Articles on "Financial Planning"

Don’t Let the Taxman Crash your Retirement
August 18, 2014 1:27 pm

Don’t Let the Taxman Crash your Retirement

Nobody loves the taxman, and yet people pay him more than they have to. Instead of maximizing annual contributions to a traditional IRA or a 401(k) account, they pay the taxes now instead of deferring them until they retire. That’s a critical mistake. Let’s pretend you can save enough to max out your 401(k) this year. Yes, it can seem impossible for some to cough up the $23,000 (standard maximum contribution of $17,500, plus the $5,500 catchup addition for workers […]

Elder Law Changes
April 29, 2014 9:40 pm

Elder Law Changes

know the laws and the numbers Beginning in 2014, there were some changes to a variety of laws that may interest elders and their loved ones. The following updated laws are particularly relevant for seniors and their families who are attempting to plan for the future. Gift and Estate Taxes: The annual gift tax exclusion continues at $14,000. This means a wealthy relative can give away gifts totaling $14,000 per year, per individual, and the benefactor will not incur a […]

Generosity Runs Deep in Boomers
December 18, 2013 6:33 pm

Generosity Runs Deep in Boomers

During the last five years, three out of five Americans age 50 and older have provided financial assistance to members of their family, including adult children, parents, grandchildren, siblings or other relatives, according to a new Merrill Lynch study. Conducted in partnership with Age Wave, “Family & Retirement: The Elephant in the Room” is an in-depth study exploring modern family interdependencies and the challenges Boomers face in balancing them with their own retirement plans and financial security. Conducted in August […]

Maximize Social Security Benefits
December 18, 2013 3:01 pm

Maximize Social Security Benefits

Too many people end up getting less than what’s due to them from Social Security when they retire because they don’t know the rules and the real financial impacts, says independent retirement advisor and CEO of Nature Coast Financial Advisors Gary Marriage, Jr. “There’s a lot of talk about the future of Social Security, but we still have this benefit, and if you’re 50 or older, you should be planning to make the best use of it,” Marriage says. Waiting […]

August 13, 2013 8:11 pm

To Trust or Not to Trust?

By Susan Piette, Esq. In discussing estate planning with my clients, I am regularly asked about living trusts or more precisely, “revocable living trusts.” Many people have heard of them but readily admit they really don’t understand the marketing information that they have either received in the mail or heard on the radio or at an event. So, to trust or not to trust – why would someone want a revocable living trust?  Before answering that question, let’s discuss what […]

May 28, 2013 2:32 pm

Research – Debt of the Elderly Increases

American families headed by individuals age 75 or older had increases in the incidence of debt, the average amount of debt held, and debt as a percentage of assets in 2010, according to research by the nonpartisan Employee Benefit Research Institute (EBRI). The EBRI analysis notes that the driver of debt for families with a head age 55 or older was housing debt: Almost three-fourths of debt payments go to pay for housing debt among these families; among those age […]

March 25, 2013 1:13 am

New Study: Simple and Low Costways for Communities to Assess Their Livability and “Aging

Communities in the U.S. can follow a relatively simple and low cost initial set of indicators to determine if their services meet the needs of an aging population.  These indicators can be measured using information that is readily available and adaptable to local governments, providing a low-cost way for local governments to begin to examine the specific needs of their aging populations. According to the study, Livable Community Indicators for Sustainable Aging in Place, from the MetLife Mature Market Institute […]

February 28, 2013 8:20 pm

Debt Levels Spike for Oldest Americans

American families headed by individuals age 75 or older had increases in the incidence of debt, the average amount of debt held, and the percentage with debt payments greater than 40 percent of their income in 2010, according to new research by the nonpartisan Employee Benefit Research Institute (EBRI). In contrast, families headed by those with ages just before normal retirement age (55–64) and just after (65–74) had very small changes in these debt measures and in some cases improvements. […]

February 20, 2013 1:44 pm

Study Reveals Most Expect to Outlive Retirement Savings

On average, people across the world expect retirement to last 18 years — but they expect savings to run out after 10. The findings are based on a survey of 15,000 working and retired people in 15 countries. Respondents were asked for their expectations of length of retirement, and to estimate savings based on their own definition. That could mean total income after retirement, or savings excluding state and occupational pensions. Of those who say they haven’t saved for retirement, […]

January 25, 2013 2:12 pm

Aging Family Dynamic May Lead to Tax Relief

Members of the sandwich generation — caught between supporting elderly parents whose assets are nearly exhausted and adult children without jobs — might find some relief come tax time. The bottom line is, who’s a dependent? Your kindergarten-age son, your adult daughter, her grandparents, or maybe an elderly uncle or aunt? “There’s a changing family dynamic because of the economy,” said Bob Meighan, vice president of TurboTax, an online tax preparation service. More people are living longer. According to the […]