Social Security truth or consequences
There are hundreds of rules and claiming strategies – the wrong one can have major repercussions.
Tax
This retiree trap can send your Social Security benefits to the IRS
Seniors will have to pay income taxes on a certain portion of their benefits if their taxable income plus 50% of the benefits exceed a certain threshold.
Business meal deductions likely here to stay after new IRS guidelines
The IRS is expected to release guidance saying that business meals will continue to be 50% deductible.
Here’s how much you have to save every month to retire with $750,000
Someone who starts saving from age 20 can sock away 90% less per month than someone who gets a later start at age 50 and still build the the same size of portfolio.
Less is more: Use a minimalist approach for 401(k) investing
Investors have an average of 25 funds to choose from in their 401(k) plans, but some financial advisors suggest that the best approach is to pick a small number of very broad funds.
The rich person Roth: For the most tax-free retirement income
High-net-worth clients can bump into income limits when it comes to making Roth IRA contributions, but they can find other tax-saving strategies to save for retirement.
Universal life insurance, a 1980s sensation, has backfired
Many older Americans are now facing hefty life insurance premiums due to dwindling interest rates. Many seniors are sitting on a "ticking time bomb."
The pros and cons of a reverse mortgage
These loans can be a good option in some cases, but they're not a cheap way to borrow money so senior citizens with good credit may have cheaper alternatives.
There are thousands of ways to claim Social Security — here are three
Waiting until your 70th birthday is the much-discussed strategy to maximize benefits. But in some circumstances, you won't miss out if you file earlier.
Are you a gambler, speculator, investor or risk manager?
Clients approaching or already in retirement should be a risk manager who focuses on risk tolerance.
IRS allows student loan repayment benefits within 401(k) plans
Even though the program was created by a large multinational corporation, companies of all sizes could utilize this approach.
How to tap retirement savings without getting hit with a penalty
IRS rules allow clients in certain circumstances to tap their retirement accounts before the age of 59 1/2 without a 10% penalty. But this still should be considered a last resort, an expert says.
Tax overhaul 2.0 bill unveiled by House GOP ahead of election push
Republican lawmakers introduced legislation Monday that would make the 2017 tax overhaul for individuals permanent in a bid to highlight their signature economic policy achievement ahead of the November elections.
The 4% retirement rule is just a starting point
The guideline used a specific set of assumptions: a retirement lasting 30 years with savings in a tax-deferred account and nothing left for heirs. Change just one and your “safe” withdrawal rate may differ.
Retiree tax tip: Tally taxes on Social Security
Retirees will owe taxes for up to 85% of their Social Security benefits if their adjusted gross income plus nontaxable interest exceed a certain threshold.
Financial factors to consider when choosing a retirement location
Cost of living is a key consideration, but a retiree’s goals and objectives are also important.
Myth: Life insurance is not taxable
While proceeds from life insurance are not subject to income tax, there are other taxes that will apply. But there are steps to take to avoid those liabilities too.
Will single boomers move to senior housing?
Many single baby boomers opt to stay put in retirement because they have no children who would advise them to move to an assisted living or continuous care community.
New retirees: Don’t overlook this tax-planning sweet spot
Seniors are likely to be in a lower tax bracket in the few years after retirement, creating a "sweet spot" for them to convert some of their traditional 401(k) or traditional IRA assets into a Roth account.
The best way to save for retirement may be to not think about it
Recent studies suggest that although many Americans have boosted their retirement savings, many people remain worried about their future prospects
