
Common Factors Affecting Retirement Income
When it comes to planning for your retirement income, it’s easy to overlook some of the common factors that can affect how much you’ll have available to spend.
When it comes to planning for your retirement income, it’s easy to overlook some of the common factors that can affect how much you’ll have available to spend.
Income tax basis can be an important factor in deciding whether to make gifts during your lifetime or transfer property at your death.
If you are married or planning to marry, you should determine how marriage impacts your insurance needs. The lack of proper insurance protection can lead a married couple into financial ruin.
Even if you’re young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only legal way you can name a guardian for them.
During your working years, you’ve probably set aside funds in retirement accounts such as IRAs, 401(k)s, or other workplace savings plans, as well as in taxable accounts. Your challenge during retirement is to convert those savings into an ongoing income stream that will provide adequate income throughout your retirement years.
By investing for retirement through your employer-sponsored plan, you are helping to manage a critically important financial risk: the chance that you will outlive your money. You also need to manage risk within your account to help it stay on track. The following are steps to consider.
Retirement plans established under Section 401(k) of the Internal Revenue Code, commonly referred to as “401(k) plans,” are one of the most popular types of employer-sponsored retirement plans.
In terms of investment planning, investing in capital assets may increase your ability to time the recognition of some of your income and may help you to take advantage of tax rates that are lower than the ordinary income tax rates.
Philanthropy doesn’t just give personal satisfaction, it can also give you a current income tax deduction, help avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die.
In layman’s terms, Risk Tolerance is how much you can stomach the up and down values of your investment accounts as the stock market moves.
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