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When you shift from working for a living to living off your prior years of work, the way the money you pull from your various savings sources may also shift. It’s quite common for first-year retirees to be caught with a surprise tax bill due to this change, which may or may not require a change in how you plan and pay your taxes throughout the year. This article covers the various ways your savings may be taxed.
In today's rapidly changing financial landscape, staying informed is more crucial than ever. John’s latest economic update dives into the key trends and insights shaping the markets in the 2nd quarter of 2024. Whether you're a seasoned investor, business owner or just curious about the economy's direction, this analysis provides the essential information to keep you ahead of the curve.
Those mid-life years can be crazy. Between growing your career, raising a family, helping your aging parents, paying off debt and saving for college, all while trying to just enjoy life while you’re still young, it can be easy to put off making moves to ensure you’ll be able to retire. Here are three key money moves to make in your 40’s and 50’s that will keep your options open in your 60’s and beyond.
Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live their entire lives with little or no assistance from family or friends, but today Americans are living longer than ever before. It’s alwasy better to be prepared.
You may be surprised to learn that you can open a Roth IRA for a child, as long as you can establish that they have earned income. By following a few best practices, you can begin establishing a healthy financial future for the children in your life while also teaching them the value of hard work early on.
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.
