The COVID-19 pandemic has wrought havoc on the economy, and many people’s 401(k)s are suffering as a result. What can you do to minimize the damage and give yourself the best possible chance of saving enough for your retirement? The answer partially depends on your age and whether you’re facing job loss during the current crisis.
Annuities are attractive to many who are looking to create a secure retirement plan. The reasons are clear: annuities can provide a guaranteed income for life, and income earned on annuities is tax deferred. Additionally, because many annuity products allow you to select from a variety of mutual fund subaccounts, you can often change your investment direction within an annuity at little or no cost.
As with all financial products, however, it’s important to weigh the pros and cons of annuity investment. While annuities can provide tremendous benefits for some investors, the costs involved can be tricky to fully understand. If you own an annuity or are considering purchasing one, be sure to look closely at its real costs.
Saving for your child's college education can seem like an intimidating task. There are several options to help plan for this expense, but your financial situation will determine which one is best for you. We breakdown four different plans to help you select the one for you.
You’ve probably heard the term “death tax,” but what does it mean? Dead men tell no tales—nor do they pay taxes. When you pass away, who has to pay tax on what you leave behind? That depends on several factors, including how much you leave, the people and/or organizations you leave it to, and how you go about transferring it. To get a basic understanding of how this all works, we’ll look at three kinds of taxes: estate tax, gift tax, and inheritance tax.
Estate planning isn't just for the elderly or rich. You might think of estate planning as something older people do—not 20- or 30- somethings who are just starting out in their careers. In fact, a recent survey by Caring.com found that even though three quarters of adults know that a will is important, only 40% actually have one.
Do you get that sinking feeling in the pit of your stomach when a letter arrives from the IRS? If so, you’re far from alone. The good news, however, is that letter is probably nothing to worry about.
If you’re considering leaving your current financial advisor, you’re not alone. A 2015 study by Spectrem Group found that most respondents with a net worth of over $100,00 have changed advisors in their lifetimes. There are several reasons you might be considering making a switch, but how do you know it’s the right decision? Finding the right advisor requires investing the time to research candidates, and transferring management of your portfolio to a new advisor can come with a tangle of red tape. Here are some sound reasons to change financial advisors.
If you're thinking about retirement and the money you'd like to save up ahead of time, there are a few tips on when--and how--to get started.
Tax planning and preparation is an essential part of an overall financial plan. To make the most of your income and assets, it’s important to consider the tax implications of every financial move you make. Likewise, an understanding of the wide range of investment choices available is beneficial in the effort to keep your tax obligations to a minimum.
If you recently adopted a child or are currently in the process, you may be able to claim tax benefits for the costs associated with your adoption efforts. Here are the basics on how to qualify and what costs you may be able to claim.