You’ve done your homework, and now you’ve got this retirement stuff all figured out. Savings socked away. Debts paid off. A plan in place to transition from work to leisure. However, some retirement mistakes operate under the radar.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
Elder law attorneys can help with a long list of legal matters that seniors often face…
A government report reveals a troubling pattern among Medicare enrollees in their last year of life.
Social Security benefits serve an essential role in most Americans’ retirement plans. Yet many people — even soon-to-be retirees — know little about how the program works or how to get the most from the benefits they’ve earned.
If you get your health insurance through the public marketplace and are nearing age 65, don’t forget about Medicare.
You’ve inherited an individual retirement account, or IRA. Now what?
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple).
Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.
For traditional 401(k) plans and IRAs, you generally get a tax break when you make contributions and then pay taxes on the withdrawals in retirement. In contrast, Roth versions of those accounts come with no upfront tax break, but qualified withdrawals are excluded from federal income taxes.