Despite a reported lack of retirement savings and less certainty when it comes guaranteed income (whether from Social Security or pension benefits) to support them in retirement, data still shows that more than two-thirds of Americans are out of the full-time workforce by age 66....
Year-End Retirement Savings Actions
The end of the year is approaching, but it may not be too late to make some retirement account decisions that can help you reduce your 2016 tax burden. In fact, for IRA accounts you have until your tax filing deadline (usually April 15 of the following year) to make a contribution that will count towards tax year 2016. With that in mind, here are a few last-minute moves you can make that will qualify you for retirement savings tax perks....
Defining the Ideal
Each individual has a vision of his or her “ideal” retirement: perhaps it’s being able to travel on a whim, or working on your golf game, or even just quitting the rat race to do work that you’re more passionate about, paid or not. When you’re one half of a couple, though, it’s imperative that this vision is shared with your partner so that both of your retirement years are ideal....
Taxing Forethought
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....