Mistakes That Can Sabotage Your Retirement Savings
Retirement. We dream about it. We plan for it. We do everything possible to prepare for it. Just know there are some financial mistakes waiting to sabotage your retirement unless you’re aware of them. Mistake # 1 - Not considering the impact of taxes on your retirement income Every withdrawal you make from IRAs and 401(k)s will be taxed [...]
Important Ages on the Retirement Planning Timeline
Retirement planning is one of those things you have to get right. It can make all the difference between the retirement you’ve dreamed of and one that doesn’t even come close. As part of the planning process, there are certain times and events you need to be aware of, usually expressed in terms of age. So, here are important mile [...]
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 [...]
Yes, Retirees Can Get Audited Too
You’d think retirees would get some consideration from the IRS. I mean, they’ve worked their entire adult life, paid their taxes (well, most of them), and paid them no matter what administration was in office or what stupid rules an administration put on the books. Now they’re retired. But it doesn’t mean they’re exempt from IRS audits. Reasons retirees [...]
Social Security Planning BEFORE You Retire
Social Security is an important part of almost every retirement plan, whether you’ve saved enough or not. That’s why it’s important to know as much about your Social Security situation as possible. And you don’t want to wait until you’re about to retire to gather the facts. Social Security planning needs to start 5 years before your target retirement date. [...]
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