We’ve been so inundated with the idea of tax-free investment accounts that the taxable investment account’s role in retirement planning is underutilized and overlooked. If you’re like most Americans, you’ve got at least one and maybe a few retirement accounts. You like the tax benefits that come from having IRA's,…
If you are the beneficiary of someone’s life insurance policy, you should know that there are options as to how the policy funds, known as death benefits, can be distributed. In most situations, the beneficiary of a life insurance policy does not have to pay income taxes on death benefits,…
If you are working after 70 ½, there are still ways to save money tax-free. Wage earners are not permitted to put money into a traditional IRA in the year they turn 70 ½ according to the Kiplinger article, “Tax-Smart Ways to Save When You're Too Old for a Traditional…
Think of an estate plan as a love letter to your family after you have passed. You’d be surprised at how many people you know don’t have a will or an estate plan in place. They may be among the many who have an unspoken belief that if they don’t…
An interactive online tool has been released by the U.S. Consumer Financial Protection Bureau (CFPB) that walks consumers through a series of questions to help them better understand the optimal time to file for Social Security benefits. The "Planning for Retirement" site is an attempt to address a serious problem…
Naming a beneficiary for your IRA, 401(k) or any other retirement plan and then making sure that the name is right as you go through the many stages of life could be one of the most important financial decisions you make, according to The (Crystal Lake, IL) Northwest Herald in…
The average family can face high expenses when adopting a child. But there are tax benefits that will provide some help, as reported in The Middlesboro (KY) Daily News article, "Thinking of adopting? Be prepared for expenses." Among the benefits are an exclusion from your taxable income of employer-provided adoption…
The one thing that all 401(k) millionaires have in common, according to a Forbes' article "Nine Ways To Be A Millionaire In Retirement," it is saving at a much higher amount than others. Whatever your career path may be and whatever your earnings level is, start saving early. While millennials…
With two-thirds of Americans experiencing disruptions to their retirement planning resulting from divorce, major illnesses, unemployment or business troubles, the road to retirement has become bumpier than ever, according to a new TD Ameritrade survey. The challenges add up to $2.5 trillion in lost retirement savings. The news is gloomy,…
There are several corners of your financial life that can be simplified through consolidation. If you feel like your finances are all over the place and hard to manage, you just need to take a moment to de-clutter and get a system going. Also, it’s ok to ask for help!…