Updated Thursday, September 12th, 2019 Did you know that there are many ways you can claim Social Security benefits? On one hand, this means that people may choose a strategy based on their unique lifestyle, income needs, and family situation. On the other hand, it means that there can be potential room for error: A [...]
You’ve worked for your money, and retirement is the time to have your money work for you. But what does this mean? Basically, your goal in retirement should be to turn what you’ve saved into retirement income. Many Americans are worried about running out of money, since pensions are rare and there are reasons why [...]
“I love dealing with the IRS,” said no one, ever. But, President Trump has signed a bill that will reform the IRS in an effort to make it more taxpayer-friendly. You’ll still have to pay your taxes, and rule breakers will still be punished, but hopefully the average person will have a better experience with [...]
Do you have multiple 401(k)s? If you left your money in a former employer’s 401(k), you may want to reconsider as you near retirement. According to the Bureau of Labor Statics, Baby Boomers have held an average of 12 jobs by the time they turn 50. When you leave a job, the money you contribute [...]
The House of Representatives voted in favor of the Secure Act 417-3, and the bill is now on a fast track to vote in the Senate. The bill would do away with the tax-planning strategy for inherited IRA commonly referred to as the “stretch IRA.” “Stretching” an IRA allows beneficiaries to take required minimum distributions [...]
Some of the major expenses you’ll need to anticipate in retirement are your healthcare costs. There are many choices to make when it comes to choosing a Medicare plan, using an HSA, and qualifying for Medicaid. One healthcare cost that is easy, but possibly detrimental to overlook is long-term care. It’s estimated that 52% of [...]
Some are worried about the state of Social Security since the latest report found that starting next year, the program’s annual cost will exceed its income. Some speculate that since the program’s trust fund is expected to be depleted by 2034, cuts are inevitable. But, there should be a more immediate worry facing beneficiaries than [...]
If you have an HSA or are planning on opening one, you’re in luck: The IRS has announced higher contribution limits for 2020. Starting next year, you can contribute up to $3,550 for individual coverage, or $7,100 for family coverage. And, if you’re 55 or older, you can contribute an additional $1,000 per year. You [...]
Are you thinking about downsizing in retirement? Maybe you plan to make your vacation home your primary residence once there’s no office to commute to everyday. Or, maybe you’re considering buying a property to rent out to generate income in retirement. Either way, if you’re thinking about buying a house you should probably take some [...]
We’re living – and retiring – in unique times, and some retirement strategies reflect this. Many of those nearing retirement are on their own, as companies typically don’t fund pensions now. As Americans live longer, nest eggs need to stretch further. In a time of low interest rates, some high net worth individuals are exploring [...]
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