11 Expenses You No Longer Need in Retirement

From: retiredinamerica.com

Retiring early seems like a distant dream. But with determination, motivation and careful planning, you could become financially independent and able to retire early. In other words, become a member of the FIRE movement.

In order to accomplish your FIRE goals, you might need to make some sacrifices along the way and cut down or even downright eliminate some things you…

Key Provisions from the SECURE Act

From: www.iamsinc.com

On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Act into law. The SECURE Act marks the most significant overhaul to retirement policy in years. And with these changes, comes a need for many people to review, or even revise, their retirement plans. This presents multiple prospecting and marketing opportunities for financial advisors.

In total, the SECURE Act…

10 U.S. States That Tax Your Social Security Benefits (and How)

From: legalguidancenow.com

Are Social Security benefits really taxable? Well, yes and no; it all depends on the state you live in. Vermont, for example, views Social Security benefits the same way as the feds. Meanwhile, Conneticut taxes them only if your income tops $50,000.

Regardless if you’re planning to move to another state soon or just travel there for a…

Assessing the Damage Done by the SECURE Act

From: advisorperspectives.com

The Grinch who stole Christmas is alive and well this year – in the U.S. Congress. Our representatives and senators passed a bill that negatively affects the middle and working class by changing the rules of passing an IRA to one’s heirs. Now adult children who inherit IRAs will be required to drain them within 10 years and pay all…

By Teresa Greenhill

Mental health difficulties can strike at any age. Even seniors can experience problems like anxiety and depression. According to Mental Health America, more than two million Americans over the age of 65 live with some form of depression, for instance. Possible symptoms include feelings of sadness and hopelessness, loss of concentration, unusual sleep patterns, suicidal thoughts, and a lack of interest in activities that…

Do you have competing financial goals?

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

When it comes to your finances, it can seem impossible to manage everything at once.

And you’ll probably face competing priorities at some point: Should you save for retirement or contribute more to your child’s college fund? Should you pay off any outstanding debt or save for a bigger house?

Coming up with the right strategy can be challenging,…

8 Sources of Income Social Security’s Payroll Tax Can’t Touch

From: www.fool.com

The payroll tax generated more than 88% of the $1 trillion collected by Social Security last year, but some forms of income got a free pass.

If you’ve ever wondered how important Social Security is to the financial well-being of our country, here’s a fact to take to heart: Each month, roughly 64 million people…

Forbes Tax Guide 2020

From: Forbes

The Internal Revenue Service has announced the annual inflation adjustments for the year 2020, including tax rate schedules, tax tables and cost-of-living adjustments. These are the numbers for the tax year 2020 beginning January 1, 2020. They are not the numbers and tables that you’ll use to prepare your 2019 tax returns in 2020 (see page 11 for 2019 information). These are the numbers that you’ll use to…

How does retirement change your finances?

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Planning a successful retirement is about more than saving enough money. It also means learning to adjust your habits — financial and otherwise — to your new schedule and lifestyle.

Are you ready? Or at least headed in the right direction?

Whatever your current situation is, here are the factors to think about as you move into your post-work…