Category: Retirement Planning
If you are Generation X, you are facing some unique circumstances. Members of Generation X, still feeling the impact of the Great Recession, are facing some real challenges in saving for their retirement, according to TheBalance.com in “Retirement Milestones to Hit for the Gen X Years“. According to a 2018 survey from AmeriTrade, 43% of […]
Okay, you have saved for retirement tax free for years. However, now it is time to think about the taxes. You have been fortunate over the years to grow your IRA tax free. However, withdrawals from your traditional IRA are taxable income. You will have to make Required Minimum Distributions starting at age 70½. It is a […]
Retirees may find themselves facing a major federal tax increase fueled by tax-deferred accounts. There are many financial strategies occurring as you save toward your retirement, including maximized annual contributions and compounding interest. This can cause a tremendous tax bite, unless you are careful, according to the Citizen Times in its article “Try this strategy […]
The fear of huge medical bills causes worry to many a retiree. However, there is hope of solving the situation. Retirees generally fear that a medical expense shock will decimate their savings. However, there are ways to make the shock less stressful, according to Reuters in “How to shockproof your retirement healthcare costs“. Brightwork Partners discovered in […]
If your children inherit your retirement accounts, they will have options about what to do with them. The Wills, Trusts & Estates Prof Blog discusses some of the options that heirs have when inheriting retirement accounts in “What Your Kids Can Do When They Inherit Your Retirement Accounts.” Most people designate their spouses as the […]
Planning for your retirement and planning your estate can turn out to be a real benefit. Estate planning and retirement planning are pretty much the same thing. Sometimes, if your estate planning attorney and financial advisor work together, both types of plans work better for you, according to TD Ameritrade in “Estate Planning: Build Up, […]
What exactly is allowed in retirement accounts? A new fiduciary rule has caused considerable confusion for consumers and their advisors, according to the Washington Post in “A new conflict-of-interest rule for retirement savers is causing a lot of confusion.” The Department of Labor set up a new rule on June 9 that says financial advisors […]
Millennials also expect their own children will help them in retirement. Millennials expect that their parents and their children will help them out in their retirement years, according to Financial Advisor in “Millennials Want Family Help in Retirement.” There are sometimes big differences between generations. For example, 61% of millennials expect to receive an inheritance […]
Staying where you are comfortable and having family and friends nearby can be an excellent retirement plan. If you are considering remaining in your home when you retire, it might be a good idea to look at your home from a different point of view, according to The New York Times in “Planning to Age […]
Social Security may run out of money in 2034 unless a solution is found to shore it up. Boosting taxes on the wealthy is proposed, but its success is questioned. The effectiveness of raising taxes on the wealthy to keep Social Security operating has been questioned, according to an article in Trust Advisor “Can Taxing […]
