Today’s automobile isn’t just about engines and gears, pistons and knobs. People choose their cars just as much for technology as horsepower. That seems to be the direction in which we continue to journey, with tech firms very much in the driver’s seat.
Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources which can be taxed. And while we know what the tax rates are now, we don’t know what they’ll be in 10 or 20 years – or even one year from now. This is why it's important to plan for the tax rates of the future when it comes to taxes. Now vs. Tomorrow Right now, many people are enjoying relatively low tax rates: In 1944, the highest income tax rate was 94%, and in 1978 [...]
By the year 2035, Americans 65 and older are expected to outnumber those under 18 for the first time in our country’s history.[1] In a culture that tends to glorify youth and doesn't know how to handle older American's problems, this will mean some major changes. Whether it's through celebrities who refuse to retire, retirees who experience wanderlust and make travel a priority, or those who prioritize retiring early to enjoy their time, this generation will influence culture and the future of retirement. Baby Boomers Will Re-Define Retirement Baby Boomers have been re-defining American culture [...]
It’s always a bit jarring to see the actors and actresses of your youth in the present – sometimes they become unrecognizable with age or disappear from the spotlight altogether. However, there are those rare gems whose talent is ageless and simply refuse to stop working. We can learn from their wise words about aging and look to them as examples of people who have stayed extremely active in the later years. Ann-Margaret At age 80, Ann-Margaret has five Golden Globes and has been nominated for two Academy Awards, two Grammy Awards, a Screen Actors [...]
If you’re nearing retirement, have retired, or recently left your company for any reason, you should create a 401(k) game plan. Know how your investment options can expand, how to avoid tax traps, and what you’ll do with any company stock in your 401(k). There are many options, and the right one depends on your age, retirement goals, and overall financial situation – here’s what to consider. You Can Roll Over Your 401(k) Into an IRA Although you may have the option to cash out of your old 401(k), you will pay tax on those [...]
As summer draws to a close, we might be planning our last trip to the beach or a favorite weekend destination. Whether you choose to enjoy the long summer days by lounging around with a good book or doing something a little more physically taxing, summer is a special time that we've cherished since childhood. We may feel nostalgic about summer because, as kids, it was a time that signified our freedom – no school, no homework, and lots of time outside. Even now, summer can provide a break from the usual grind, especially if [...]
They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to help minimize your overall tax burden before and in retirement. An advantage of going to one professional for all of your financial planning needs is that everything from investment strategies to estate planning works together in one overall plan. Here’s how a financial advisor can help you pursue tax-smart strategies. Manage Investments with a Tax-Smart Strategy Every part of a financial plan is connected, including an [...]
Cybercrimes aimed at older Americans have increased five times since 2014, and all too often, they're successful. Social Security and retirement account scams can be financially devastating and very difficult to correct, so know how to avoid them. Awareness is crucial - read about these three common scams aimed at retirees. Social Security Scam You know to keep your Social Security card and number safe, but criminals are always developing new methods of tricking people. One method is by calling retirees and claiming to be a Social Security Administration employee. The caller might say that [...]
Inflation is on the rise, and Federal Reserve Chairman Jerome Powell recently testified to Congress regarding the Federal Reserve’s commitment to controlling inflation. He admitted that inflation is “well above target” but didn’t indicate any major changes in Fed policy in the near future.[1] Retirees may need to be concerned about inflation, which can eat away at savings and any fixed-income payments they receive, including Social Security benefits. Because of this, we could see a change in how Social Security responds to inflation. Are Social Security Benefits Adjusted for Inflation? Most years, Social Security beneficiaries [...]
Alexander Hamilton was the first Secretary of the Treasury: He created the first national bank, consolidated the new country's war debts, and established federal credit. You could say he was America's first Chief Financial Officer. He was also a self-taught immigrant who started with no wealth but ended up on the $10 bill. Hamilton never reached retirement, but we can learn important financial lessons from him. Know Your Finances Hamilton grew up poor and was concerned with his own financial wellbeing and the country’s wellbeing in the long term. He wanted America to have a [...]
