Financial Planning Association: “The odds are extremely good that my wife will outlive me. Whatever the reason - genetics, a healthier diet, the fact that she uses our treadmill as something other than a clothes rack - there will likely come a day when she bids me adieu.
Most people know that women [...]
AARP: “A widow just shy of her 90th birthday recently asked me to review her investment portfolio. This happens a lot: Much of my practice involves giving second opinions to other financial planners’ clients. This widow had a reason to worry. She had been sold two expensive annuities — just about the last [...]
Seacoast Online: “The Roth IRA, originally established as an attractive retirement savings vehicle for middle-income Americans, had been out of reach to high-income earners until now. As of 2010, investors of any income can convert retirement plans and IRAs to Roth IRAs. This means that even high earners who convert to Roth IRAs [...]
Bankrate.com: Since its inception more than three decades ago, the individual retirement account, or IRA, has solidified its role as the investment tool of choice for long-term savers seeking tax-favored growth.
Some 46 million U.S. households, or 39 percent, own an IRA, according to the Investment Company Institute, most with the [...]
Yahoo! Finance: The first wave of Baby Boomers turned 65 earlier this year. Once, that was the official retirement age, the birthday after which you could spend entire Tuesdays on the golf course with no judgment. It was also the age at which people would start to look askance at the office.
CBS Boston: As an adult child you may have begun to worry about the physical decline in your parents.
They can’t maintain their garden without some help. Dad needs you to help him put in the air conditioners. Mom is having trouble balancing her checkbook.
All signs of normal [...]
Yahoo! Finance: Simply saving in a 401(k) plan isn’t enough to ensure your retirement security. You also have to withdraw the money from your retirement account in a way that maintains as much of your spending power as possible. This typically involves taking steps to minimize taxes and avoid fees and penalties. Making [...]
Daily Breeze: Changing jobs after a long stint with a single employer can be challenging in itself. But for those who’ve paid scant attention to their 401(k) plans over many years, deciding what to do with the funds can be downright daunting.
Allen, a Long Beach computer programmer, writes:
Phoenix Business Blog: Death and taxes may be two certainties in life, as Benjamin Franklin once pointed out. But for business owners, there’s another sure thing: the time will come to exit the business.
Yet, in working with business owners in peer advisory boards, I’ve found that most business owners don’t plan [...]
Free Money Finance.com: In looking at Wikipedia’s 401(k) IRA matrix that compares the benefits of a traditional IRA, a Roth IRA, a 401k and a Roth 401k, the following stands out as a BIG advantage of the Roth IRA:
Forced Distributions: None. This is a huge advantage for Roth IRAs within estate planning.
U.S. News & World Report: Increasingly, Americans are pushing back their ideal retirement age. The age workers expect to retire rose from an average of 60 in 1995 to 66 in 2011, according to a recent Gallup poll. And a Harris Interactive survey released last week found that Americans age 55 and older [...]
U.S. News & World Report: The rules of retirement have changed over the past generation. Individuals must now take more personal responsibility for their retirement finances, even as life expectancies increase and personal savings rates remain low. “Each succeeding generation is looking at a less secure retirement, with today’s seniors being the best [...]
Yahoo! Finance: Where’s the best state for you to retire? Here’s a good place to start your search: These five impose the lowest taxes on retirees in the contiguous U.S., according to our research. All these retiree tax heavens exempt Social Security benefits from state income taxes. Many of them exclude government and [...]
Since its introduction under the Taxpayer Relief Act of 1997, the Roth IRA has become a popular retirement and estate-planning tool among U.S. taxpayers. According to a study done by the Investment Company Institute, Roth IRA assets increased to $215 (estimated) billion as of December 2009. However, many individuals are [...]
Yahoo! Finance: Deferring retirement, even for several years, won’t guarantee even a bare-bones retirement for millions of older Americans, according to a detailed study by the Employee Benefit and Research Institute (EBRI). In fact, the lowest-earning 25 percent of Americans would have to work until age 84 so that 90 percent of them would have [...]
U.S. News & World Report: Individual retirement accounts held an estimated $4.7 trillion in 2010, which is just over a quarter of all retirement assets in the United States. Some 49 million Americans had at least part of their nest egg stashed in an IRA last year. How well you choose IRA investments and minimize [...]
Yahoo! Finance: Consider this statistic: A third of all couples retire within a year of each of other.
Though there are a number of explanations regarding age and money, the answer that researchers keep coming back to is that couples really do enjoy spending time together, says Courtney Coile, an economics professor at Wellesley College [...]
Yahoo! Finance: Policy experts have focused on alternative ways of eliminating Social Security’s 75-year financing gap, but lost in the debate is the fact that even under current law Social Security will provide less retirement income relative to previous earnings than it does today. Combine the already legislated reductions with potential cuts to close the [...]
U.S. News & World Report: Many of us worry about what could happen to our retirement investments if our plan were to be terminated or mismanaged. Creditors can also come looking for your retirement money. Here are some protections designed to help you keep your nest egg intact.
U.S. News & World Report: Many people obtain life insurance when they first have children and then forget about it, except when the premium bill comes due. But an effective financial plan includes reexamining your life insurance needs throughout your life to ensure that the assets you’ve accumulated are protected and to provide additional opportunities [...]
Arizona Republic: For most of us, Social Security requires few decisions and minimal involvement. Employers deduct payroll taxes automatically, or you make payments on self-employed income through the Internal Revenue Service. The government takes over from there, sending out yearly statements providing a glimpse of what your future benefits might be.
But there is one [...]
Forbes: “The Justice Department is calling the ObamaCare mandate a tax. . . . it amounts to what’s likely the largest tax increase in U.S. history.
Free Money Finance: “I’ve said many times that success in managing personal finances is pretty simple: spend less than you earn over a long period of time. If this is the heart of your financial plan, it’s likely that you’ll be prosperous. That said, there is one other thing you’ll need to do [...]
NJ.com: “The passing of retirement accounts, including traditional IRAs, requires particular attention because of the numerous statutory dictates, including Required Minimum Distributions (RMDs).”
Forbes: “the term ‘stretch IRA‘ was used to describe the strategy in which a spouse, child or grandchild inherits a traditional pretax IRA and then draws out distributions (and hence tax deferral) over his or own life expectancy.”
DesMoinesRegister.com: “The new year rings in a new financial planning strategy that could be right for many people: Roth IRAs. Previously, Roth individual retirement accounts were a tool only available to those who earned less than $100,000 annually, but now with the Tax Increase Prevention and Reconciliation Act of 2005, or TIPRA, everyone [...]
Wall St. Journal: “Individual retirement accounts funded with 401(k) assets count among your traditional IRA assets during a Roth IRA conversion. The language is confusing, since many custodians refer to such accounts as rollover IRAs. But they are technically traditional IRAs. Any IRA labeled as a SEP, SIMPLE or contributory is included, as well. . [...]
Bloomberg.com: “The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged. The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion [...]
Lawyers USA: “For the first time, as of Jan. 1, 2010, individuals with an adjusted gross income of more than $100,000 can convert an existing IRA or 401(k) account into a Roth IRA. Estate planning attorneys should contact their clients about this opportunity, and lawyers should consider whether to take advantage of the [...]