Paying down your mortgage as you approach or reach retirement may provide peace of mind and financial benefits. Or, it could potentially cost you tens of thousands of dollars if you accelerate the payments. What is the best approach of carrying a mortgage in retirement for your situation?
Like learning curling, deciding the optimal claiming age for Social Security may seem easy from afar. Once you get into the details, it can indeed be more complicated – and consequential.
The Inflation Reduction Act of 2022 included a few tax-related provisions that may impact your situation. The extension of the more favorable premium tax credits will apply for those retiring before age 65. There are credits available for those looking to purchase elective vehicles or make energy-related improvements to their home. Finally, those spending a considerable amount on prescriptions under Medicare may obtain some relief through this legislation.
In a bear market, our first reaction might be to make a change in our financial portfolio. However, if your assets are invested properly, you should be able to survive the down turn without much overall loss.
To avoid burnout at work or bad morale among employees in light of the post-COVID era, consider making changes: a four-day workweek, a hybrid work model, or taking a sabbatical. Of course, don’t forget some basic changes you can make at home as well.
Just like clockwork, Alabama makes it to another NCAA Football Championship and we start paying attention to the new IRS tax numbers. Enjoy!
Mega backdoor Roth IRAs are complicated retirement savings strategies. But for the right person, they could offer better tax diversification and a big tax advantage. Is this an option you should consider?
As another year rolls around, it is good to stay abreast of the revised tax numbers, including tax brackets, standard deduction, and retirement plan contributions, among others. Now is the time to start planning your 2021 tax strategy!
