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A Little Perspective Goes a
A Little Perspective Goes a Long Way Accumulating enough money to retire is a formidable task. So it would seem a bit foolish to make this task even more difficult than it already is. But it appears that many people do just that.
The Election and Your Money
Recent elections have revolved around issues of great importance to investors and consumers that are still, well, at issue. Although tax rates, health insurance, and the future of Social Security and Medicare dominated campaign rhetoric in 2004 and 2006, voters are still waiting for a clear direction on these matters.
It's Your Home, Not Your Ret
Despite some well-publicized problems in the mortgage market, Americans over the age of 61 are flush with home equity - more than $4 trillion worth.
Get Schooled on Saving for C
A record 3.3 million students are expected to don caps and gowns this year and collect their high school diplomas.1 Predictably, this mass of educated humanity is crowding the college admissions process. For many applicants, even top students, the race to get into their colleges of choice has become the race to get into any college.
What Key Estate Planning Too
Planning is a part of nearly everything we do in life. It's even a part of dying. How will you preserve your assets from estate taxes and probate fees? How will you ensure distribution according to your wishes? Who will make financial and medical decisions in the event of your incapacity?
How Can a Living Trust Help
Living trusts enable you to control the distribution of your estate, and certain trusts may enable you to reduce or avoid many of the taxes and fees that will be imposed upon your death.
What Is the Capital Gains Ta
Capital gains are the profits realized from the sale of capital assets, such as stocks, bonds, and property. The capital gains tax is triggered only when an asset is sold, not while the asset is held by an investor. However, mutual fund investors could be charged capital gains on investments in the fund that are sold by the fund during the year.
How Much Money Can I Put int
All types of IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government. The limits are generally adjusted periodically to compensate for inflation and the increase in the cost of living.
What Happens If I Withdraw M
Withdrawing funds from a tax-deferred retirement account before the age of 59 1/2 generally triggers a 10% federal income tax penalty; all distributions are subject to ordinary income tax. However, there are certain situations in which you are allowed to make early withdrawals from a retirement account and avoid the tax penalty.
How Can I Keep My Money from
As with virtually all financial matters, the easiest way to be successful with a cash management program is to develop a systematic and disciplined approach. By spending a few minutes each week to maintain your cash management program, you not only have the opportunity to enhance your current financial position, but you can save yourself some money in tax preparation, time, and fees.
How Long Will It Take to Dou
Before making any investment decision, one of the key elements you face is working out the real rate of return on your investment. Compound interest is critical to investment growth. Whether your financial portfolio consists solely of a deposit account at your local bank or a series of highly leveraged investments, your rate of return is dramatically improved by the compounding factor.
How Much Do I Need to Save?
Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation. One rule of thumb is that retirees will need approximately 80% of their pre-retirement salaries to maintain their lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower. Fortunately, there are several factors that can help you work toward a retirement savings goal.
Why Purchase Life Insurance?
We've all heard about the importance of having life insurance, but is it really necessary? Usually, the answer is "yes," but it depends on your specific situation. If you have a family who relies on your income, then it is imperative to have life insurance protection. If you're single and have no major assets to protect, then you may not need coverage.
Why Are Annuities Considered
Annuities are financial vehicles that can be sold only by insurance companies. Basically, an annuity is a contract between you and an insurance company, which promises to pay you a future income in exchange for the lump-sum payment or premiums that you pay. The payments specified in the annuity contract will be paid to you during your retirement (or, in some situations, to your beneficiaries after your death).
Where Will You Roll?
It's become a cornerstone of prevailing wisdom: Be sure to roll the money in your employer-sponsored retirement plan into an IRA when you separate from your employer. This smart move can help preserve tax benefits and avoid tax penalties, plus make it easier to keep track of your retirement assets. Perhaps this is why most IRA assets come from lump-sum rollovers rather than annual contributions.1
Retirement, Boomer Style
The problems facing Social Security and Medicare have received renewed attention this year as the first members of the massive baby boom generation became eligible for early Social Security benefits.
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