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RETIREMENT

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VEHICLES

Holding Equities for the Long Term: Time Versus Timing

Legendary investor Warren Buffett is famous for his long-term perspective. He has said that he likes to make investments he would be comfortable holding even if the market shut down for 10 years. Investing with an eye to the long term is particularly important with...

Retirement Plan Considerations at Different Stages of Life

Throughout your career, retirement planning will likely be one of the most important components of your overall financial plan. Whether you have just graduated and taken your first job, are starting a family, are enjoying your peak earning years, or are preparing to...

Risk Management and Your Retirement Savings Plan

By investing for retirement through your employer-sponsored plan, you are helping to manage a critically important financial risk: the chance that you will outlive your money. But choosing to participate is just one step in your financial risk management strategy....

Why Save for Retirement?

When you envision retirement, you probably see yourself living comfortably, doing what makes you happy. Your dreams could be as lofty as traveling the world or as simple as spending more time with your friends and family. Everyone's vision is unique. Fortunately,...

401(k) Plan Fees

Plan Fees If you direct your own 401(k) plan investments, you'll need to consider the investment objectives, the risk and return characteristics, and the performance over time of each investment option offered by your plan in order to make sound investment decisions....

Rollovers 2

Rollovers In general, a rollover is the movement of funds from one retirement savings vehicle to another. You may want, or need, to make a rollover for any number of reasons--your employment situation has changed, you want to switch investments, or you've received...

What are catch-up contributions?

What are catch-up contributions? Answer: If you are 50 or older, or you will reach age 50 by the end of the year, you may be able to make contributions to your IRA or employer-sponsored retirement plan above the normal contribution limit. Catch-up contributions are...

RMD Calculations

How Are RMDs Calculated? RMDs are calculated by dividing your traditional IRA or retirement plan account balance by a life expectancy factor specified in IRS tables. Your account balance is usually calculated as of December 31 of the year preceding the calendar year...

How can I gauge my risk tolerance?

Answer: Risk tolerance is an investment term that refers to your ability to endure market volatility. All investments come with some level of risk, and if you're planning to invest your money, it's important to be aware of how much volatility you can endure. Your...

Deciding When to Retire: When Timing Becomes Critical

Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you'll need to estimate not only your anticipated expenses, but also what sources of retirement income you'll have and how long you'll need your retirement...

Retained Income Trusts

Introduction A retained income trust is a type of irrevocable trust, whereby an individual (called the grantor) transfers assets to a trust and then retains an interest for a period of time or for life. The retained interest may be the right to receive payments, or...

Rollover Guide

Required distributions and nonspousal death benefits can't be rolled over. You can make only one tax-free, 60-day, rollover from one IRA to another IRA in any one-year period no matter how many IRAs (traditional, Roth, SEP, and SIMPLE) you own. This does not apply to...

Retirement Planning

Retirement Planning Employee/individual contribution limits Elective deferral limits 2016 2017 401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs 1 (Includes Roth 401(k) and Roth 403(b) contributions) Lesser of $18,000 or 100% of participant's compensation Lesser...

Little Known IRA Facts You Can Use

Little Known IRA Facts You Can Use When it comes to IRAs, the tax rules get pretty complicated, to say the least. Here are five unusual IRA facts:   Military death benefits can be contributed to a Roth IRA: Help families of veterans with this one because it can...

401(k) Withdrawals: Beware the Penalty Tax

You've probably heard that if you withdraw taxable amounts from your 401(k) or 403(b) plan before age 59½, you may be socked with a 10% early distribution penalty tax on top of the federal income taxes you'll be required to pay. But did you know that the Internal...

ESTATE PLANNING

Filing a Final Income Tax Return

Who should file the return? Estate representative If a court has appointed a personal representative or other estate administrator, that individual is required to file returns for the decedent. If the decedent was married at the time of death, the representative and...

Using a Corp.

How Corporations, Limited Liability Companies, and Limited Liability Partnerships Protect Personal Assets Refer a friend To find out more click here IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal...

Irrevocable Life Insurance Trust

What is it? An irrevocable life insurance trust (ILIT), sometimes referred to as a wealth replacement trust, is a trust that is funded, at least in part, by life insurance policies or proceeds. If properly implemented, an ILIT can help minimize estate taxes and...

Coverdell education savings accounts

Education Planning Coverdell ESAs 2016 2017 Annual contribution limit $2,000 $2,000 MAGI phaseout range for Coverdell education savings accounts 2016 2017 Single--phaseout threshold amount $95,000 $95,000 Single--completed phaseout amount after $110,000 $110,000...

Long-Term Care Partnership Policies

What are long-term care Partnership policies? The high cost of long-term care has placed a financial burden on individuals and state Medicaid programs. As the number of older Americans grows, the strain is likely to worsen, and containing Medicaid costs has become a...

Common Incapacity Documents

Common Incapacity Documents Durable Power of Attorney for Health Care (DPAHC)/Health-Care Proxy Advantages Disadvantages Is flexible--allows your representative to act on your behalf and make medical decisions based on current circumstances Generally, your...

How can I tell if a nursing home provides high-quality care?

Answer: You may have heard horror stories about the quality of nursing home care. However, there are good nursing homes as well as bad ones. Here are some points to consider when evaluating nursing home care: The quality of health care: Make sure that the nursing...

