For many, there are potential benefits to continuing a life insurance policy or purchasing certain types in retirement, when it comes to taxes, estate planning and long-term care. Here are some ways to use a life insurance policy that you may not know about.
If you think saving for retirement is complicated, try figuring out how to withdraw retirement funds while minimizing taxes.
As we enter into a new era of tax code proposals from the Biden administration, it’s important to be thinking about what those changes may mean when planning for the upcoming tax season and retirement.
For the average recipient, the 2021 monthly increase doesn’t even cover a fill-up at the gas station — but it beats nothing.
Women face unique challenges when planning for retirement. Making these mistakes can result in less income.
Women face unique challenges as they age. According to the Population Reference Bureau, a Washington-based think tank, women live about seven years more than men. Living longer means planning for a longer retirement.
Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.
Many people have signed at least one power of attorney in their life. A power of attorney, which names a trusted family member, friend or advisor as your ‘attorney-in-fact’ to control your assets, is meant to be used if you are incapacitated.
Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If you’re married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust.
With a Power of Attorney, you designate which individuals are in control of your assets and who can take care of your affairs, if you are unable to do so.