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Observations from the Brink of Retirement

A retirement income specialist shares three important lessons he’s learned during his own financial and mental journey as he gets ready to dive into retirement. His personal insights could help guide your path as well. Planning for my own retirement has been interesting, as my day job is teaching financial advisers about retirement planning. At…

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6 Ways The SECURE Act May Impact Your Retirement

GETTY The new Setting Every Community Up For Retirement Enhancement (SECURE) Act, just signed by President Trump, is the broadest piece of retirement legislation passed in 13 years. Ultimately, the law focuses on retirement planning in three key areas: 1) modifying required minimum distribution (RMD) rules for retirement plans; 2) expanding retirement plan access and…

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10 Ways to Reduce Your 401(k) Taxes

How the pros help clients minimize their tax burden If you have a traditional 401(k), you will have to pay taxes when you take distributions. Unfortunately, that 401(k) money is subject to the worst kind of taxes—ordinary income taxes. The amount you pay is based on your tax bracket, and if you’re younger than 59½, add 10% (for early withdrawal) in…

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The Secure Act changes the way people will inherit money — are you hit by the new rules?

The new legislation eliminated the ‘stretch IRA’ provision, but not everyone is impacted Getty Images/iStockphotoFuture beneficiaries of retirement accounts have different rules than current inheritors. The Secure Act, which was signed earlier this month, changes the way beneficiaries will receive money from inherited retirement accounts, but not everyone is in danger of a big tax…

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Top Retirement Savings Tips for 55-to-64-Year-Olds

There’s still time to give your savings a good boost before you retire If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically.…

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Spending Bill Includes Seismic Retirement Changes, Curtails Stretch IRAs

GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected.  It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…

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How to Use the HSA, for Medical or Retirement Savings

Health savings accounts offer a unique triple tax advantage The health savings account, or HSA, can be a powerful savings tool—if you approach it the right way. These accounts, which Congress authorized in 2003, are more than just a simple savings tool for medical emergencies. Retirement planners laud the HSA’s triple tax advantage and its…

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You might not own all of the money in your 401(k)

You might not own all of the money in your 401(k)—here’s how to find out Financial advisors make a big deal of encouraging millennials to invest in company-sponsored retirement accounts — especially if your employer offers to match a percentage of your contribution. There’s a lot of talk of “maxing your match” and don’t leave “free money…

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How much you’ll need to save monthly to retire with $5 million

Five-million dollars sounds like a lot of money. And for the 22% of Americans who say they have less than $5,000 set aside for retirement, saving that much may seem like an impossible goal. But what if you could retire with $5 million by the time you were 67? The good news is that it is…

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How to Take Advantage of 401(k) Catch-Up Contributions :usnews.com

The 401(k) Catch-Up Contribution Limit for 2019 WHEN YOU TURN 50, YOU become eligible to contribute more money to your 401(k) plan. The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Here’s how to take advantage of 401(k) catch-up contributions: Workers can defer paying income tax on…

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