So, you want to dive into the stock market without losing your sanity or, more importantly, your hard-earned cash? Here’s a strategy that’s not exactly ‘rocket science’ – Here’s a risk-free investment strategy that’s a ‘diet version’ of a financial plan. It surely doesn’t cover all the bases, but it’s sure to spice up your next dinner party conversation.
Rollercoasters are fun – at the amusement park. Not so much in your retirement account. And that’s where bad financial behavior gets costly.
You want to begin planning your future life, but aren’t sure how. You want help but don’t know how to get stareted. Sound familiar? It should.
It’s been said that the only constant is change and lately it’s been the banking crisis. Financial planning is often more about what we don’t know than what we do know. Lately, we’ve been through COVID, supply chain issues and (ongoing) issues with some of our country’s financial institutions.
After passage of the SECURE Act of 2019, non-spouse IRA beneficiaries are now required to liquidate their inherited IRAs by the end of the 10th year. Often, that means they’ll be withdrawing taxable income from the inherited IRAs during their peak earning years – great gift for Uncle Sam, but not so good for the kids.
For some people, planning for retirement can feel like trying to eat an elephant; but, it doesn’t have to be that way. Before making big decisions, it’s always important to get the ducks lined-up first.
RMD age hikes may not be the blessing you think. The question just might be who is more secure? Retirees or future government spending?
Retirement decisions can be momentous. Which year you would have remembered would depend on if you retired back then… and which year!
Congress labeled it the SECURE Act, because it’s a better sell to the public. But, what Uncle Sam really wanted to do was make their spending programs more secure – hence, securing reelection.
Tax traps are waiting. Did you it’s possible to be smack in the middle of the 22% tax bracket, yet taking an additional $1,000 in income could make that additional money taxable at 40%? It can happen to some taxpayers. In fact, there are other pitfalls many aren’t aware of, as well.
If you have $500,000 in your 401(k) or IRA, it’s not really $500.000. That’s a tax planning mistake most people make going right out of the gate. If you’re married and filing jointly, it’s more likely you could have $325,000 (35% tax bracket) or just $315,000 (37% tax bracket).
The three largest expenses in the federal budget are Social Security/Medicare, interest on the debt, and defense.
