It may seem extreme to plan today for the taxes you'll pay 20, 30 or even 40 years from now, but smart people do just that. In reality, taxes have the potential to be one of, if not the largest expense during your retirement. Consider this - after decades of deferring tax on your retirement savings, the tax bill becomes due once you tap those resources for income when you leave the workforce. Therefore, you need to plan ahead if you want to minimize the taxes you will pay during your retirement years....
Don’t Forget to Take your RMDs
It’s that time of year again. Required Minimum Distribution season is upon us. Here’s a quick reminder of the rules for everyone.
If you are age 70 1/2 and older, you must take a required minimum distribution (RMD) from your traditional 401(k)s and traditional IRAs by Dec. 31, 2016, and income tax is due on each withdrawal....
Medicare Premiums and Deductibles Announced for 2017
Last Thursday Medicare announced its changes for deductibles and Part B premiums for 2017. Bad news first – premiums are going up for everyone (both new and all current enrollees, unlike last year where 70% of Medicare recipients were protected by the “hold harmless” provision) next year. The good news is that the increase will not be at the worst-case-scenario projected by the Medicare trustees earlier this summer....
If Life Had a Rewind Button…
In life, our biggest regrets are often things we didn’t do rather than what we did – not spending enough time with family, not seeing the world as much as we would have liked, or not going after the “dream job” and settling for the safe one.
This also holds true for some of our biggest financial regrets....