It’s that time of year again—tax returns are due this month. If you’ve had any big life changes in the last year, take special care at tax time to make sure you don’t miss any deductions that you may be eligible for.
Whether you read them on your computer or tablet or in good old-fashioned hard copy, newspapers and magazines are still great places to get news and read about topics that interest you. But the Internet has created a whole new frontier for people to publish and share information.
Increasingly, investors have decided they want to put their money into companies that are aligned with their values. But figuring out which socially responsible stocks to invest in can be tricky.
You’ve worked hard to save for retirement. So it’s important to be aware of certain life events or habits that could cause you to go broke, despite careful planning during your working years. Here are four common things that are detrimental to finances in retirement and advice from professionals on how to avoid them.
The problem: Your house is too expensive.
Whether they need extra income, want to pursue a passion, or simply want to stay engaged in their professional field, an increasing number of people are continuing to work in some capacity after they retire from full-time careers. Fortunately, there are many part-time jobs for older adults who want to do work they enjoy and still have time to travel and spend time with family.
You probably know to look out for things like identity theft and scams like con artists soliciting money over email. But, there’s another threat you need to be aware of. It’s called elder financial abuse—and it’s often perpetrated by people you trust, such as caregivers, friends, or even family members.
If you have grandchildren, you undoubtedly have many important lessons about money to impart to them—the importance of saving it, how much it really costs to retire, and what it’s been like living through different types of economic ups and downs, just to name a few.
There are 639,000 U.S. taxpayers with IRAs worth over $40 billion who may not have taken required minimum distributions (RMDs) in 2012, according to a 2014 audit by the Treasury Inspector General for Tax Administration. Penalties are stiff for missing RMDs—potentially 50% of the missed distribution.
If you’re planning to sell your house to downsize in retirement, you’ll probably want to make some updates before putting in on the market—particularly, if you’ve lived there for many years. But, the question on many homeowners’ minds is this: Which renovations will yield the most resale value?