You have worked hard all your life. You scrimped and saved. You sacrificed to provide for your family. The kids are out of the house and on their own. You have saved a tidy sum. You do not seem to …
Currently browsing Retirement
Downsize and Simplify
You are still living in the home in which you raised the kids. It is the family homestead. You have lots of memories in that home. The kids moved out decades ago. You do not use or need the other …
Retirement Plan Options
There are lots of different types of retirement plans out there. Among others, there are IRAs, 401(k)s, 403(b)s, 457(b)s, TSAs, and pensions. What are they? What do they do? And how are they taxed? Today, we will discuss the most …
Retirement and Second Careers
You have retired from your job of 30+ years. However, you are still young and have quite a few years left for working. Working for yourself is something you have always wanted. And you have found the perfect business for …
Elder Financial Exploitation Is Not Always So Obvious
As we discussed last week, there is no shortage of trust and annuity peddlers out there ready to take advantage of seniors. There has been an epidemic of elder financial exploitation in our country. It is reported that the number …
Retirement Plan Distributions
You may have a traditional, Roth or rollover IRA or other retirement accounts. The funds that are held inside these retirement accounts grow (hopefully) income tax free. The contributions to non-Roth accounts have not yet been taxed. The contributions to …
Beneficiary Designations Unwise
You go to your bank, credit union or broker to open up a new account. You are encouraged to name beneficiaries or joint owners because if something happens to you (i.e. you die), the account “will avoid probate”. You are …
Inherited IRAs Reachable by Creditors
Have you tried to do your own mini-estate plan and named your children or other loved ones as beneficiaries of your IRA? If you did, you may end up giving that IRA to the beneficiaries’ creditors. Under both Federal and …
Do It Yourself Plans & Bad Advice Can Wreak Havoc
If you are like 70% of Americans, you have no formal estate plan. However, after receiving free advice from others, you may have attempted a do-it-yourself estate plan using joint ownership, beneficiary designations and/or quit claim deeds. Although this advice …
Roth IRAs
It’s not too late to make IRA contributions for 2013. If you make a qualifying IRA contribution before April 15, 2014, you can elect to report it on your 2013 or 2014 individual income tax return. You can contribute up …