“Retirees have special concerns when evaluating state tax policies: Are Social Security benefits taxed? Does the state impose its own estate tax? Are there property tax breaks for seniors? The answers can greatly affect the financial well-being of fixed-income retirees.” Today’s article identifies the 15 states that impose the highest taxes on retirees based on Kiplinger’s 2015 analysis. To find…
“In many ways, retirees seem perfectly positioned to succeed as entrepreneurs,” states today’s article – pointing out that, among other things, retirees have the wisdom that comes from experience, and are more aware of their strengths and weaknesses. However, it also points out that “what retired entrepreneurs don’t have is time…to recover if their entrepreneurial efforts fail.” As such, the…
“Americans running their own businesses wear many hats… [including] that of retirement benefits coordinator,” states today’s article. “If you’re an independent contractor or an entrepreneur, you have to fend for yourself when it comes to benefits, including retirement planning….” As such, the author outlines two retirement-planning vehicles for the self-employed – solo 401(k)s and SEP IRAs – and the benefits…
“As Tax Day approaches…you may be looking at a whopper of a tax bill and wondering where you’ll find the money to pay it. And then you might think: Hmmm, I have some money sitting in my 401(k). Maybe I should take out a 401(k) loan to write a check to the IRS….” Today’s article examines the benefits, cost and…
“Discussing the end of life is never easy,” affirms today’s article. However, it warns that “because women live an average of four years longer than men…if the man takes the lead on family finances, the woman could be in for trouble one day.” It is against this sobering reality that the author outlines five things couples can do in retirement…
“Baby boomers beware: A major retirement expense may be hiding in your mouth.” Today’s article explains that, while “a majority of those age 50 to 64 either believe that – or are unsure whether – a Medicare health insurance plan will cover routine dental care”, Medicare, in fact, does not cover most dental care (or procedures, or devices). Recognizing that…
“It’s when the big things happen — the catastrophes and near-catastrophes that occur in life — when having enough savings can keep your world from crashing down around you, or at least feeling like it is.” Today’s article emphasizes the importance of having an emergency fund and outlines “eight scenarios where a pile of cash can really save the day.”…
“When people reach their 50s, a common realization is how close retirement is getting — and how far they are from having enough money to enjoy life after work… 50-somethings who are falling short need to get serious about fattening up their nest egg.” Today’s article suggests several ways in which those trying to play catch-up with their retirement funds…
“Your financial life, like climbing a mountain, does not end when you reach the summit, your retirement. Getting down safely, or making your retirement income last, requires a set of different strategies. How can you withdraw your money without depleting it?” Today’s article outlines four tips relating to withdrawing retirement assets (e.g. set a cash bucket aside) with the aim…
“One of the most dangerous positions to be in financially is when you’re rolling over a 401(k) plan into an individual retirement account (IRA). Any number of financial services providers would love to get their hands on your money, but may trap you into lousy deals.” Today’s article stresses that some 401(k) education is essential if one wishes to avoid…