased’s tax bill. You may have to file just [...]
There’s a common misconception that Medicare is a simple, automatic process when you turn 65. Nothing could be further from the truth. The responsibility to enroll is on your shoulders, and if you miss deadlines or don’t enroll in just the right way, you can incur penalties that will consume chunks of your retirement income for the rest of your [...]
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