Minimizing Estate Taxes

The act of giving away your property, either during life or at death, will probably be subject to one or more of several types of taxes (collectively referred to here as estate taxes), either on the federal level, state level, or both. These tax liabilities may be...

My spouse passed away this year. When I file my taxes, what filing status should I claim?

Answer: As the surviving spouse, you have several filing choices that may be appropriate. You may be able to choose married filing jointly, married filing separately, qualifying widow(er), or head of household. Married filing jointly: You can usually file a joint...

The Best Property to Give to Charity

The Best Property to Give to Charity Giving to charity is not only personally satisfying, the IRS (and possibly your state) also rewards you with generous tax breaks. Current income tax deduction if you itemize, subject to certain percentage limitations for any one...

Organizing Your Finances After Your Spouse Has Died

What is it? Even if you've always handled your family's finances, you may be overwhelmed by the number of financial matters you have to settle in the weeks or months following your spouse's death. While you can put off some of these tasks, others require immediate...

How do I talk to my elderly parents about their finances?

Answer: Talking to your parents about money is always difficult, especially when the money you're talking about is theirs. They belong to a generation that was taught to keep their information private and not to share their concerns openly. Even if they need help,...

Eleven Ways to Help Yourself Stay Sane in a Crazy Market

  Keeping your cool can be hard to do when the market goes on one of its periodic roller-coaster rides. It's useful to have strategies in place that prepare you both financially and psychologically to handle market volatility. Here are 11 ways to help keep...

Medicaid Planning Goals and Strategies

Aging is inevitable, and a gradual (or not so gradual) inability to function independently is a great concern for many people. While the prospect of entering a nursing home is a daunting one, equally frightening is the expense of nursing home care. Although...

Selecting an Executor

An executor is a personal representative who acts for you after your death. You nominate or designate an executor in your will to settle your estate. The person chosen will act in your place to make decisions you would have made if you were still alive. The probate...

RETIREMENT

What is a mutual fund prospectus and how do I read it?

What is a mutual fund prospectus and how do I read it? Answer: A mutual fund prospectus is a pamphlet or brochure that provides information about a mutual fund. Mutual fund companies must give potential investors a prospectus, free of charge, before they invest. You...

Medicaid Planning Goals and Strategies

Aging is inevitable, and a gradual (or not so gradual) inability to function independently is a great concern for many people. While the prospect of entering a nursing home is a daunting one, equally frightening is the expense of nursing home care. Although...

Social Security Claiming Strategies for Married Couples

Social Security Claiming Strategies for Married Couples Deciding when to begin receiving Social Security benefits is a major financial issue for anyone approaching retirement because the age at which you apply for benefits will affect the amount you'll receive. If...

4 Questions about Social Security

https://youtu.be/s1Yv6KbiWgs Four Common Questions about Social Security As you near retirement, it's likely you'll have many questions about Social Security. Here are a few of the most common questions and answers about Social Security benefits. Will Social Security...

Five Keys to Investing For Retirement

Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you have some investing experience or...

True or False: You Are a Retirement Savings Plan Expert

How much do you really know about your employer-sponsored retirement savings plan? If you're like many people, you have many ideas about how your plan works, which may or may not be entirely accurate. To gauge your knowledge, take this brief quiz: Are the following...

RMD Calculations

How Are RMDs Calculated? RMDs are calculated by dividing your traditional IRA or retirement plan account balance by a life expectancy factor specified in IRS tables. Your account balance is usually calculated as of December 31 of the year preceding the calendar year...

How Secure Is Social Security?

How Secure Is Social Security? If you're retired or close to retiring, then you've probably got nothing to worry about--your Social Security benefits will likely be paid to you in the amount you've planned on (at least that's what most of the politicians say). But...

Retirement Plans: The Employee Perspective

Qualified employer-sponsored retirement plans can provide a number of tax and nontax benefits to employees. The employee perspective on these plans should certainly consider the obvious tax deferral and retirement savings benefits. Additionally, however, employees...

Retirement Savings Goal

Estimate Your Retirement Savings Goal How much might you need to retire? Use this worksheet to help target a total accumulation goal. Example You 1. How much is your current income? $50,000 2. Multiply this amount by .80. This is an estimated annual income in...

Rollovers 3

Rollovers from Employer-Sponsored Retirement Plans In general If you withdraw cash or other assets from an employer-sponsored retirement plan ("employer plan") in an "eligible rollover distribution," (defined below) you can defer paying tax on the distribution by...

How can you get an estimate of your future Social Security benefits?

How can you get an estimate of your future Social Security benefits? Knowing how much retirement income you might receive from Social Security may help you decide when to begin claiming benefits, and how Social Security might fit into your overall retirement income...

Congratulations: You’ve Won the Lottery and You’re Suddenly Wealthy!

What is it? Winning a lottery is usually an unexpected and happy event. But when you win a big jackpot, you may feel unprepared to deal with the financial issues that arise almost immediately. You may have to choose advisors; decide when, where, and how to collect...

Individual Income Tax Planning

Adoption credit Adoption credit 2016 2017 Maximum credit $13,460 $13,570 Phaseout threshold amount $201,920 $203,540 Completed phaseout amount after $241,920 $243,540 Alternative Minimum Tax (AMT) Maximum AMT exemption amount 2016 2017 Married filing jointly or...

Tax-Advantages Savings Vehicles

The Benefits of Tax-Advantaged Savings Vehicles Taxes can take a big bite out of your total investment returns, so it's helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn't be driven solely by...

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