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 [...]
End of Life Documents
Remember that old adage, nothing is certain except death and taxes. Well, no matter your belief structure, or whether you’re reluctant to admit your own mortality, it’s a fact that none of us will live forever. And since no one knows if their demise will happen quickly or be proceeded by a lengthy illness, it’s good to make plans ahead [...]
Do You Have to Pay Taxes on Social Security Income?
Every tax season, the same question arises from Americans receiving Social Security. “Do I have to pay taxes on my Social Security benefit?” The next question is a logical progression. “How much?” It’s based on an IRS formula for combined income. Combined income = Adjusted Gross Income (AGI) + nontaxable interest + ½ of Social Security benefits. Once [...]
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 [...]
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