Tax season is once again in full swing. While many concerned taxpayers file tax returns to meet the required deadline, criminals work harder to cash in and take advantage of the hectic tax season. Tax fraud remains a growing concern nationally and counterfeit scams cost millions of dollars. Individuals who take a proactive approach can deter fraud and protect their identity, information and their finances. Here are a few recent scams catching the watchful eye of the IRS. TAX PREPARATION SCAMS The IRS just released notice IR-2019-09 to alert taxpayers of unscrupulous tax preparers. Deceitful tax preparers file erroneous tax …
To Know About Retirement, Ask Those Already Retired
Everyone has different ideas of what it is like to retire. However, their ideas may be based solely on what they assume or what they have heard. The only way to know for certain is to ask people who have gone through it. Here are several facts and myths that you should learn more about regarding the retirement planning experience. Boredom A lot of people assume that boredom is a common occurrence for people without jobs. This is not an issue for those who have their days planned out. Many retirees claim that they have very few boring days. They …
Save For Retirement or Your Kids’ College
Student loan statistics never cease to disturb. Just in the United States, there are 44 million borrowers with $1.3 trillion in outstanding debt. With that kind of debt burden on new graduates, it’s no wonder that many parents want to try and find a way to save for both their children’s college expenses and retirement. It may not be possible for every parent to do that and even those who manage should not expect to save all the money their children need, but they can certainly help reduce the amount their children need to borrow by learning to balance their …
Budget For Post-Pandemic Retirement Travel
As we get closer to getting back to normal after the COVID-19 travel pause, we need to think about a travel budget. This inevitably means that trips simply do not happen or that financial stress makes them less enjoyable. Learning how to budget properly for your trips is essential if you want to enjoy them fully. Add Traveling Expenses to Your Budget The first step to take when planning for trips is to properly fund them. One of the easiest ways to accomplish this is to incorporate traveling expenses into your regular budget. Many retirees create an annual budget and …
Be Ready For the Next Market Correction
Many retirement investors have a considerable percentage of their investment in stocks and this has generally served them well. Stocks have recently been on a roll – indeed booming – at or near all-time highs. Some pundits think the market is a bit extended. So what should you do to prepare your retirement nest egg for the next downturn? How a Market Crash – or Even a Downturn – Can Wreck Your Plans Here’s a scenario that may be more common than you think: Sam, aged 54, has been working for 30 years and is closing in on his retirement. …
You Still Have Time For Retirement Resolutions
A few weeks into a New Year and many think about various aspects of their lives. One of the primary areas that are commonly reviewed is personal finance. If you are thinking about retiring within the next few years or longer, you may want to create a resolution or two so that you can plan better for your non-working years. However, some people believe that it is simply too late for any type of plan to be effective or beneficial. While it is better to start preparing for non-working years early in your adult years, starting now is better than …
Adding Stepchildren to Your Estate Plan
As we look ahead to a new year, we think of our goals and priorities. Some of these goals can involve getting an Estate Plan together. If you want to leave part of your estate to your stepchildren, you are required to specify that in your will. If a stepparent dies without a will, the children will not get any part of the estate even if the deceased stepparent wanted them to. Stepchildren do not have automatic inheritance rights possessed by adopted and biological children. Legally speaking, stepchildren are not entitled to any inheritance unless they are specifically named on …
Could Your Retirement Be Delayed?
As we watch 2020 in the rearview mirror, we look ahead with the scars from the year. And while many people spend years dreaming about the day they will retire, for some, this vision may not become a reality as soon as they would want. If you have a sneaking suspicion that you may be a person who needs to delay retirement, then here’s what you need to know. Many factors contribute to a delayed retirement. Here are three of the most common ones. 1. You Have Too Little Money Saved If you retire at age 67 and live until …
Your New Year’s Retirement Resolutions
As we head into 2021, it is a good idea to consider the resolutions you might be planning. You might want to do things like exercise more often or drink more water. However, you ought to also consider saving for retirement and reaching any other financial goals that you might have as well. Remember, this is the time of year when you get a clean slate to become a different person and do better in areas that you may have struggled with in the past. Think About the Vital Documents You Need to Work On It is not the most …
So, You are Retiring In A Few Years
After a stressful 2020, you’re thinking more and more about retirement. While the bulk of your retirement prep work and heavy lifting has been completed by the time you are a couple of years away from retirement, there are still a few boxes you will want to check off before finally saying adios to the workforce. Let’s go through them. 1. Social Security Decision You will need to decide when to collect Social Security benefits. The earliest age is 62. Unless you are retiring early and need the benefits to help cover expenses like health insurance, it’s advantageous to wait. …