People who inherited retirement accounts in recent years finally have guidance from the Internal Revenue Service on how to drain their accounts. A few strategies can help you avoid handing over more than necessary to the IRS.
Retirement Planning
Your Retirement Anxiety Can’t Be Cured Online
The often-cited goal of having a $1 million retirement nest egg needs to be retired itself. Adjusted for inflation, it would take nearly $1.9 million to have the same purchasing power today as in 1999, when the oldest of millennials were just turning 18. Granted, $1 million still sounds like a lofty sum to many Americans, which could be why so many are nervous that they won’t reach the double-comma club by retirement.
What’s Ahead for Social Security in a Biden-Trump Showdown
A fight over Social Security is brewing between Joe Biden and Donald Trump. Now that both presidential candidates have clinched their nominations, we’re likely to hear more proposals to fix the program—raising fresh questions about whether future retirees can count on their full benefits.
Deciding When to Retire: When Timing Becomes Critical
Deciding when to retire will have a substantial impact on your Social Security benefits. If you decide to start receiving payments at age 62, they will be lower than if you waited until your full retirement age. Contact the Social Security Administration for more information.
America Has Never Had So Many 65-Year-Olds. They’re Redefining the Milestone.
More Americans are turning 65 this year than any prior time in history.Today’s 65-year-olds are redefining a milestone long associated with retirement parties and the end of productive years. They are wealthier and by many measures, healthier, and expected to live...
Where Your Social Security Benefits Get Most Bang For The Buck
If you’re relocating for retirement, does it make sense to see to what extent your Social Security benefits will support your lifestyle? Yes, because there are number of factors to weigh.Some 11 states tax Social Security benefits to some degree. Most states, however,...
These Families Are Shutting Down the Bank of Mom and Dad
Parents are cutting the financial cord with their adult kids later than ever. They hope it isn’t awkward.The parents have been paying the monthly phone bill and covering rent for far longer than in prior generations. Some are helping their children with down payments...
10 Years and Counting: Points to Consider as You Approach Retirement
If you're a decade or so away from retirement, you've probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you...
5 Money Mistakes That Keep You Poor
Navigating the complicated financial landscape in the United States is challenging, especially considering the varying costs of a comfortable lifestyle.Recent statistics from GOBankingRates reveal a median income of approximately $53,000 for comfortable living,...
Retirement Planning Key Numbers
Certain retirement plan and IRA limits are indexed for inflation each year, and 2024 saw increases in many figures. Some of the key numbers are listed below, with the corresponding limit for 2023. (The source for the 2024 numbers is IRS Notice...