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Once you retire, you will no longer be tied to a particular location due to your job. Many of us choose a new location for retirement, based upon proximity to family, climate, lifestyle, and other factors that are important to us. Have you considered taxes? Once you’ve transitioned to your…
For many years, qualified retirement accounts imposed a rule on required minimum distributions (RMDs), so that account holders must begin RMDs at age 70 ½. The SECURE Act changed that age to 72, giving retirees a bit more time to allow their assets to grow before taking withdrawals. Now, the…
With the holidays looming, who wants to think about filing their income taxes? That can wait until spring, right? Well, actually, tax planning should always be an ongoing practice. And that’s especially true at the end of the year, because certain actions must be taken now if you want to…
Life is getting pretty hectic for a lot of us right now, but that doesn’t mean you should forget about tax planning. In fact, the holiday season is the perfect time to earn one particular type of tax deduction, by making contributions to your favorite charities. But you must make…
We often caution our clients not to count on Social Security to provide all of their retirement income. But still, we acknowledge that the program does serve as a valuable supplement to other income that you’ve established for yourself. And because the cost of living does rise over time, the…
You’ve probably noticed that inflation has crept up in the last few years, and more of us are feeling the pinch in our budgets. That goes for retirees, too. And because the IRS recognizes that the cost of living changes throughout the years – for everyone, but especially impacting retirees…
The last thing anyone wants to receive is a surprise income tax bill. But when you’re retired, unexpected taxes can really disturb your budget. That’s why we advise clients to become aware of the income taxes they will likely face in their situations. But another way to deal with this…
For many retirees, healthcare becomes their largest expense. And that fact can come as an unpleasant surprise to retirees who expected Medicare to pay for most or everything that they need. Because your out-of-pocket spending on medical care can make a major dent in your budget, the right Medicare plan…
As you eye your expected retirement date, you might still be investigating different ways to generate retirement income. You might have heard of reverse mortgages, and you’re wondering whether this could be a good option for you. The answer is, it depends upon your unique circumstances. First, what is a…
We all know that con men have always been around, ready to prey on anyone they can reach. But the internet and digital banking have opened up a whole new playground for unscrupulous people. These days, “digital money movement” scams are on the rise, because con artists want access to…
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