Is Retirement an Anachronism During the Era of Covid-19?
Is retirement an antiquated idea? Should it go away like the horse and buggy did a century ago? If not, what new experiences and possibilities should professionals think about as they enter the latter years of their working careers? I think about these questions frequently, because the primary focus of [...]
Qualified Charitable Distributions: Using Your IRA to Give from the Heart
The Tax Cuts and Jobs Act roughly doubled the standard deduction ($12,200 for single filers and $24,400 for married taxpayers filing jointly in 2019) and indexed it for inflation through 2025. As a result, far fewer taxpayers will itemize deductions on their tax returns, and some people may be disappointed [...]
Keys to Building a Confident Retirement Strategy
Each year, the Employee Benefit Research Institute (EBRI) conducts its Retirement Confidence Survey to assess both worker and retiree confidence in financial aspects of retirement. In 2018, as in years past, retirees expressed a higher level of confidence than today's workers (perhaps because "retirement" is less of an abstract concept [...]
Getting a Larger Social Security Retirement Benefit
Many people decide to begin receiving early Social Security retirement benefits. In fact, according to the Social Security Administration, about 72% of retired workers receive benefits prior to their full retirement age (See Note 1). But waiting longer could significantly increase your monthly retirement income, so weigh your options carefully [...]
Strategies for Retiring in Volatile Markets
In an ideal world, your retirement would be timed perfectly. You would be ready to leave the workforce, your debt would be paid off, and your nest egg would be large enough to provide a comfortable retirement--with some left over to leave a legacy for your heirs. Unfortunately, this is [...]
Watch Out for These Six Potential 401(k) Rollover Pitfalls
You're about to receive a distribution from your 401(k) plan, and you're considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble free, there are some pitfalls you'll want to avoid. 1. The first mistake some people make is failing to consider the pros and [...]
Changes to Social Security Claiming Strategies
The Bipartisan Budget Act of 2015 included a section titled "Closure of Unintended Loopholes" that ends two Social Security claiming strategies that have become increasingly popular over the last several years. These two strategies, known as "file and suspend" and "restricted application" for a spousal benefit, have often been used [...]
Taxes, Retirement, and Timing Social Security
The advantages of tax deferral are often emphasized when it comes to saving for retirement. So it might seem like a good idea to hold off on taking taxable distributions from retirement plans for as long as possible. (Note: Required minimum distributions from non-Roth IRAs and qualified retirement plans must [...]
Can You Count on Dividends as a Reliable Income Source?
Dividends can be an important source of income. However, there are several factors you should take into consideration if you'll be relying on them to help pay the bills, especially if you are no longer earning income. An increasing dividend is generally regarded as a sign of a company's health [...]
A Do It Yourself Guide to Retirement Planning
Each year in its annual Retirement Confidence Survey, the Employee Benefit Research Institute reiterates that goal setting is a key factor influencing overall retirement confidence. But for many, a retirement savings goal that could reach $1 million or more may seem like a daunting, even impossible mountain to climb. What [...]