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Retirement

Three Crucial Tax Rules for Retirees
June 10, 2024

As retirees begin a new chapter in their lives, understanding tax rules is essential for effective financial planning. The last thing you want is a surprise at tax time in the spring! If you’re preparing to retire in the next few years, it’s vital to understand how your tax situation…

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The Gender Gap in Divorce: How Retirement Can Be Impacted
June 5, 2024

Divorce significantly impacts financial stability, particularly for women. Although both partners face financial challenges during and after a divorce, women often experience greater difficulties, especially regarding retirement savings and Social Security benefits. Unequal Division of Assets In many divorces, marital assets are divided between spouses. However, women frequently receive a…

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How to Avoid the Potential Pitfalls of RMDs
May 14, 2024

Saving for retirement in a traditional IRA or 401(k) plan comes with significant tax benefits, allowing you to defer taxes on your contributions and potentially grow your nest egg faster. However, there’s a downside to these tax-deferred accounts: required minimum distributions or RMDs. Here’s why RMDs can be problematic and…

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The Financial Wisdom of the Wealthy: Banking Practices That Build Wealth
March 18, 2024

Understanding how the affluent manage their finances can offer valuable insights for anyone seeking to enhance their money management skills. Among the key strategies employed by the rich are prudent banking practices aimed at preserving and growing wealth. Here’s a closer look at some of the banking mistakes wealthy individuals…

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Planning for the Future: New 2024 Retirement Contribution Limits
January 8, 2024

As we set our sights on the future, it’s essential to revisit our retirement savings strategy, and the newly announced contribution limits for 2024 provide a timely opportunity to do just that. For individuals contributing to 401(k), 403(b), 457 plans, and Thrift Savings Plans, the new limit stands at $23,000….

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Exploring New Horizons in Retirement Planning for a Secure Future
November 13, 2023

Retirement planning is evolving in response to changing demographics, economic uncertainties, and societal dynamics. As we enter an era marked by extended life expectancies and novel approaches to work and leisure, staying attuned to emerging trends in retirement planning is essential for ensuring financial stability in your golden years. Here,…

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Navigating the 2025 Estate Tax Sunset: A Guide to Lifetime Giving and Split Gifts
November 5, 2023

Estate planning is a complex process that requires careful consideration of various factors, including the estate tax. The year 2025 is significant for estate planning due to an impending change known as the “Estate Tax Sunset.” The 2025 Estate Tax Sunset The Estate Tax Sunset is a term used to…

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Maximizing Social Security Benefits: Tips for Optimizing Your Payout
October 16, 2023

Social Security benefits play a crucial role in providing supplementary income during the retirement years. Maximizing these benefits is essential for securing a comfortable retirement lifestyle. Luckily, we have a number of strategies to help you accomplish that goal. 1. Delay Claiming Your Benefits. One effective strategy to maximize Social…

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The Power of Compounding: Starting Your Retirement Savings Journey
October 9, 2023

When it comes to saving for retirement, time is your most powerful ally. The earlier you start saving, the more you can benefit from the magic of compounding. Compound interest is like a snowball rolling downhill, steadily growing and gaining momentum. Let’s discuss how you can harness the power of…

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Retirement Healthcare Costs: Planning Ahead for Medical Expenses
September 11, 2023

As you embark on your journey towards retirement, it’s important to remember that healthcare costs are a significant factor that can impact your financial well-being. Medical expenses tend to increase with age, and planning for these costs is crucial for maintaining a comfortable and secure retirement. Here’s why and how…

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