Welcome to the show, where you, as part of the studio audience get to hear some of the most common reasons why people don’t plan for the distribution of assets after they’re gone. Listen closely, so you don’t make the same excuses. Okay, maybe that’s a little over-the-top, but not creating an estate plan, even a basic one, opens the [...]
It’s a tiny little gift from the IRS, but it’s still a gift. Beginning January 1, 2022, Required Minimum Distributions on IRAs, qualified retirement plans, and annuities will be less. It’s your reward for living longer. RMDs have to be taken by people turning age 72 after 2019. Older taxpayers were required to begin RMDs the year after they turned [...]
May you live in interesting times. Although that sounds like an ancient blessing, it’s believed to be a Chinese curse casting instability and uncertainty on the person who hears it. Blessing or curse, it’s a great description of the year we’ve just come through, and in spite of all the turmoil, there are some things you can do before the [...]
Social Security, although originally intended to be a supplement to Americans’ retirement income, has become a major source for many. The Center on Budget and Policy Priorities found that half of senior citizens get 50% of their income from Social Security and that 1 in 4 seniors receive 90% of their retirement income from Social Security. A new Transamerica study [...]
Over the years I’ve had clients who knew they’d been named in estate planning documents as executor of an estate, and I’ve had others who found out only after a relative died that they had to settle an estate. In most cases, I’d get a call asking, “What do I do?” Here are some things I’ve learned working with clients [...]
Planning for retirement. We spend most of our working career preparing for it, saving for it, covering every contingency. When you finally wave goodbye to the company, you’re ready for all that planning to take over. But does your planning take into account the taxes you’ll have to pay on your retirement income? It’s one of the biggest retirement planning [...]
Planning, planning, it’s all about planning when your goal is retirement. When you hang up your career, you don’t want any surprises, or at least as few as possible. In the 21st century, retirement is completely different than it’s ever been. As a kid, I saw people retire after working 40 or 50 years for the same company. On their [...]
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