Last week the Consumer Federation of America and the American Savings Education Council sponsored America Saves Week in an effort to raise awareness and get more Americans to do whatever they can to save. In conjunction, the following annual survey was released, highlighting the differences in saving between the genders....
Social Security – Changes to File-and-Suspend and Restricted Applications Clarified
The Social Security Administration issued an emergency message late Friday to its field offices explaining how to implement changes that will ban future retirees from claiming only spousal benefits at full retirement age. Also of note, the Administration clarified that the official deadline to submit a request to file and suspend benefits (one of the strategies affected by the changes) and be grandfathered into the old rules is April 29, one day earlier than previously reported....
Tax Breaks for the Newly Retired
Because federal tax law reaches deep into all aspects of our lives, it’s no surprise that the rules that affect us change as our lives change. This can present opportunities to save or create costly pitfalls to avoid. Being alert to the rolling changes that come at various life stages is the key to holding down your tax bill to the legal minimum. Check out these issues that face the newly retired.
Estate Planning and Retirement
If you’ve done everything right, estate planning will be an issue that needs addressing. With proper planning and flexibility during retirement odds are in your favor that there will be something left to pass along to whoever you see fit to leave a legacy to. However estate planning goes beyond deciding your beneficiaries, though this is one of the major considerations...