The goal is to not pay more taxes than you have to. It starts with you understanding how retirement income is taxed. Put together a strategy before retirement that will put you in the best position to minimize your taxes.
A 401(k) retirement plan is an employer-sponsored retirement savings program that enables employees to save for retirement by making pre-tax contributions. A 401(k) is the dominant retirement plan scheme that most people in the U.S. will use to provide a decent income once they retire.
Before jumping into our discussion, it’s important to note that the social security program is complicated. It’s not as straight forward and easy to understand as some people may believe. There are things you need to think about before signing up for the benefits.
Fixed annuities will provide a guaranteed pay-out at a rate of return over a period of time. The rate of return usually mimics current interest rates. What could ever be bad about that? Let’s find out whether a fixed annuity is right for your retirement portfolio.
Charities rely on donations and for many donors, charitable giving is important to them. Many include charitable donations as part of their estate plan. So, whether you want to donate to an organization or cause that you are passionate about or help your school or university, there are steps you can take to ensure your money actually gets to them.
A stretch IRA is an estate planning strategy to transfer wealth to a non-spouse beneficiary. It allows your non-spouse heirs to stretch IRA distributions and benefits out over a period of time.
Some financial planning experts believe retirement could be the longest phase of your life. Whether it is or not, all experts would agree retirement planning is important. But there are a few common retirement planning mistakes that many people make that you could easily avoid.
Target-date funds work well in certain situations. But under different circumstances, there may be better alternatives. Learn when target-date funds are a good idea.
A common question in the financial planning world is: which is better for beneficiaries an inheritance or a trust? The best answer is that it depends on the situation. Read on to learn more. Then you can decide what will work best for you.
If you follow financial industry information, you may have read that it’s best to reduce risk in your portfolio as you near retirement. That’s a very valid concern. And the advice is generally true. But there is another way to reduce risk and still achieve your long-term goals.
An annuity is a financial product used to save tax-deferred for retirement or to generate regular income payments once in retirement. There is a lot of confusion around annuities as a retirement investment. Learn what a tax-deferred annuity is and whether it is right for you.
Deciding where to direct your money is a tricky thing when you have both debt and an investment portfolio. On the one hand, you know it’s smart to pay down high-interest debts. But you also know you also need to save for retirement. Should you do both? Can you do both? Which move is the smartest use of your money?