What would you do with an extra $10,000? Maybe you’d pay off some debt, get rid of some college loans, or take a much-needed vacation. What if you suddenly had an extra million or 10 million or more? Now that you’ve come into a windfall, you have some issues to deal with.
There’s a pretty good chance that your parents and grandparents retired just because they turned 65. Today’s retirement is a bit more complicated than that. While age is still an important factor, your ability to connect your financial resources to your lifestyle goals is what will truly determine if you’re ready to retire.
Teachers are on the front lines of our children’s futures, so it’s unsettling to see evidence that their own future is increasingly at risk.
Eight ways to help reduce your taxes now and in the future
Prior to the December 31 deadline, consider reviewing these options with your financial and tax advisors.
1. Making Annual Gifts
In schools across the country, there are countless teachers working through their lunch breaks trying to keep up with the demands of the day. But what many don’t know is that in the time it takes to eat lunch, they could conduct a retirement savings review with a financial professional.
It sure is fun to see the positive returns of a bull market. But, if you are cringing at the sight of significant downturns and losses when a big, bad, bear comes into view, perhaps the slow, steady, performance of a fixed indexed annuity should be part of your retirement savings mix.
The window of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2018 tax year.
Timing is everything
If you're a small-business owner, you probably pour your heart, soul, and nearly all your money into your business. When it comes to retirement planning, do you cross your fingers and hope your business will provide the nest egg you'll need to live comfortably? What if you become ill and have to sell your business early?
With more than 95% of American workers currently covered by Social Security, there are some things about this massive retirement program that you should probably know.
Retirement can sneak up on you.