Your retirement income should not depend on the market but on mathematics. The arithmetic isn’t as complicated as you would imagine. It all begins with separating your assets into three distinct containers.
Despite frequent reminders, many ignore the need to save separately for retirement. An estimated 33% of Americans have no retirement savings, but more alarming is that 30% of those aged 55 and older are in the same predicament. Social Security is a major contributor to the fact that so few of us save. The National Academy of Social Insurance estimates that about 25 percent of elderly Americans depend solely on Social Security. Although Social Security …
No matter how healthy you are, it would be best to plan for higher healthcare bills once you retire. All payments made to a medical professional, facility, or insurance company, such as premiums, deductibles, copayments, and coinsurance, are included.
We’ve spent the last decades inching toward a world with too few workers and too many retirees depending on their labor, like a train crash in slow motion. Have we finally reached the tipping point?
According to some estimates, humans make a staggering 35,000 decisions every day. That equates to about 2,000 options for each hour of awake time. Thankfully, most decisions (such as what to eat for breakfast or what shoes to wear) are made swiftly and spontaneously. However, several decisions in life require a more thorough approach.
The price for any error with RMDs is 50% of what’s missing, which may be tens of thousands of dollars, representing a significant amount of money. Now is the chance to make amends if you failed to make your RMD payment by December 31, 2022, paid the incorrect amount or learned you made a mistake in a prior year. The sooner you remedy it, the more probable it is that the IRS will waive the penalties, and your odds are strong, despite the agency’s reputation for severity.
Today’s money is controlled through online banking accounts, investing applications, trading platforms, and cryptocurrency exchanges. However, as the saying goes, you cannot take it with you. What happens to the funds in your online accounts when you pass away? Who receives it, and how does that function?
Moving forward into the new year, breaking the underlying rule that money is too forbidden to discuss between family members is crucial. Inevitably, family members will need to find common ground regarding financial strategy. What if financial planning involved more than just talking to an advisor? Could it also serve as a springboard for a meaningful dialogue on the family unit’s future as a whole, including grandparents, children, and partners? Financial advisors have been moving …
The real estate investment trust, or REIT, owns, operates, or finances real estate that generates revenue. REITs provide an investment option, similar to a mutual fund, that enables average Americans — not only Wall Street, banks, and hedge funds — to profit from valuable real estate; REITs offer access to dividend-based income and total returns and help communities grow, flourish, and rejuvenate.
The new retirement rules included in the legislation passed by President Biden in December include a few adjustments to necessary withdrawals from retirement accounts that are sure to be well received by the elderly with significant disposable income.