Retirement Watch Weekly
Bob’s Journal for 3/25/21
The SECURE Act 2.0 is on the way In December 2019, Congress shocked many people by passing the Setting Every Community Up For Retirement Enhancement (SECURE) Act quickly and by a wide margin. There were a lot of positive provisions in the SECURE Act that were designed to make it easier for people to save […]
The Expert’s Guide To Maximizing Your Social Security Benefits
Most Americans, it pains me to say, make the wrong decisions about claiming Social Security benefits. That can cost them $100,000 or more of lifetime benefits and can increase financial struggles in their later years. It doesn’t have to be that way for you. Making Social Security claiming decisions the right way ensures you make […]
How to Write an Ethical Will for Your Estate Planning
Your estate planning is part of your legacy, but your legacy should be more than financial assets, material possessions and legal documents. For more and more people, the final touch in their estate planning is what sometimes is known as an ethical will. Others have called it a legacy letter, heritage will, family philosophy statement, […]
The Economy, Markets Start to Turn
The U.S. economy is stronger than many people realize, and growth is likely to accelerate. That affects stocks, bonds, gold and more. Parts of the economy were hurt badly by the pandemic and continue to struggle. Other sectors of the economy, however, held their own or even surged during 2020. The focus on hurting households […]
When to Use an IRA To Fund Your HSA
Health savings accounts (HSAs) are the best retirement planning tool available, and there’s a little-known legal trick that can help fully fund an HSA. An HSA has three powerful tax benefits. Contributions to the account are tax deductible or excluded from gross income, when an employer makes them. The account can be invested, and income […]
How to Take Tax Write-Offs for Helping Relatives
It is very common for family members to help other family members. It also is common for these families to leave money on the table by not taking all the tax breaks they could from these situations.Often, adult children provide financial or other support for their parents, though other situations do arise. Sometimes, the help […]
Tax Court Shows Risks in Self-Directed IRAs, Unconventional Investments
A self-direct-ed IRA is a good way to invest your retirement account in non-traditional investments. But a recent Tax Court decision shows the dangers of taking shortcuts and not setting up and operating the IRA the right way.In the case, the taxpayer had a SEP-IRA. The custodian was a national bank. The taxpayer set up […]
The Times When the Payoff from Converting to a Roth IRA Increases
Should I convert my traditional IRA or 401(k) to a Roth IRA? How much should I convert? These and related questions are being asked more frequently these days. That’s primarily because of a wide-spread belief that increases in income and estate taxes are likely to be enacted in the next year or two. Also, Stealth […]
