LifeLivedForward_SLICES_09

 

A compilation of insightful financial tips

relating to an active senior lifestyle.

 

  • How Do You Measure a Life Well-Lived – And How Will Your Children? Is a life well-lived measured by how much wealth we acquire or is it measured instead by the condition in which we leave our relationships? Leona Helmsley ran a real estate empire in New York City that included twenty-three hotels valued in the billons. She earned the nickname “The Queen of Mean” from an advertising campaign portraying ...
  • What You Can do About the Equifax Data Breach The Equifax data breach stunned the public with its announcement that data on 143 million Americans had been hacked. Equifax keeps detailed financial information on consumers to gauge their risk as a borrower. They are a storehouse of some of the most personal and sensitive information of Americans’ financial lives. There was a time when the ...
  • 7 Steps to Take When You Inherit an IRA An IRA can be a wonderful account to inherit. However, the rules are complex and errors can be costly. There are some great tax advantages if you handle the inheritance correctly. Unfortunately, there can potentially be a big tax bill if you don’t. Follow these steps to avoid a few common mistakes and maximize the ...
  • Is Your Portfolio Positioned for a Rising Interest Rate Environment? The Federal Reserve raised interest rates in March. Their key short-term rate increased from 0.75% 1.0%. It doesn’t sound like much, and you would hardly think it would even need to be reported. However, this is the highest their key short-term rate has been since 2008. Most analysts think the Fed will raise rates at least ...
  • This Is Why You Got a Form 5498 After Filing Your Taxes Just when you think tax season is finally behind you another tax form arrives from your IRA custodian – Form 5498. The good news is this doesn’t mean you missed something when you filed your taxes. However, it is important information that has been reported to the IRS. Form 5498 reports information about IRA contributions, rollovers, Roth IRA ...
  • How the Death of a Spouse Affects Taxes and Retirement Income Many people mistakenly believe their expenses will be half as much as a single person than as a couple. This is true of some expenses, like food and clothing. However, larger expenses related to housing probably won’t decline at all unless you move. Retirement planners generally project expenses will drop by only 20% at the ...
  • 5 Ways to Close the Retirement Gap and Increase Savings Last fall The Washington Post reported that 71% of American’s aren’t saving enough for retirement. The article was based on a national survey commissioned by Experian in collaboration with Get Rich Slowly.org. Rather than rehash the reasons American’s aren’t saving enough, I’d like to focus on ways to address the problem.  Let’s make 2017 the year Americans get ...
  • RMD Decision Time: What Baby Boomers Need To Know Now Avoid paying more in tax by knowing a few basic rules for RMDs. July 1st, 2016 was an important milestone for the baby boomer generation – the first boomers began turning age 70 ½. Those boomers with IRA and employer retirement accounts will need to make a decision about whether to begin taking minimum distributions this ...
  • Ignore After-Tax Savings at Your Own Peril Make sure you max out your 401(k). Fund your Roth IRA before the April 15th deadline. Remember that contributions to Health Savings Accounts (HSAs) are deductible. Withdrawals from 529 plans are tax-free when used for qualified expenses. With all the emphasis on tax advantaged accounts, you may have overlooked the importance of Leg Two of ...
  • Clearing the Confusion About RMDs A lot of people get confused when it comes time to taking minimum distributions from an IRA or other qualified account. The rule states required minimum distributions (RMDs) must begin by April 1st of the year following the year in which the IRA owner reaches age 70 ½. This applies to traditional IRAs, SEPs, and SIMPLE ...