A party store saleswoman shows us a critical flaw in our retirement planning. getty Suzy rings up another customer in a party supply store. Surrounded by bright, bouncing balloons celebrating everything from anniversaries to birthdays, Suzy scans a bag of blue plastic spoons while speaking to a friend. Leaning across the checkout counter between bouquets
Retirement
I’ve got some good news. You’re not crazy. That’s the message of one of my favorite books of 2020, “The Psychology of Money,” written by Morgan Housel and inspired by a popular blog post he wrote in 2018. It’s a compelling read and the book offers many great lessons, but I thought this particular encouragement was worthy
Yellow paper with text 2021 tax laws,concept getty Plan Now With the results of the Georgia runoff election in the Democrats Control the House, the Senate and the White House. So, the potential for harsh tax legislation increasing taxation of the wealthy, along the lines of prior Democratic proposals, might be likely to happen. What
UNDATED FILE PHOTO: Country singer and songwriter Johnny Paycheck (C) holds a teamsters union sign … [+] while joining a group of striking bookbinders in this photo from 1977. (Photo by Getty Images) Getty Images Do you have enough money to tell your boss, as singer Johnny Paycheck would say, “Take this Job and Shove
A series of strategies for tax-wise investors. Table of Contents. Location getty There are good places and bad places to park certain kinds of investments. Swapping locations can save a bundle at tax time. You have, or should have, three slots for money: a taxable brokerage account, pretax 401(k) or IRA retirement accounts and a
A series of strategies for tax-wise investors. Table of Contents. Conversion getty You can prepay income tax on some of your IRA, making future withdrawals tax-free. This is very clever if (a) your tax bracket is fairly low at the moment, and (b) you can cover the tax bill with money from outside the account.
A series of strategies for tax-wise investors. Table of Contents. Annuitant getty A Qualified Longevity Annuity Contract is a contract with an insurance company that (a) pays out a fixed monthly amount beginning at an advanced age and (b) is bought inside an IRA. The most you can put into a QLAC is $135,000 or
WILMINGTON, DE – DECEMBER 23: President-elect Joe Biden announces Miguel Cardona as his nominee for … [+] Education Secretary at the Queen theatre on December 23, 2020 in Wilmington, Delaware. Cardona, the Connecticut Education Commissioner, will face the urgent task of planning to reopen schools safely during the COVID-19 pandemic. (Photo by Joshua Roberts/Getty Images)
Whole life insurance receives its name because it provides the owner with a death benefit for the whole lifetime. It is a form of permanent life insurance. Whole life also includes an accumulation and savings component through its cash value. Whole life insurance may be viewed as a fixed-income investment vehicle that incorporates a permanent
Now that the 2020 is over, remorse may set in and you may be left wondering if you should have done something different to save taxes. A common question I hear is whether it make sense for retirees to take their required minimum distributions (RMDs) now or if they should save taxes by taking them