Maryalene LaPonsie – The News Desk

Where the Presidential Candidates Stand on Retirement | Retirement

16Apr

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Money

Where the Presidential Candidates Stand on Retirement | Retirement

Key Takeaways: The Social Security retirement trust fund and Medicare Hospital Insurance trust fund will both be depleted within the next decade if no action is taken. Joe Biden proposed increasing taxes on high earners to shore up the two trust funds. Donald Trump said he supports the programs but has provided no details about how he plans to address the trust fund shortfalls. Independent and third-party candidates have various approaches to retirement topics, but none are expected to win the presidency and implement their policies. This November, voters will head to the polls to decide who should be president for the next four years. And while debates rage over topics such as border security, immigration and abortion, people shouldn’t overlook the importance of retirement issues.The...

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

2Apr

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Money

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

Key Takeaways: The United States is one of only two countries in the world that taxes its citizens’ global income. Annual tax returns for expats are due on June 15, but payments must be made by April 15. Other countries vary widely in how they may tax an expat’s work or retirement income, if at all. The federal government offers some tax breaks for expats, but they may not always transfer to state tax forms. Living or retiring abroad can be exciting, but it isn’t necessarily easy. You’ll need to navigate visa and residency requirements, find housing and maybe learn another language before moving. And once you’re there, that’s not the end of the challenges. Expats must also understand their tax obligations as U.S. citizens as well as what their host country might require.Here are some ...

Fun Part-Time Jobs for Retirement | Second Careers

24Sep

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Money

Fun Part-Time Jobs for Retirement | Second Careers

Retirement is often portrayed as lazy days at home broken up by afternoons spent on the golf course. However, not everyone wants to spend their golden years unemployed.“It isn’t always about making money,” says Izzy Kharasch, president of consulting firm Hospitality Works Inc. “It’s about social interactions.”Many retirees seek part-time jobs to help fill the days and meet new people, as well as earn income to supplement retirement savings. If you're interested in joining the ranks of working retirees, here are some ideas for fun part-time jobs. Tutor. Delivery driver. Babysitter. Dog walker or pet sitter. Restaurant worker. Groundskeeper. Tour guide. Travel agent. Retail clerk. Blogger. Here’s a closer look at each job including national average hourly wage data from employment...

20Sep

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Money

10 Facts About Credit Unions

If you're looking for a new place for your checking and savings accounts, don't limit your search to banks. You may discover credit unions have more to offer than you think.Credit unions are not-for-profit organizations that operate on a philosophy of people helping people, says Christopher Roe, senior vice president for TruStage, a provider of insurance, investment and financial technology solutions for credit unions. Unlike banks, which are publicly owned by stockholders, credit unions are cooperatives and member-owned."I think a lot of people feel that credit unions are smaller because they are more member-focused, but credit unions can be just as powerful as banks," says Jay Ferrans, president of JM Financial & Accounting Services in Southfield, Michigan.It's a common misconceptio...

How to Take Required Minimum Distributions | Retirement

15Aug

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Money

How to Take Required Minimum Distributions | Retirement

A main benefit of 401(k) plans and individual retirement accounts is the ability to delay taxes on contributions and investment gains. However, you can’t avoid the tax man forever.“Once you reach a certain age, the IRS wants to be able to begin collecting taxes,” explains Megan Slatter, a wealth advisor with Crewe Advisors in Salt Lake City.“It’s the minimum amount you have to withdraw without incurring a penalty,” says Mark Van Drunen, regional president of Northeast Ohio for MAI Capital Management.RMDs begin at age 73, and the amount to be withdrawn is determined by a government formula. However, you can minimize your payments – and the taxes you owe – by following these tips for taking required minimum distributions. Begin planning years in advance. Convert to a Roth account. Start ...

What You Need to Know About a Safe Harbor 401(k) | Retirement

10Aug

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Money

What You Need to Know About a Safe Harbor 401(k) | Retirement

For workers, a standard 401(k) plan offers a straightforward and tax-advantaged way to save for retirement, but for employers, setting up a 401(k) plan is anything but simple. Companies that want to offer 401(k) savings plans to their employees must ensure they don't run afoul of complicated government rules.A key regulation for most 401(k) plans is the requirement for annual nondiscrimination tests that are designed to prove a plan doesn't unfairly favor certain employees. “If the employer fails (the tests), it’s very punitive,” says Steven Azoury, owner of advisory firm Azoury Financial in Troy, Michigan.It could mean a business will be required to refund contributions to highly compensated or key employees. Or in a worst-case scenario, the whole plan could be disallowed going forward, ...

10 Retirement Rites of Passage | Retirement

10Jul

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Money

10 Retirement Rites of Passage | Retirement

Few things in life can compete with the significance of retirement. After decades of working day in and day out, this is when you get to reclaim your time for yourself.“This is (one of) the largest transitions folks will make in their lifetimes,” says Shanna Tingom, financial advisor and co-founder of Heritage Financial Strategies in Gilbert, Arizona. “It’s a lot more emotional than people think.”As you move through the retirement process, you can expect to go through most, if not all, of the following rites of passage. Realizing you can retire. Turning in your resignation. Permanently shutting down your work computer. Saying good-bye to co-workers. Waking up on a workday without an alarm Answering “What do you do?” for the first time. Receiving your first retirement fund distribut...

How to Save $1 Million by Retirement | Retirement

5Jul

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Money

How to Save $1 Million by Retirement | Retirement

How much will you need for retirement? For many people, the magic number seems to be $1 million.“I think a million dollars is a good goal to have in mind, but it depends on a person’s unique circumstances,” says Mindy Yu, director of investing for Betterment, a 401(k) retirement plan provider. Your specific retirement savings needs will depend on factors such lifestyle choices and the cost of living in your area.While saving $1 million for retirement may seem daunting, it can be a doable goal, especially if you follow these tips:Start Saving at an Early AgeWhen it comes to amassing a large nest egg, nothing may be more important than time in the market. By opening and funding a retirement account early, workers can maximize the power of compounding gains.“It can be a 16-year-old putting $...