An HSA has been described as offering triple tax benefits. One, contributions are deductible. Two, there is no taxation on funds while they are in the HSA and, three, distributions taken for qualified medical expenses are tax-free. Not a bad deal! When you reach age 65, however, there are some important changes in store for your HSA.
Dan and Barbara are a couple soon heading into the second half of the retirement game. They had planned, and read, and strategized, and thought they were making sound financial decisions. That's before one meeting discovered they gave away $50,000 in "free" money.
Most people are aware by now that Prince, the performer, passed away recently at the age of 57. So far, no one has been able to locate his will. Unlike most of us, Prince had a huge amount of assets held personally, in his own name. That means a long probate process and lots of fees for the lawyers. And that’s without any dissension among his family members. Here are the estate planning lessons to learn from Prince's mistakes.
We are down to the wire! The tax-filing deadline is rapidly approaching and time is running out to make your 2015 IRA contribution. In the final few days, before the clock runs out, here are 10 quick last minute tips to keep in mind about contributing to an IRA.
Here's the 10 most amazing, surprising and/or illuminating facts about retirement that I read in January. Before each fact, you will find my own brief commentary, and after each fact, you will find the original article from which the fact was pulled should you be interested in further reading.
Let's kick off the holiday festivities with a short list of 10 of the most amazing, surprising and/or illuminating facts about retirement that Jeffrey Levine read in November. Before each fact, you will find Jeff's brief commentary, and after each fact, you will find the original article from which the fact was pulled should you be interested in further reading. Happy Holidays!
It’s taken almost a full year – literally – but Congress is finally set to pass an appropriations act, which will include the much anticipated extenders bill. However, this isn’t your run-of-the-mill extenders bill. This year’s version of the extenders bill permanently extends several key tax provisions, including the QCD (Qualified Charitable Distribution) provision that allows certain IRA owners to give IRA funds directly to charity without having to include them in income. Stuffed into the bill under a section appropriately titled “Miscellaneous Provisions” are several other changes to the tax law – that have nothing to do with the extenders – but that may impact your planning for one or more reasons. The following is a brief summary of some of the most important provisions in the law.
Year-end means busy. Chaotic, time-strapped busy with family obligations, festive celebrations and closing the books on 2015. "Closing the books" includes year-end tax planning - and to assist with that endeavor - I've detailed three tax planning strategies you should consider at year-end. So, if you are self-employed, own your own business or just want to take advantage of tax-saving strategies, read on for my list of key year-end maneuvers.
Retirement planning for millions of Americans just changed dramatically. Last night, President Obama signed into law the Bipartisan Budget Act of 2015, which has a significant impact on both Medicare Part B participants and those trying to employ savvy planning tactics to get the most of their Social Security benefits. Here’s what you absolutely need to know.
Social Security is a necessary component of many current and pre-retirees' revenue streams. However, the personal decisions one must make about when to claim the benefit come with tricky formulas and not-so-obvious choices. This example details how the "clear" choice may not always be the right one.
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