Over the years of meeting with people to help them plan out their retirement strategy, you tend to see a little bit of everything. In the process, I’ve learned a few things that can benefit others. One of the things I’ve learned is that there are basically three types of retirees: Those who have a …
This is the second part of a two-part article on 401(k) Tax Mistakes In the first part of this article on 401K mistakes (here), we discussed the fact that overdoing your 401k contributions can cause you tax troubles down the retirement road. Because this is not an obvious mistake, it tends to sneak up on …
This is the first of a two-part article on 401(k) Tax Mistakes. Have you ever heard the story of the frog that was tricked into climbing into a kettle of nice, cool water by a hungry foe? Unbeknown to the comfortable frog, the kettle he was lounging in was really on a stove. Slowly but …
This is the second post of two on the Hidden Pitfalls of IRAs and 401(k)s. In our last post here, we discussed the penalties associated with withdrawing money early from either IRA’s or 401(k)’s. In this second post on this subject, we’ll talk about another aspect of these plans that creates problems. The rules-based conditions …
This is the first post of two on the Hidden Pitfalls of IRAs and 401(k)s. We hear a lot about them. In the world of retirement savings, the terms IRA and 401(k) are almost synonymous with the word retirement itself. According to ICI.org, as of the end of 2018 such accounts held over $16 trillion …
Putting together a successful retirement strategy that takes into consideration investments, taxes, income needs (including social security), medical/healthcare needs and estate planning is like fitting together the pieces of an intricate puzzle. The one major difference in this metaphor is when it comes to your retirement puzzle, some of the puzzle pieces are constantly changing! …
There is a significant retirement savings gap going on in America. Where do you stand regarding retirement savings? According to this survey by the Transamerica Center for Retirement Studies, the median retirement savings by age in the U.S. is: Americans in their 20s: $16,000 Americans in their 30s: $45,000 Americans in their 40s: $63,000 Americans in …
Are You Saving Enough for Retirement? Probably Not! Read More »
This the final article in a four-part series on common retirement planning mistakes and how to avoid them. Over the last three articles (part 1 here, part 2 here, part 2 here), we have visited three common misconceptions about retirement planning: Retirement strategies are just for the wealthy Putting away a consistent amount of money …
The U.S. Internal Revenue Service last Friday announced what may come as a surprise to thousands of taxpayers who own cryptocurrencies like Bitcoin but who failed to report transactions. If this is you, according to Uncle Sam, you may owe taxes. Taxpayers who do not accurately report income specifics of virtual currency transactions might be …
Own cryptocurrency? The IRS has some advice for you! Read More »
This is the Third in a Four-part Series on Common Retirement Planning Mistakes As I continue to mention in each part of this series (part 1 here and part 2 here), every year thousands of people still retire or attempt to retire without seeking professional advice or having a well-developed game plan for their retirement. …
