Social Security is far more complicated than most people realize. The decisions you make now can have a tremendous impact on the total amount of benefits you stand to receive over your lifetime. Have you ever wondered when you should apply for Social Security? Maybe you’re wondering how you can maximize your benefits? Or whether or not it’ll be enough to live on in retirement? Find these ...
Trusts generally are used to reduce tax and help individuals leave wealth to their loved ones. But most trusts don't last forever and applicable taxes may discourage trust owners from leaving wealth to generations beyond, say, their grandchildren. However, a dynasty trust is different in that it specifically enables a wealthy family to arrange for a long-term transfer of wealth by preventing tax ...
If you're age 50 or older, you can make extra "catch-up" contributions to certain types of retirement accounts. Many people fail to capitalize on this opportunity because they haven't looked at the significant impact these extra contributions can have on their retirement-age wealth. If you're worried that you won't have enough money saved to be financially comfortable in retirement, your worry may...
If you're an "experienced" taxpayer, you're probably entitled to some age-based federal income tax breaks that younger taxpayers can't claim. Here are some details to help you take advantage of two valuable opportunities to lower your federal income tax obligations. 1. Make Retirement Account Catch-Up Contributions If you're age 50 or older, you can make extra "catch-up" contributions each year ...
If you’re in, or nearing retirement, you may be wondering how the 2024 presidential election may impact your portfolio - and your retirement plans. Perhaps you’re wondering if you should wait to claim Social Security and work a little longer? You’re not alone. It’s natural for investors to look for a connection between who wins the White House and which way stocks will go. Join us to learn...
Should you transfer wealth during your lifetime or transfer it to heirs after your death? Answering this question can be complicated because many factors are involved. For example, you might want to take advantage of the inflation-adjusted $12.06-million gift and estate tax exemption now, since the exemption amount is scheduled to be cut approximately in half after 2025 (unless Congress acts). On ...
Section 529 plans can be a tax-smart way to save for college and other qualified education expenses. Contributions to these plans aren't deductible for federal tax purposes, but earnings and gains accumulate federal-income-tax-free. Then you can take federal-income-tax-free withdrawals to cover qualified education expenses. What happens if a 529 account turns out to be overfunded — or if you're ...
By: Larry Swedroe Last year was full of unexpected events – from a regional banking crisis, to rising geopolitical risks, to skyrocketing mortgage rates – that ultimately led to a solid year for markets and a recession that never came. The events that unfolded in 2023 once again showed that there are no crystal balls that allow investors to see the future clearly. Thus, when building a ...
Estate planning involves a lot of moving parts. So you'd be forgiven for overlooking or forgetting about certain issues when making decisions about transferring wealth in the most tax-effective manner after you die. An experienced estate planner can help ensure you dot all the "i's" and cross all the "t's." But if you've done some of your own estate planning or worked with different advisors over ...
Parents with college-bound children often don’t understand the complexities of the financial aid process. They can’t plan for the tuition costs effectively without the right information on what to do to get more financial aid for their children. This one-hour webinar led by Colton J. Hastings, CFP® will familiarize you with the primary rules governing the financial aid process, how to form ...