How is the tax system set up and what’s the best way to save money on taxes? What will change if the proposed tax overhaul gets passed? Sandy Botkin, CPA, Attorney, Author, and CEO of the Tax Reduction Institute answers all these questions and more in our monthly podcast!
While our monthly podcast covers how to afford nursing home care, most Americans would prefer not to live in a nursing home if they require long-term care, according to The Associated Press-NORC Center for Public Affairs Research 2016 Long-Term Care trends poll.
Although only 14% of the population was age 65 and up in 2013, by 2040, that number is expected to increase to 22%, which means it’s vital to understand trends in long-term care preferences and attitudes.
Key takeaways from the poll found that among adults aged 40 and older:
– People are slightly more confident in their ability to afford nursing home care, but a majority do not think that they are on the right financial track to afford nursing care home if needed.
– Nearly 4 in 10 believe that Medicare will cover their long-term care needs, even though this is not true for most Americans.
– Over 75% would prefer to receive long-term care in their own homes, and over 60% would prefer their family members to receive in-home care.
– One-third have done no planning for their long-term care needs.
– 72% support state paid family leave programs to help provide long-term care to loved ones and family members.
A majority favor policies that would help them save for long-term care, with tax breaks a preferred option.
Want to know more about trends in long-term care attitudes and financial tactics? Visit The AP-NORC Center’s long-term care project website at www.longtermcarepoll.org.
Need help planning for your long-term care needs? Contact the Robin S. Weingast & Associates team today to find out how we can help secure your future!
The days are getting shorter and cooler, which means the winter holidays are just around the corner. The holiday season is fun, festive…and expensive. That’s why this month’s resource is focused on how you can keep your finances on track while enjoying the holidays!
Questions about planning for the holiday season and beyond? Contact the Robin S. Weingast & Associates team today for a personalized, free evaluation of your financial plan!
As the world watches to see if the proposed tax plan will affect 401(k) contribution limits, the IRS released its updated list of 2018 plan contribution limits — and there have been increases to several limits.
Check out our chart below for what you need to know.
You can read more about the plan limit changes here.
Questions about how to plan for retirement in light of this news? Contact the Robin S. Weingast & Associates team to find out how we can help you!
Social Security is an important part of your retirement puzzle, but do you know how to get the most out of it? Since it’s such a complicated and ever-changing program, this month’s podcast features sought-after Social Security Speaker Tim Kiesling who will provide you with some helpful tips to maximize your Social Security benefit!
If retirement is going to be a reality to you in the near future, it’s important to make sure you spend the year leading up to retirement effectively. After working so hard to plan and save for the retirement you want, make sure you use your final year to ensure you can enjoy the fruits of your labor. Here’s a primer on what you need to do:
Determine if you retire when you think you can.
Everyone has an age in mind, but it’s important to make sure your dream matches up to reality. Analyze your spending habits and compare them to what you expect to receive annually from your various income sources — be sure to include Social Security, pensions, and annuities. What does that analysis tell you? How do you need to adjust based on the results?
Figure out how to handle your 401(k) or other retirement accounts.
Upon retirement, you generally have three options with an employer-sponsored plan. You can transfer the money into an IRA, leave your savings where they are, or cash out the account. Each option comes with associated pros, cons, and, in some cases, penalties. Make sure you understand the implications of each option.
Decide what to do with employer stock
Much like your retirement accounts, you will have options when it comes to employer stock. Again, each option has parameters, so it’s essential to fully understand each one.
Plan how to avoid penalties on early withdrawals.
Early withdrawals (typically considered before age 59 1/2) often carry a 10% tax penalty. But did you know there may be exceptions to this penalty? For example, if you leave a job after age 55 (or 50 for certain types of public employees), you can withdraw from that employer’s plan without penalty. This is just one example of the scenarios that may help you avoid early withdrawal penalties.
Decide on how your pension benefits will be paid.
Pensions can usually be paid out in one lump sum or as annuity payments (i.e., a regular sum of money on a regular basis that lasts your lifetime as well as the lifetime of your spouse). Understanding the tax implications of both options and exploring how the pension money might be used can help guide your decision.
Decide on when to start Social Security
Typically, you can begin receiving Social Security any time between the ages of 62 and 70. But it’s important to understand how your age affects your monthly income. You can walk through various scenarios on the Social Security website.
Line up health insurance
Your age will likely affect the health insurance options available to you — so it’s best to sit down and determine your health insurance scenario well in advance of retirement.
These are just a few of the key steps you should take in the 1-2 years leading up to your retirement. Planning for retirement can be overwhelming, which is why the Robin S. Weingast & Associates team is here to help. Contact us today so we can be sure you’re on the path to a happy and fulfilling retirement.
When you think of your most valuable assets you probably consider big ticket items such as your home or vehicles, but have you considered that Life Insurance could be on the list? Life Insurance is so much more than a death benefit, and 40-year Insurance Industry Veteran John Wheeler is here to show you just how valuable it is in our latest monthly podcast!
August marks the start of college for many young people across the country —and as we talked about in this month’s blog post, having a child start college is a milestone that may affect your own retirement planning.
Paying for college involves more than just tuition, which is why our resource this month is geared towards helping families and college students understand the many factors that go into paying for an education. From transportation to credit cards, this resource will help you understand what college means for you and your family’s financial future.