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Having more tax-free retirement income is reason to celebrate GETTY Whether tax rates are high or low, I will hear people complaining about the taxes they get to pay. Let’s be real; no one likes paying taxes. 2020 is an election year, and your vote could also affect your future tax bills. But with tax…
Virtual currency received for small tasks on a crowdsourcing platform is taxable Watch the latest video at foxnews.com The IRS issued new guidance clarifying how cryptocurrencies are treated for tax purposes when they are received in exchange for certain services. The tax agency recently released a memorandum stating that an individual who receives digital currency through a crowdsourcing platform…
KEY POINTS A lot of older workers do not have a pension or 401(k) plan to draw money from when they retire. Many approaching retirement often have meager savings — just $88,000. If that’s you, there are steps you can take to help you live more comfortably later. Many people’s retirement dreams received a reality check following the…
On the first date, you discuss splitting the bill. Soon, you’re planning your first vacation together. Before you know it, you’re engaged and planning a wedding. If you haven’t already, it’s time to have the money talk. Financial things to talk about before getting married Yes, talking about money can be heavy, but it’s important…
The Covid-19 era is a mess, and we’re still in the middle of it. But life goes on. So, let’s be more open to doing what we would do in more normal times. What I normally do is give tax advice. Here’s some updated estate planning advice for well-off folks to consider. Evaluate “stretch…
When you decide to choose a wealth advisor, this is a major decision. You’ve worked hard earning this money or preparing for your retirement. Here are six areas of concern to consider:  1. Hiring an advisor who doesn’t put your needs first You want to hire a wealth advisor who is prepared to answer all of your questions…
KEY POINTS Hundreds of thousands of Americans have pulled money from 401(k) plans during the coronavirus pandemic. The CARES Act allowed savers to withdraw up to $100,000 before the end of the year without penalty. Thinking of retirement savings like a monthly income stream, similar to a pension or Social Security, instead of a lump…
Are you saving for retirement? If you are, then you can’t avoid wondering whether your retirement planning has your savings on track for you to live comfortably when you finally call it a career. And how much money is enough? On average, 401(k) plan members think they’ll need $1.9 million, according to Schwab Retirement Plan Services. And…
Here’s how the pandemic has upended the financial lives of average Americans: CNBC + Acorns survey
From jobs to savings to retirement plans, the coronavirus pandemic has upended many Americans’ financial lives. While millions are still unemployed and many have seen their emergency savings run dry, it isn’t all necessarily negative. Many are saving more and spending less. In fact of those surveyed in a new CNBC + Acorns Invest in You survey,…
The sandwich generation has it tough in the best of times. The pandemic has made it even tougher. Life is chaotic for the Galluzzos with the entire family at home all day. Photo by Gina LeVay Things were hard enough for Jennifer Galluzzo before the pandemic hit. Four years ago, the full-time working mother of three became…
For people in drawdown mode, tips on asset allocation, Social Security, annuities, withdrawal rates, and more. Even retirees who are seasoned investors will tell you that transitioning from accumulating to spending from their portfolios is a challenge. The “right” withdrawal strategy seems to be a moving target. Devising an asset-allocation plan that balances safety and…
