From sandy beaches to year-round sunshine, Florida may be at the top of your list of states to consider for retirement. But there can be better options. Florida has no state income tax, although some states may have lower tax rates. Others may have good weather or affordable housing that can help you increase your … Read more
The economic consequences of the war in Iran continue to dominate the headlines. Investors follow their playbook and rush to the “apparent” winners in the Middle East turmoil. For example, there are high oil prices. Last month, the following energy companies performed well: Exxon Mobil rose 12.44% Chevron rose 12.82% Shell rose 15.42% Santos rose … Read more
Social Security is over. Loading audio description… With the federal fund on the verge of bankruptcy, a labor crisis exacerbated by DOGE spending cuts, and massive worker burnout, the US’s largest social security program is in dire straits. The 74 million Americans who rely on monthly paychecks are caught in the middle — and wondering … Read more
In September 2023, St. Paul Mayor Melvin Carter and a bevy of city officials celebrated as a 22-year-old man, who had been homeless, became the first descendant of the historic community-Black Rondo to buy a house in the area using $ 90,000 from the new city housing program. He was the first home buyer in … Read more
I received an email last week from a reader who recently retired. He had done everything right – saved diligently, paid off the mortgage, built a $680,000 nest egg. In October, three months into his retirement, he was Googling “this is all there is” at 2am. His story hit me harder than I expected. Maybe … Read more
Retirement is like that in the last century. It’s the stuff of Bruce Springsteen’s songs about brave Americans who wake up every morning to do a job they can’t stand, but they do it with beautiful visions of a merciful end. New York Times Journalist Jessica Grose undoubtedly carries an old-fashioned view of retirement. Consider … Read more
As world conflicts escalate and the threat of fuel and other shortages looms large, the so-called ‘preparers’ are beginning to prepare for what may happen. But protecting your finances against unexpected disasters is just as important – and often overlooked. The biggest concerns that can affect our ability to find our money and buy the … Read more
© Canva | SolStock from Getty Images Signature and tzahiV from Getty Images Signature The couple, both 73 years old, have a traditional 401(k) that has grown to $1.5 million. They collect Social Security. Their tax returns look manageable. Then one spouse dies, and the survivor faces the same RMDs, the same amount of Social … Read more
A surviving spouse filing single faces an increase in federal taxes of about $3,700 annually on the same RMD and Social Security amount compared to their married filing jointly status, due to the lower standard deduction ($16,100 vs. $32,200) and entry into higher tax brackets (22% vs. 12%). Roth conversions before RMDs begin and qualifying … Read more
The 55-year-old partner at an AmLaw 100 firm sits on $1.8 million in a 401(k), earns $800,000 a year, and has been putting money into a Partial Repayment plan for a decade. On paper, the retirement picture looks simple, but a deferred tax liability of hundreds of thousands of dollars is piling up in the … Read more