Imagine a world where your healthcare dollars work as hard as you do, where every penny you save for medical needs gets a superhero cape, flying tax-free, growing in strength, and always…
Estate planning is the process of arranging and preparing for the distribution of a person’s assets and property after their death. It involves creating a plan to manage and distribute a person’s assets to ensure their wishes are carried out, minimize taxes and probate costs, and provide for their loved ones.
Obtaining a second job to supplement income might have unexpected surprises. Seniors in the United States face a double whammy. Inflation has diminished their purchasing power, and this past year’s terrible stock market has significantly diminished their retirement savings. Since the beginning of the year, individual retirement savings and 401(k)s have lost a total of $3,3 trillion in value, according to the Boston College Center for Retirement Research.
There is still time to do well by doing good this year, and there are still tax benefits available to retirees who make charitable contributions. Act quickly, though!
There is usually a year-end interest in donating to charity; this motivation does not always disappear upon retirement. Let’s discuss some tax-intelligent ways for charitable contributions by retirees.
When people consider retirement planning, they often prioritize saving and investing so they can retire with a comfortable nest egg. And that is an excellent starting point. However, it is equally essential to consider how taxes will impact your retirement funds and any other sources of income you may rely on after you reach retirement age.