Financial advice is full of “rules of thumb”. Save 15% of your income, 100 minus your age to calculate your stock/bond percentages, delay Social Security until 70, etc. These recommendations are repeated so frequently that they’ve become accepted as universal truths. Financial planning isn’t universal. While conventional advice often provides a reasonable starting point, applying it without considering individual circumstances [...]
Once the immediate financial decisions surrounding a divorce have been made, attention naturally shifts towards the future. Retirement, homeownership, and other long-term goals may still be priorities, but in many cases, the resources at your disposal have changed. What once seemed like a clear financial path may now require a fresh look. The challenge is that the original destination, and [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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