3 Essential Tax Moves to Make Before the End of the Year

working on computer

You can lower your IRS burden for the year if you take these key steps now. Key Points It’s never a bad time to think about lowering your taxes. These moves could leave you owing the IRS less in 2021. It’s mid-October, which means that at this point, you may be up to your ears…

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Medicare open enrollment starts soon. Here’s why you should pay attention

medicare enrollment

KEY POINTS Medicare’s fall open enrollment period starts Oct. 15 and runs through Dec. 7. This is generally for changes related to Medicare Advantage Plans or prescription drug coverage: You can add, drop or switch them. Here’s what to expect this year. Sure, there are probably more entertaining things to do than review your Medicare…

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Took Social Security Benefits Too Early? How to Undo It.

social security building

Many older Americans who lost their jobs early in the pandemic and claimed Social Security benefits before reaching their full retirement age are now working again and regret the decision to start collecting. But there are options. Financial advisor Morris Armstrong, of Cheshire, Conn., helped such an individual, a 63-year-old man who had panicked when he…

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How Much Emergency Savings Do Retirees Need?

happy retired couple

While it doesn’t influence our opinions of products, we may receive compensation from partners whose offers appear here. We’re on your side, always. See our full advertiser disclosure.   No matter your age, it’s wise to have money in a savings account for unplanned expenses. In fact, most people are advised to sock away enough…

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Social Security’s Rules on Spousal Benefits Can Be Tricky. Here Are Some Answers.

social security file

Navigating the maze of rules that surround Social Security retirement benefits can be daunting. A good starting point for retirees and prospective retirees seeking to better understand and maximize their retirement benefits is with the numerous resources offered on the Social Security Administration’s website. Still, after our recent article on how to maximize benefits, readers continue to…

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4 Financial Moves to Make Before Retiring

seniors on bench at the beach

Make sure to check them off your to-do list. Key Points Retiring without evaluating your financial situation could result in disaster. Retirees could be faced with surprise expenses if they don’t research tax rules. Taking care of your health needs should be a priority before retiring. The decision to retire will have a profound effect…

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Tax Strategies You Don’t Want to Miss Before the End of the Year

connecting the dots

Many taxpayers will benefit from tax-loss harvesting this year, as well as changes in the rules around charitable giving To paraphrase an old saying, nothing may be certain in this world except death, taxes and thorny questions about tax-saving tactics. This is an especially perplexing time for many taxpayers trying to figure out the best…

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10 Ways You Could Avoid the 10% Early Retirement Penalty

penalty red card

You’ve saved diligently in your 401(k), and you wouldn’t mind tapping into it – but you’re not age 59½ yet, so you could have to pay the IRS a 10% penalty on your withdrawal. There are exceptions to that rule, though. Here are 10 of them. Retirement is something each of us must plan for.…

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You’re Being Robbed … You Just Don’t Know It

taking money from someone's pocket

For retirees especially, inflation risk should always be a top concern in your financial plan. If you’re wondering whether you should be concerned about rising inflation and what it could do to your purchasing power in retirement, the answer, of course, is yes. And not just right now, but always. Inflation has been a hot…

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