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The following is intended as general information and does not represent legal or tax advice. The information presented is the view of the author and not necessarily the view of KBIA. Individual circumstances vary - please consult your legal and tax advisors about your specific situation.
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The Biggest Wild Card In Retirement And How To Deal With It
Health is the biggest wild card in retirement, and two of the most important investments Americans can make now are to plan to cover the uncertain costs and live healthy, according to Merrill Lynch and Age Wave’s Finances In Retirement: New Challenges, New Solutions, the concluding report in a four-year 50,000-person study.
“ It’s up to us today to be actively funding our future selves ,” says Ken Dychtwald, president and CEO of Age Wave.
Here’s the challenge. If a married couple retiring at age 65 wants to have 90% certainty that they can cover healthcare expenses in retirement ... Read more.
Key Retirement and Tax Numbers for 2017
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans, thresholds for deductions and credits, and standard deduction and personal exemption amounts. Here are a few of the key adjustments for 2017. Read more.
Everybody Dies. It’s Time to Have the Talk
Most parent and kids don’t want to discuss the practical issues of aging and death. But it can bring peace of mind and avert financial disaster. As an e-vite it’s a guaranteed loser: It’s summer! Come talk about the financial and long-term caregiving needs and eventual death of your parents! Doing that, though, could make later life a lot smoother for both parents and kids. Read more.
Tax Tips for the Self-Employed
Being self-employed has many advantages — the opportunity to be your own boss and come and go as you please, for example. However, it also comes with unique challenges, especially when it comes to how to handle taxes. Whether you're running your own business or thinking about starting one, you'll want to be aware of the specific tax rules and opportunities that apply to you. Read more.
Eight Little-Known Advantages of Roth IRAs
Roth IRAs have been around for almost 20 years, so some advisors and clients may take them for granted and perhaps even overlook them during the hectic tax season. But you may not know (or may have forgotten) several little-known advantages to contributing to Roth IRAs. Here’s why (and how) you should fund these accounts early and often. Read more.
Phishing Schemes Lead the IRS “Dirty Dozen” List of Tax Scams for 2017; Remain Tax-Time Threat
The Internal Revenue Service warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2017 filing season.
The IRS saw a big spike in phishing and malware incidents during the 2016 tax season. New and evolving phishing schemes have already been seen this month as scam artists work to confuse taxpayers during filing season. The IRS has already seen email schemes in recent weeks targeting tax professionals, payroll professionals, human resources personnel, schools as well as average taxpayers. Read more.
Where Not To Die In 2017
Altogether nine states are ushering in death tax changes for 2017, and they’re all changes that lessen the tax bite. That’s nine out of the 18 states plus the District of Columbia that impose either estate or inheritance taxes or both. What you need to know is this: How much money you can leave to your heirs free of state death tax levies depends on where you live and own property, whom you’re leaving your money to, and whether your estate planning is up to date. If you’re in a state that’s making changes or has made changes recently—even if the change is tax repeal—you need to revisit your plan. Read more.
For more information or a confidential discussion of your charitable options, please email or call the KBIA General Manager, Mike Dunn, at (573) 882-3431.