The ball has dropped in Times Square and we’ve bid farewell to 2018. But there are still a few things we can do to adjust our tax liability for 2018 before filing tax returns on April 15. First, you’ll need to organize all your tax records. That way, you’ll have some idea of what your tax liability might be. After you’ve organized your tax records, if you find you will owe money, there are a couple things you can do. You can contribute to your IRA for 2018. That’s right, even though it’s … [Read more...]
6 Important Estate Planning Considerations – Part 5: Retirement Assets
This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the distribution of assets at death. The second article in the series focused on how an estate plan should take into consideration the potential for future Long-Term Care (“LTC”) needs. The third article focused on the differing needs of the … [Read more...]
6 Important Estate Planning Considerations – Part 2: Long-Term Care
This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. Often, when people think of “estate planning” they think it’s a task only for what happens after death. While an estate plan certainly deals with the distribution of assets at death, it also is about preparing for the complexities of life. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the … [Read more...]
Retirement is Complicated
Many factors go into retirement decisions. When should you retire? Where should you retire? Etc. Family and personal factors are perhaps the most important of these considerations. Where do your children, grandchildren, and friends live? Where do you have roots? What location has the weather and scenery you enjoy? How are you feeling? Financial issues are only one factor in choosing a retirement location. Depending upon the person, it may loom large, or it may not be a significant factor at … [Read more...]
Retirement: It’s not Just About the Money
Many factors go into retirement decisions. Often, people are stressed over whether they’ll have enough money or other resources to retire. That’s certainly one factor in retirement. And, given the savings statistics, this might be a factor contributing to retirement stress. According to a survey done in 2013, the mean amount of retirement savings for a family between 56 and 61 years of age was only $17,000. Here’s a link to an article based on the survey. But, many financial professionals … [Read more...]
Age-Related Retirement Milestones
Written by: Stephen C. Hartnett, J.D., LL.M. There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help you determine your progress as you plan for retirement. But, there are certain … [Read more...]
