LifeLivedForward_SLICES_09

 

A compilation of insightful financial tips

relating to an active senior lifestyle.

 

  • 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 ...
  • Maximizing the Value of Your Charitable Giving The end of the year is the time when many people begin to think of family and charitable giving. The Center on Philanthropy (COP) at Indiana University found about 24% of survey respondents said most of their annual giving is done between Thanksgiving and New Year’s Day. This may be because the Christmas season is thought of ...
  • How are Social Security Benefits Calculated? One of the most common misconceptions I come across as a retirement planner is how Social Security benefits are calculated. The confusion appears to result from thinking pension benefits and Social Security are determined the same way. Many employers use some variation of the average annual earnings over five years. They often pick the highest five ...
  • How You’re Saving For Retirement Is More Important Than Ever – Here’s Why. The IRS Statistics of Income (SOI) program recently released data on taxpayers who hold IRAs for the tax year of 2013. The SOI program was mandated by the Revenue Act of 1916 to collect and process data. The data is made public and is used by a variety of Federal agencies, academics, and researchers. It’s ...
  • Why a Happy, Healthy Retirement Is About More Than Just Money In the beginning, there was no retirement. There were few old people. Most people were fully employed in their teens and worked until they died in their mid-30s. In those days, it was customary to carry on until you dropped, regardless of your age group — no golf, no Airstream travel trailer, no retirement. When ...
  • Estate Planning Lessons from “Cat on a Hot Tin Roof” “Big Daddy… What is it that makes him so big? His big heart, his big belly, or his big money?” – Brick Pollitt, character in the play Last week my husband and I saw Tennessee Williams’ play “Cat on a Hot Tin Roof” at the Fulton Theatre. The theme of truth vs. mendacity runs through the play ...