Regain Confidence and Restore Your Retirement
The path to retirement can often seem daunting, with the end goal appearing distant and difficult to reach. This sentiment has only grown in recent years, as indicated by a recent report on the Economic Well-Being of US Adults, conducted by the Federal Reserve. According to the study, only 31% of non-retired Americans are confident…
Read MoreThe Triple Dangers of Inflation for Pre-Retirees: Safeguard your financial well-being and ensure a secure retirement
As the economic landscape continues to shift and evolve, one specter looms ominously over the horizon: inflation. For pre-retirees, individuals who are on the cusp of transitioning into their golden years, the effects of inflation can be particularly devastating. With each uptick in the Consumer Price Index (CPI), the financial security and stability of those…
Read MoreQuestions to Ask If Navigating a Solo Retirement: Ensure your retirement is not only secure, but also vibrant and fulfilling
Embarking on retirement alone, either by choice or due to unforeseen circumstances such as the loss of a partner or divorce, presents a unique set of challenges and considerations. With the rise in divorce rates among those aged 50 and older, and the reality that over a quarter of individuals over 60 live solo –…
Read MoreImportant Considerations When Building Your Retirement Plan in Your 40’s, 50’s and Beyond
As individuals enter their 40’s, 50’s and beyond, retirement planning takes on added significance. With retirement looming closer, it becomes increasingly important to reassess financial goals, adjust savings strategies, and ensure a secure financial future. Here are some important considerations for continuing to build your retirement plan in your 50s and beyond: Evaluate Retirement Goals:…
Read MoreStrategies for De-Stressing During the Last-Minute Tax Filing Deadlines
As tax season rolls around each year, it often brings with it a wave of stress and anxiety for many individuals. The thought of gathering receipts, organizing documents, and navigating complex tax forms can be daunting. However, amidst the chaos, it’s essential to prioritize your well-being and find ways to de-stress. Here are some strategies…
Read MoreRecent IRS Updates to Defined Benefit Plans: An opportunity to fine-tune your approach to pension risk management
The IRS has released the 2024 mortality tables, which will be instrumental in funding, determining minimum lump-sum distributions, and various other calculations that affect the financial health of your pension plan. This update marks the first major revision to the base mortality rates since 2018 and includes adjustments to consider the impact of COVID-19. The…
Read MoreRetirement Planning: A Map to Changes in 2024
Navigating these demands an adaptable approach to financial planning As we kick off 2024, the world of retirement planning is undergoing a fairly significant transformation, as tax brackets, retirement contribution limits, estate and gift tax exemptions, among other things, are set to undergo upward revisions. Additionally, the gradual introduction of Secure 2.0, a pivotal retirement…
Read MoreA Last-Minute Tax Guide for Procrastinators
This last-minute tax guide will provide you with the essential steps to navigate the process, even if you’re running against the clock. Gather Your Documents Before you begin the filing process, gather all the necessary documents. These may include: W-2 forms from your employers 1099 forms for any contract work, interest, or dividends 1098 forms…
Read MoreWhat To Do If You Miss the Tax-Filing Deadline: Five steps to take to minimize any penalties and consequences
Here are five steps you can take if you missed the tax filing deadline: File your taxes as soon as possible: Even if you missed the deadline, it’s important to file your taxes as soon as possible. The longer you wait, the more penalties and interest charges you will incur. Pay any taxes owed: If…
Read MoreHow to Lower Your Tax Bill With the Charitable-Donation Deduction: Getting a tax break for contributions to charity often requires careful planning
Are fewer taxpayers deducting charitable contributions than in the past? Yes. The 2017 tax overhaul dramatically reduced the number of filers deducting charitable donations. While it didn’t limit them outright, it expanded the standard deduction so that far fewer taxpayers itemize these deductions on Schedule A. The number of taxpayers itemizing charitable donations dropped to…
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