As we are starting to emerge without masks, this week’s article discusses the ways that COVID-19 has impacted the economy and retirement. “COVID-19 has accelerated many of the trends that were already challenging the outdated study-work-retire model…” and has us rethinking retirement. If you’re feeling less secure about your finances due to the pandemic, you’re […]
The New Retirement Read More »
This week’s article includes a retirement calculator to assist you in determining whether you are successfully targeting what you need for a secure retirement. It even includes information about Social Security (which is calculated on a sliding scale based on your income) and how to allocate for a non-working spouse in your plan. Household income,
Retirement Calculator Read More »
Retirees sometimes get to the point where, as the saying goes “it is what it is” and there “is” only so much money in their retirement savings account, and it won’t or can’t get any bigger. So then the question becomes, what can be done with that savings to last through what is hopefully a
The Alliance for Lifetime Income recently published a new economic report about the “Peak 65 Generation” you might be interested in. “Peak 65 is a term used to describe the point in time when more Americans will turn age 65 than at any point in history.” This will occur in 2024. “This fast-approaching milestone requires
The Peak 65 Generation Read More »
Are you a small business owner? You may find this interesting. According to this week\’s article, \”the 401(k) has become the go-to retirement plan for many Americans.\” In fact, the article goes on to say that the \”flexibility, tax savings and scale of 401(k) plans\” have made them \”attractive to employers\”, as well as employees.
Can a minor participate in a 401k? Read More »
Did you know that 40.2% of older Americans have Social Security as their only income?* We believe in supplementing your retirement with additional income you can’t outlive. Call us if you are interested in learning more about a product that provides this. Protect your principal from market losses, and generate a lifetime income. We’re always
What Strategy is Right for You? This week’s article confirms an announcement recently made by the IRS. “You now have an extra month to lower your tax bill with contributions to your individual retirement account (IRA). Just like last year, the IRS has extended the 2020 tax filing deadline to May 17, allowing Americans an
Tax Filing Deadline Extended Read More »
Deadlines for filing tax returns are approaching. So, we’re reminding people about another deadline as well: retirement account deposits. Each year, you have a permitted annual deposit that can be made into your retirement account. If you miss the deadline, you may miss an opportunity to increase your retirement. Have a Roth IRA? You may
Retirement Accounts Read More »
Lately, we have been asked about taxes and life insurance. Specifically whether or not beneficiaries of a life insurance policy have to pay income taxes on that money, or whether the estate has to pay taxes on it. The simple answer is, usually, no. However, there can be nuances involved. For example, taxes can depend
DO BENEFICIARIES PAY TAXES ON LIFE INSURANCE? Read More »
This week’s article tells us “experts want you to start saving as soon as possible, no matter what amount you can afford to put away.” The first goal is to simply get into the habit of saving for the future because the future comes sooner than you think. “The second is to take advantage of
Saving for Retirement Read More »
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