There are a number of hurdles to clear before you can claim an adult kid as a dependent. “To claim your child as your dependent, they must be under age 19 or a full-time student under age 24.”(GETTY IMAGES) MANY, IF NOT MOST, empty nesters are probably glad to have their adult children return to live…

Read More

KEY POINTS “Asset location” involves strategically putting your investments in accounts based on the type of tax treatment they will get. If you have money in both a traditional 401(k) plan or IRA and a Roth version, there may be ways you can maximize the differences in taxation to reduce the amount you’d owe in…

Read More

The old retirement mindset has been in place for generations. Pick an age and retire. One and done. That’s was so, well, 20th Century. Now people pre-retire, half-retire, return to the workforce — or never leave it. There are lots of options. The new retirement mindset is flexible, but like anything else in life, it’s…

Read More

Research shows that kids who learn to manage money when they’re young will be able to better handle their finances as adults. Yet, up until recently, only 17 states required high school students to take a class in personal finance. Now, a new report from the Council for Economic Education found that the number of states that require a high…

Read More

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…

Read More

For my parent’s generation, who worked diligently after World War II, defining “retirement” was easy. You simply stopped working altogether and devoted most of your time to leisure pursuits. Bolstered by fixed, defined-benefit pensions and Medicare, the “Greatest Generation” often had the luxury of leaving the workforce with a decent nest egg. But things have…

Read More

Experts recommend staying hydrated, choosing nutritious foods, and exercising wherever you can as ways to stay healthy after Christmas.  “I’ll get back on track in January.” You may be familiar with this commonly repeated line when you fall off the health and fitness wagon during the holidays. The period between Christmas and New Year’s Day…

Read More