As you approach retirement age, managing the tax implications of Required Minimum Distributions (RMDs) becomes increasingly important. RMDs from retirement accounts can significantly impact your taxable income and greatly increase your tax bill. However, there are strategies to help mitigate the impact of RMDs on your tax liability. Afterall, who wants to overpay the IRS?
So, you would like to set aside some money for your grandchildren. You want to build an early inheritance or, more likely, you’d like to get a jump on their college fund. In either case, you’ll want to know more about Uniform Gifts to Minors Act (UGMA), Uniform Transfers to Minors Act (UTMA) accounts and 529 plans. All three of these accounts enable you to give money to the next generation but each account comes with some important nuances that make it important to understand the rules and how they best apply to accomplish the goal of getting money to the grandkids. Here is what you need to know about UGMA accounts vs. UTMA accounts vs. 529 plans and how to choose between them.
Presidential elections in the United States are often regarded as pivotal moments that can shape the future of the country. With each election cycle, investors and retirees may find themselves concerned about the potential impact on their investments and retirement savings. However, it's essential to separate political noise from long-term investment strategies and make informed decisions based on historical data and market fundamentals.
Social Security benefits can provide a nice income stream during retirement or in the event of a spouse's death. There are over 1800 rules to the system and understanding how benefits actually work can go a long way in helping you maximize your Social Security benefits. Today, we are going to explore two facets of Social Security program: Spousal benefits and survivor benefits and help you better understand them to help you make good decisions around your Social Security strategy.
Life is full of changes, both big and small. From the joyous occasion of a birth to the sorrowful event of a death, these moments shape our lives and require us to adapt our plans accordingly. One crucial aspect that often gets overlooked in the midst of these changes is reviewing and updating your beneficiary selections. Whether it's for life insurance, pension plans, IRAs, or other financial assets, taking the time to reassess and make necessary updates is essential. In this article, we will explore why reviewing your beneficiaries annually is so important and provide you with a step-by-step guide on how to check your beneficiary designations in the Seaside portal.
Here are "24 Things To Consider In 2024" regarding your finances & planning.