What To Do If You Put Too Much Into Your IRA
According to the Tax Policy Center, nearly 65 million taxpayers own individual retirement accounts, which include traditional IRAs, Roth IRAs, Simplified Employee Pensions (SEP IRAs) and Savings Incentive Match Plans for Employees (SIMPLE IRAs). The IRS sets a limit on how much you can contribute each year. Go over the limit, and you face a 6% excess contribution penalty. Fortunately, [...]
Health Savings Accounts as a Retirement Planning Tool
A really long time ago… in a galaxy far, far away… I worked for a building contractor. That experience taught me that every successful building project requires the right tools. And sometimes a project turns out just a little bit better because of a specialty tool, one with specific characteristics not found in any other tool at your disposal. The [...]
What Happens to Your Debts When You Die?
Someone close to you dies and you are now the executor of the estate. You’ve never been in this position before and if you’re like many of my clients who have been faced with settling an estate, you’re a little panicked by the whole prospect—you’re staring into the great unknown with no idea of what it all entails. One [...]
The Married Couples Social Security Playbook
Social Security is usually thought of in terms of an individual’s retirement benefit. But it’s equally important to understand the benefits of Social Security for married couples. Whether you’re a Baby Boomer spouse with limited work history because you stayed home to raise the kids, or a married couple that’s discovered a happy family doesn’t require two incomes, here are [...]
Planning for the Unthinkable
Have you made preparations? It’s a question I’ve asked clients more times than I can count, but I was reminded of the significance of the question and the possible consequences when I recently asked the same thing of a family member. Bill (not his real name) is 70 years old and never been married. He’s in the early stages [...]
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