Earning an income comes with taxes, and your investment incomes are no different. As your portfolio grows into retirement, it’s important to consider the difference between retirement pre-tax income and retirement after-tax income. A savvy advisor will consider your future tax liabilities to be an integral part of your overall retirement strategy.
IRA & RETIREMENT PLAN LIMITS FOR 2020
IRA contribution limits
It’s that time of year again. Tax season is upon us. This is now the time when many individuals consider funding their IRAs. Contributing to an IRA may seem pretty straight forward and in many ways it is! But there can be twists. Here are five IRA contribution rules that may surprise you.
There are questions to ask that can help you determine if you’re ready for life’s “second act.”
For some the answer is, very well, thank you. For others, there may be plenty of room for improvement. There is no better time than National Retirement Security Week (October 21 - 27) to start saving in earnest, to keep on growing your nest egg or to make some positive adjustments to your existing retirement savings game plan.
The 29th annual Retirement Confidence Survey (RCS), conducted by the Employee Benefit Research Institute (EBRI) in 2019, found that two-thirds of U.S. workers (67%) are confident in their ability to live comfortably throughout their retirement years (up from 64% in 2018). Worker confidence now matches levels reported in 2007 — before the 2008 financial crisis.
For many workers, the idea of retiring early is a dream they've pursued throughout their careers. Being able to have more time to do the things you want is a goal that nearly everyone has.
You’ve filed your taxes, and now it’s time to make good on your promise to “spring clean” your finances. One key task is to throw away – or shred – old bank and credit card statements and aging tax returns that no longer give you joy. But there are other steps you can take to buff up your finances.
One is the risk of outliving your assets; the other is the risk of losing your purchasing power. How you allocate your assets to manage and mitigate those risks matters. Put too much of your money in one place, and you run the risk of not keeping pace with inflation. Put too much in another place, and you run the risk of running out of money or, as some say, lifestyle.
How to Avoid Retirement Woes