If you have a 401(k) through your employer, you have a good way to prepare for retirement. It is even better if your employer is giving you matching contributions. This fact alone can make investing in a 401(k) a worthwhile investment. Still, there are some things you need to think about before maxing out your…
Your Retirement and Annuities: Investing and Funding
October 8, 2022
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The promise of lifetime income from Annuities has been around for centuries dating back to Ancient Rome. Originally, Annuities were just simple instruments that guaranteed a steady stream of income. But, things got more complicated as the years went by. For instance, in the late 1980s, variable Annuities became popular when mutual fund sub accounts…
Eight Tax-Planning Tips for the End of the Year
October 6, 2022
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Tax time will soon be here. The good news is that there still is time to reduce your taxes this year. Making changes now can help you get more tax deductions on your upcoming 1040 taxes. Getting the biggest IRS refund means you need to have a lot of receipts for any tax deductions you…
Alternatives to Annuities
October 5, 2022
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You may be attracted to the idea of receiving a lifelong income after retirement. Unfortunately, pensions are disappearing. Only 31 percent of Americans currently retire with defined benefit pension plans. While 84 percent of people receive Social Security Old Age, Survivors, and Disability Insurance (OASDI) benefits, it was never intended to be their sole source…
Social Security Income Restrictions
By Elliot Raphaelson From Tribune Content Agency In a recent column in Investment News, Mary Beth Franklin discussed issues related to payroll taxes and to lost potential Social Security benefits for those who apply prior to full retirement age. Franklin has written an excellent ebook covering all Social Security issues, which you can order at…
Retirement: How to Manage Required Minimum Distributions While Still Working
September 28, 2022
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By Lisa Gerstner From Kiplinger’s Personal Finance Many workers aren’t ready to retire at the traditional retirement age of 65 and instead continue working into their 70s. While they can postpone retirement, they can’t entirely delay taking Required Minimum Distributions (RMDs) from tax-deferred retirement accounts. If you’re working into your 70s, here’s what you need…
Reducing Your Required Minimum Distributions Tax Bomb for Your Heirs
September 22, 2022
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The type of retirement fund you have can seriously affect the amount of money your beneficiaries will receive. With certain types, they could lose a lot of money to taxes because of laws about 401(k)s and other plans. Some simple changes to the type of your retirement account can enable your heirs to avoid a…
How Much Should You Get in Required Minimum Distribution Withdrawals?
September 21, 2022
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When you decide you are ready to retire, you may want to start withdrawing funds from your retirement account(s). You will need to be a minimum age of 59½ before you are allowed to do so without penalty. If you have reached the age where you need to take out required minimum distributions (RMDs) (70½…
Retirement: With Inflation Higher, Should You Break the 4% Rule?
By Sandra Block From Kiplinger’s Personal Finance One of the most perplexing questions facing retirees is this: How much can I withdraw from my savings each year without running out of money? For many, the answer has been to use the 4 percent rule, developed by William Bengen, an MIT graduate in aeronautics and astronautics who…
Best Time of the Year to Retire for Tax Purposes
By Brian Baker From Bankrate Retirement is a goal nearly everyone hopes to reach someday. People spend decades working, saving, and investing to meet their retirement goals, and achieving those goals is a real accomplishment. But how do you know when’s the best time of the year to retire? The time of year you choose to retire…
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