You can plan for it, dream about it and try to visualize it, but there’s no way to tell for sure what retirement will be like for you until after you’ve actually pulled the trigger and left the job. As you contemplate this major life change, remember to prepare for these potential retirement surprises.
Many retirees keep on doing what they’ve always been doing, except they don’t go to work. There’s more time for shopping, doing home repairs, seeing friends and playing golf. But after a while it begins to sink in that time is a precious resource. People begin to reflect on their lives, start to say no to activities they really don’t want to do and consciously focus on the important, more purposeful things in their lives.
Eventually the fantasy of never again having to punch a time clock or rush to the commuter train gives way to the … Read More
Back-Door Roth
/in IRAs /by rapackiSaving for retirement can be a concern for anyone, especially as the traditional means, such as pension programs have been starting to disappear from many companies. One of the most common alternatives to the old system is contributions to an Individual Retirement Account, or IRA for short. There are multiple different types of retirement accounts, with the main difference being whether contributions or distributions are taxed. The Roth IRA is often seen as the preferred savings method, as it allows for tax-free distributions once you retire, but it can also be limited by current tax law. This is where it becomes important to understand the back-door method for contributing to a Roth IRA.
The two main barriers in contributing to a Roth IRA are the maximum contribution and maximum income figures. In 2018, a maximum of $5,500 could … Read More
Making your tax return easy
/in Taxes /by rapackiFiling a tax return that is both accurate and yields the optimal savings can be a stressful and burdensome process. Whether working on your own or with a tax professional, the changes in tax laws and the plethora of documents can make the process confusing and leave you wondering whether you are putting the correct information in the correct places. The most useful practice you can utilize to help yourself through this process is to locate and organize your most important tax, wage, and spending documents. If you can follow the steps in this article, it will not only streamline the filing process by providing easy access to all necessary information, it will allow you to provide audit-proof information that leads to greater savings.
Step 1. The first thing you should do when gathering documents is to accumulate your most recent … Read More
Retirement thoughts…
/in Retirement /by rapackiYou can plan for it, dream about it and try to visualize it, but there’s no way to tell for sure what retirement will be like for you until after you’ve actually pulled the trigger and left the job. As you contemplate this major life change, remember to prepare for these potential retirement surprises.
Many retirees keep on doing what they’ve always been doing, except they don’t go to work. There’s more time for shopping, doing home repairs, seeing friends and playing golf. But after a while it begins to sink in that time is a precious resource. People begin to reflect on their lives, start to say no to activities they really don’t want to do and consciously focus on the important, more purposeful things in their lives.
Eventually the fantasy of never again having to punch a time clock or rush to the commuter train gives way to the … Read More