Wealth Building - The American Retiree

Don’t miss these seven essential year-end financial tasks

As the year comes to a close, it’s time to turn your attention to your tax and retirement planning. With the tax deadline well behind us, accountants have more availability for tax-planning meetings. This is an opportune time to reflect on the year and make any necessary changes to your financial strategy. You can start by checking off these seven year-end financial tasks. 1) Tax-loss harvesting Take the time to analyze your portfolio and determine …

Shocking Shift: Cost of Living Dethrones Retirement as Biggest Worry!

A significant shift has occurred in the financial concerns of American workers and their employers in recent years. Traditionally, retirement readiness held the top spot on the list of financial worries. However, a new contender has emerged, overshadowing even the critical aspect of retirement planning: the escalating cost of living. This change in priority, highlighted by a survey from the Employee Benefit Research Institute (EBRI), reflects the economic upheavals experienced since 2020. The EBRI Study’s …

401(k) Contribution: How Much Is Enough?

When embarking on a new job and enrolling in your company’s 401(k) plan, you’ll face a pivotal decision – how much to contribute to this account. Although it may initially seem straightforward, this choice significantly influences various aspects of your financial life, including the deductions from your paychecks, your annual income tax bill, and the nest egg you’ll amass for your retirement years. Here’s a guide to help you determine the ideal amount to save …

How Foreign Dividend Stocks Can Make or Break Your Roth IRA!

In today’s global economy, savvy investors are looking beyond the borders of the United States to diversify their portfolios. This trend is evident even among retirees managing Roth Individual Retirement Accounts (Roth IRAs), with foreign dividend stocks emerging as an attractive option. While these investments offer a unique set of opportunities, they also come with their challenges. This comprehensive guide will navigate the complexities of incorporating foreign dividend stocks into your Roth IRA. Understanding the …

Choosing the Best Retirement Income Strategy for You!

Retirement is a significant milestone, and ensuring a steady income during this phase is crucial. Two popular strategies stand out when it comes to managing retirement funds: the Bucket Strategy and Systematic Withdrawals. Let’s delve into the intricacies of these approaches to help you make an informed decision. Understanding the Importance of Retirement Withdrawals Retirement planning doesn’t end with saving; it extends to strategically withdrawing your funds. The Bucket Strategy segments your funds based on …

Attention Beneficiaries! Discover Your Options When Inheriting Property from a Trust!

Navigating through the intricacies of estate management can be a challenging endeavor, mainly when it involves the distribution of valuable assets such as real estate. For individuals stepping into the role of a trustee after the demise of a grantor, it is imperative to grasp the nuances of transferring property out of a trust to the rightful beneficiaries. This process is not only a legal obligation but also a crucial step in upholding the financial …

Airbnb’s NYC Drama: An Investment Opportunity in Disguise for Retirees?

Airbnb Inc. has recently taken center stage in the real estate conversation. As of September 5, New York City, one of Airbnb’s primary markets, has enforced what the company refers to as a “de facto ban” on its short-term rental services. This move has led to a noticeable drop in the number of short-term listings in the city. The Potential Real Estate Market Shift Robert Kiyosaki, the renowned author of “Rich Dad Poor Dad,” predicts …

These Wealth Transfer Hacks Will Make Your Kids Thank You Forever

There is a significant shift of wealth from baby boomers to their children as they seek to provide financial support. As the younger generation accumulates wealth, financial and wealth planning strategies must evolve and adapt accordingly. Parents can aid their children in becoming first-time home buyers. Rather than just handing over cash, here are some other more beneficial ways parents can assist their children financially. 1. Custodial Accounts: Parents often set up custodial accounts for …

The Hidden Perks of Renting That Retirees Are Raving About!

The nest is empty, and the echoing rooms of your five-bedroom home seem too vast. The maintenance costs are mounting. It’s time to think about downsizing. But here’s the million-dollar question: Should you buy a smaller place or rent one? The Appeal of Renting Many homeowners, especially those who’ve owned their homes for decades, might balk at renting. But before you dismiss it, consider the financial implications. Imagine you sell your spacious home and walk …

Discover How to Create an Income-Generating Portfolio

For many people, portfolio income is the path to achieving financial independence. Funds accumulated during one’s working years can be used to construct an investment portfolio that generates revenue during retirement. Here is a guide to creating a portfolio that focuses on generating a steady income. Definition of Portfolio Income Income can be conveniently categorized into three primary types: Portfolio Income vs. Passive Income Passive income denotes regular earnings that do not necessitate active engagement. …