Know what to expect if you inherit an IRA and how to establish a plan for taking distributions.
It’s best to create both together when possible so that they can complement each other. Here’s what you need to know.
Today’s Social Security beneficiaries may move in and out of the workforce before fully retiring. That may trigger a rule called the retirement earnings test, which can temporarily reduce benefits.
In an era where living to 100 is becoming increasingly likely, financial planning for retirement takes on a new level of complexity. The Yahoo Finance article, “Retirement Planning: Here’s How Much You’ll Need To Save If You Live to 100”, offers a comprehensive look at this challenge, highlighting the need for a radical shift in our approach to life and financial planning. Understanding the Longevity Revolution The “longevity revolution” concept discussed by Laura L. Carstensen, director of the Center for Longevity, suggests a significant societal shift. This revolution impacts various aspects of life, including health care, personal finance and retirement…
The sweeping tax overhaul enacted in 2017, known as the Tax Cuts and Jobs Act (TCJA), provided a number of income and estate tax reductions and changes.
For many busy professionals, finding the time to effectively plan for retirement can be a challenge. Between personal commitments and demanding careers, setting aside time to create a retirement plan might take a backseat. However, strategic financial decisions need to be made to ensure a comfortable and fulfilling retirement. This retirement planning guide is designed specifically for planning for busy professionals, helping you navigate this essential process efficiently. Why Is Retirement Planning Essential for Busy People? Despite hectic schedules, retirement planning should not be neglected. Busy professionals often have the benefit of a higher income, which, if managed correctly, can…
Once they retire, many seniors change their spending patterns quite a bit. There’s nothing inherently wrong with this, as long as they remain within their retirement budget.
The time to start researching elder care facilities, experts recommend, is before you need one. There are numerous options for elder care, and you don’t want to be caught flat-footed in the event of an unexpected health crisis. Those sudden situations can force you to make a quick decision without the knowledge to make an informed choice.
Time is one of your greatest assets or your worst enemy when planning for retirement. The earlier you start saving for retirement, the more time that money has to grow. That means you have to save fewer dollars earlier, in order to achieve your financial goals later.
In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year.
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