It's important to create an estate plan so your loved ones will know your wishes regarding your wealth and other issues. The first step is to work with your advisors to draft and sign a will, health care directives, powers of attorney and, potentially, trust documents. But there's another critical task. You'll need to find places to store estate-planning documents that are both safe and easily ...
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits for some recipients. The Social Security Administration (SSA) estimates that more than half of recipient families owe federal ...
Last August, the highly respected Conference Board, which compiles the Leading Economic Index, believed the U.S. economy would not expand in the third quarter of 2022 and “could tip into a short but mild recession by the end of the year or early 2023.” The Conference Board doubled down last month, forecasting that “a contraction of economic activity” will begin in Q2 and lead to a mild ...
While many find it anxiety-provoking to think about, creating a legally binding plan to distribute your assets after your death ultimately provides you with peace of mind. You can rest easy knowing that your wishes will be carried out as you have requested. Some folks prefer a DIY, or do-it-yourself approach, but this may not be the best option for everyone. One reason is because each state has ...
Are you new to self-employment? Working for yourself doesn't mean you must forego tax-advantaged retirement savings. In addition to contributing to a traditional IRA, there are two basic retirement plan options that may make sense for self-employed individuals: Simplified Employee Pensions (SEPs) and SIMPLE IRAs. Here are the pros and cons of these plans. Important: For purposes of this article, ...
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven't yet taken advantage of this retirement saving strategy. Making annual Roth contributions can have a big upside by allowing you to accumulate a federal-income-tax-free nest egg for retirement. Roth IRA Basics Contributions to Roth IRAs are ...
We plan for retirement because we know that we may not want to work forever. An artificial retirement age set by our employer may limit our options. Health issues may also dictate when we decide to retire. With your input, we can help devise a plan that puts you on the road to financial security. The result is designed to leave you with sufficient assets so you can maintain your current lifestyle ...
The IRS announced that January 23 was the start of the 2023 tax season—or the date the IRS began accepting 2022 tax year returns. Most taxpayers have until Tuesday, April 18, 2023, to submit their tax return or request an extension. Taxpayers requesting an extension have until October 16, 2023, to file. Even if you file for an extension, you are still required to pay the taxes you owe by April ...
With all the turmoil in the banking industry today, it may be a good time to revisit what the FDIC is, how it works, and how you can make sure you are covered. What is the FDIC? The Federal Deposit Insurance Corporation protects bank depositors as an independent agency of the US government against the loss of their insured deposits. The FDIC protection is initiated when an FDIC-insured bank or ...
To have a health savings account (HSA), you generally must be covered by a high-deductible health plan (HDHP) at work. HDHPs have become popular in recent years as employers have struggled to keep health benefit costs down. If you're not covered by one now, you might be soon, as more employers consider the advantages. Also, if your employer gives you multiple health plan options, one of them might...