On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.
Studies have shown that the number of family businesses owned by second generations and third generations dramatically decline for a number of reasons. One large reason is the lack of business succession planning for the family business.
When an estate is named beneficiary of an IRA, what is the method of distributing it to one individual in the most tax-effective way?
All you have to do is type ‘maximize Social Security’ into Google or any other search engine and you will get hundreds, if not thousands, of hits.
When it comes to your retirement accounts, do you know who your beneficiaries are? These types of accounts have complex distribution rules and significant tax implications for those who inherit them. This complexity is compounded, if there are errors or missing information on your beneficiary forms, as is often the case. Add to this the game-changer SECURE ACT, the largest retirement legislation that has been passed in decades—and there has never been a more important time to review your beneficiary forms.
Open an HSA in minutes to help you save on taxes, cover medical expenses and grow your retirement nest egg.
Robert Redford officially bought what was once the Timp Haven Resort (now known as the Sundance Mountain Resort) in 1969. This year, he’s stepped away, selling the resort to Broadreach Capital Partners and Cedar Capital Partners. While we don’t know how much the resort was sold for, the structure of the sale shows how this iconic real estate investor has built a successful exit strategy.
A comfortable, secure retirement is one of the biggest financial goals you can strive for. Therefore, as you’re saving and investing in pursuit of it, it’s crucial to separate fact from fiction—otherwise, your plan could go off track.
Many people work hard to acquire real estate and then later find that that real estate makes them ineligible for Medicaid to help pay for nursing home or in-home, long-term care.
Although Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.
