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When most people think of life insurance, they picture a safety net for loved ones in the event of an untimely death. While that is a key function, life insurance can also be a powerful tool in retirement planning. With the right strategy, a life insurance policy can do more…
Parents and grandparents often face a challenging financial question: How can you help fund a loved one’s college education without jeopardizing your retirement savings? Both goals are important, but balancing them requires a thoughtful approach to ensure neither is compromised. The following strategies can help you navigate this financial balancing…
When it comes to building wealth, taxes play a critical role in determining how much of your investment returns you get to keep. A tax-efficient investment strategy helps you minimize tax liability while maximizing growth, ensuring that more of your money works for you. 1. Utilize Tax-Advantaged Accounts Take full…
The Social Security cost-of-living adjustment (COLA) for 2025 is anticipated to be 2.6%, a modest increase that reflects the current economic environment. While this adjustment is intended to help beneficiaries keep up with inflation, it’s essential to understand its potential impact on your retirement income and whether it will meet…
Bankruptcy is often viewed as a last resort for those facing severe financial difficulties. But what if you’re 80 years old, saddled with over $100,000 in medical debt, and solely reliant on Social Security? The choices are far from simple. Some seniors opt to carry their debt to the end…
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…
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…
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…
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…
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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