We are all aware of the fact that the economy hasn't been at its best over the last several years. A lot of Americans are finding it challenging to simply make ends meet in the present. As understandable as this may be you don't want to be in denial about the future. Just about everyone would like to retire someday. And, even if you truly enjoy working and are capable of doing what you do as a senior citizen you probably want to work on your own terms. Most of us pay into … [Read more...] about 2013 Average Social Security Payouts
When you are self-employed your primary concern when you first start out is going to be to simply make it over the hump and survive. After some time you may recognize the fact that you are indeed on firm footing, and at this point you have some advance planning to do with regard to retirement. When you work for an employer you are usually going to be offered the opportunity to participate in a 401(k) plan, and many times the employer will match your contributions. On the other hand, … [Read more...] about Retirement Planning for Business Owners
The new year is upon us, and you may want to view this renewal as a signal to consult with your estate planning attorney. There are a number of different reasons why your existing estate plan may be in need of certain revisions. Sudden exposure to the estate tax is one of them. Things do not stand still and this is something to keep in mind as it applies to your estate plan. Your original estate plan is going to be based on a snapshot of your life at the time of its creation. … [Read more...] about The Estate Tax & Your Net Worth
Many people do some soul-searching when a new year begins. As you reflect on your life and your responsibilities you would do well to consider the stages of life that lie in the future. Everyone should have an estate plan in place, and this applies to adults of all ages. When there are people relying on you it is important to make sure that you take steps to provide for them should the unthinkable take place. No one knows what lies ahead, and tragedies do strike as we all … [Read more...] about Estate Planning: Let the New Year Inspire You
The cold hard fact of the matter is that retirement is not something that everyone is entitled to by virtue of contributing into the Social Security program. It is simply a matter of math. You can retire when and if you have the financial resources to do so, and it has nothing to do with celebrating a particular birthday. If you register on the Social Security Administration website you can access your personal statement at any time. This will tell you what you can expect to receive … [Read more...] about What Happens to Your IRA After You Die?
Most people are aware of the fact that the baby boomer generation is reaching the typical retirement age at the present time. This is resulting in huge numbers of people being faced with the prospect of putting their working years behind them. Statistics are indicating that a high percentage of these individuals are really not ready to retire, and many of them will never be able to do so because they do not have sufficient financial resources. One of the problems is a misconception … [Read more...] about What Separates Those Who Retire From Those Who Can't?
If you want to set up an ongoing income stream for yourself while you simultaneously take steps to provide for your favorite charity, you may want to consider creating a charitable remainder unitrust. With these trusts, you establish a term during which you will receive annual annuity payments that must equal at least 5% and not more than 50% of the fair market value of the trust. When you are establishing the trust you name a charitable beneficiary who would benefit from the trust after … [Read more...] about Charitable Remainder Unitrusts: A Brief Overview
Retirement planning involves having an understanding of the Social Security program. When you do examine the details you find that your benefit alone is probably not going to provide you with the income that you need to truly enjoy your retirement. In fact, you may not be able to retire at all if Social Security is your only source of income. If you are in fact living on a fixed income you are faced with challenges because the prices of things steadily rise while your income … [Read more...] about Minimal Social Security COLA Announced
Estate planning should be viewed as an ongoing, dynamic process. Things do not stand still, and events can and do take place that can make an estate plan revision necessary. We are experiencing one of these events at the present time. There are significant changes to the estate/gift tax parameters on the horizon in 2013, and because of these changes you may want to take certain actions before 2012 comes to a close. At the present time the unified gift/estate tax exclusion … [Read more...] about End of Year Signals End of Unique Opportunity
When you serve in the military for at least 20 years you are entitled to a retirement pension. Recognizing the fact that you will have this ongoing stream of income to go along with your Social Security benefit can make retirement planning a pleasure. Service members who want to take advantage of the opportunity to receive a retirement pension have a couple of different options available to them with regard to a long-term career path. You can spend your entire working career in the … [Read more...] about Is Retired Military Spouse Protected?