Category: Financial and taxes in retirement
June 19, 2011 -- Imagine for a moment that you just purchased an annuity at age 62 and a half. If you decide to start taking payments on it today, you can. But if are willing to wait 7 and 1/2 years, you could increase your monthly payments by at least 75%, maybe more. Which option would you take?
From our headline you have probably guessed we are talking about social security, which at its most basic is an annuity - a guaranteed payment for as long as you and/or your spouse lives. It is clearly one of the best annuities available. You and your employer paid for it. And the money is virtually guaranteed (unless
more...
Published on July 19, 2011
Comments 22
Category: Financial and taxes in retirement
June 25 -- Seems like there is no end of articles about folks delaying retirement. Millions of boomers are planning to work longer than they had intended. But just how long should you delay: how good are your reasons, and even if you don't retire - should you hold onto your current home? We will explore these questions in this short article.
There are several main reasons for delaying retirement - most, but not all of them, have to do with money.
- Haven't saved enough - need more money...
more...
Published on June 25, 2011
Comments 14
Category: Financial and taxes in retirement
Updated February 2018 -- The first article in this series, "Five Reasons Why You Should Retire in Another State", explored the major reasons why it might be a really good idea for you to move from the Midwest or the Northeast to a different state. In this related article we have had the good fortune to interview Barton Smith Esq., a Florida attorney who, in addition to focusing in the areas of real estate, land use and civil litigation, has helped many clients establish legal residency in the Sunshine State. While this article specifically refers to becoming a Florida resident, most if not all of the steps are similar to moving your residency to another state.
TR: Bart, thanks for taking the time to talk with us. We understand you are not giving legal advice here, but have agreed to provide some helpful overview information for Topretirements members. First off, could you tell us if there are any advantages to becoming a legal resident in Florida?
BSmith: There are obvious advantages to becoming a Florida resident. The first, and most well known, is...
more...
Published on June 21, 2011
Comments 38
Category: Financial and taxes in retirement
June 14, 2011 -- So you've been thinking about your impending retirement. We'll bet you are wondering where in the heck you should retire to, even if you are pretty sure you will end up in the group of 70% of retirees that never move more than a few miles from home in retirement. This article will give even you some powerful reasons to consider moving a lot farther away, in fact all the way to another state. Most, but not all, of the reasons have to do with money. Part 2 of this series, "Becoming a Florida Resident", will provide the nuts and bolts of how to...
more...
Published on June 13, 2011
Comments 105
Category: Financial and taxes in retirement
June 7, 2011 -- Before you answer that question, consider this situation. Assume for a moment that you are age 65 and have two retirement choices. In the first scenario, you receive a conservatively managed portfolio generating either $4,000 per month until age 85, or $3,000 per month until age 100, with remaining balances going to your heirs if you pass away earlier. However, financial experts emphasize the importance of exploring diverse investment options to maximize retirement security — mehr Infos bei Bitcoinist — to better understand alternatives like annuities. In the second choice, you'd invest the same amount in an annuity providing $4,000 monthly income for as long as you live, without the possibility of leaving a remaining balance to heirs.
more...
Published on June 7, 2011
Comments 7
Category: Financial and taxes in retirement
April 26, 2010 -- Most of us find it hard to admit the truth: when it comes to skills that require any degree of expertise, like financial advice, we are amateurs. Just like our skills in plumbing, electricity, architecture, medicine, software programming, or teach golf; it's best to have an expert doing the work for us. This article will explain why hiring a competent financial advisor to help plan for your retirement is a smart move. After all, if you don't have enough money, it's going to be hard to have the retirement you deserve. We'll provide some basic tips on how to find a good investment advisor. At the end of the article we have listed some helpful resources that explore more dimensions on how to make a smart choice.
One of the biggest advantages that financial advisors offer is...
more...
Published on April 25, 2011
Comments 18
Category: Financial and taxes in retirement
April 19, 2011 -- It is almost a certainty that as a retiree, housing is going to be the most important item in your budget. Unfortunately, many people will make serious mistakes regarding their housing choices and the way they are financed. We recently were referred to an excellent and helpful guide, Housing and Mortgages for Seniors. It is definitely recommended reading, and here are some of its key points:
Housing Problems
The report details the most common housing/financial problems that people over
more...
Published on April 19, 2011
Comments 2
Category: Financial and taxes in retirement
April 5, 2011 -- Our friend Robert Powell over at WSJ MarketWatch never fails to publish a useful and interesting article about retirement planning. His latest, "Five Retirement Plan Tax Mistakes to Avoid", is well worth the read. Here are the 5 mistakes:
1. Fund your 2010 Required Minimum Distribution (RMD) from your IRAs. If you haven't done it already, he tells you how to mitigate....
more...
Published on April 5, 2011
Comments 0
Category: Financial and taxes in retirement
March 29, 2011 -- One of the persistent myths about retirement is that it doesn't pay to work after you start collecting social security. The thinking goes is that because if you start collecting before your full retirement age your benefits are reduced, and because you will be taxed on a portion of your benefits if your overall earnings pass a certain threshold, you will be worse off for working.
A very helpful article from WSJ MarketWatch Editor Robert Powell, "Taxing Problem: How to Keep Working and Collecting Social Security", clearly explains why this thinking is off base. As Michael Kitces, editor and publisher of The Kitces Report says in the article “... frankly, I’ve never seen a situation where there was actually a net loss for working." He goes on to say that by working you bring additional dollars into the household. Uncle Sam gets to keep part of that, and you get to keep part. Everybody is ahead vs. ....
more...
Published on March 29, 2011
Comments 3
Category: Financial and taxes in retirement
March 22, 2011 -- You are about to retire, but perhaps you didn't quite pay off the mortgage on your home before you got your gold watch (remember those days!). That might put you in a quandary - you have the money in your retirement account that could pay it off, and you know that CDs and T-bills are not going produce anywhere near the interest rate you are paying to the bank - even if you did refinance recently. And in addition, your income has dropped so that home mortgage deduction doesn't have the same effect as in your higher income days. So what to do?.....
more...
Published on March 22, 2011
Comments 5
