Annuities can be as confusing as any product on the market. However, they can be a handy tool for the right individuals. Don’t let all the ambiguous and confusing terms discourage you from learning about annuities.
A general understanding of how annuities work, the types of annuities available, and the tax implications is helpful. We’ll also analyze the costs and fees, how annuities can insure against longevity risk, and whether an annuity product might be right for you.
This post was last updated on July 30, 2022, to reflect all updated information and best serve your needs.
Have you ever considered how much do you really need to retire? While this is a simple question, the answer is anything but clear cut. There are many factors that go into your retirement target number.
Rising costs and running out of money are a huge worry for many retirees. However, moving forward, you may be eligible for a new “tax freeze” on your Missouri personal property bill. Every little bit helps!
You need to be aware of many different rules and procedures. It’s also important to note that not all counties in Missouri are implementing this new benefit. You’ll need to check your specific county to see what applies to you.
This post was last updated on January 07, 2025, to reflect all updated information and best serve your needs.
Although defined benefit plans (pensions) are less common today, many people will still rely on them for retirement. There are some very specific rules governing how these plans are calculated for payout either over the course of retirement or in a lump sum.
When you start thinking about how Medicare will cover your health care needs, you should consider making one major decision. That decision will be whether you choose to enroll in federally run Original Medicare or go for a private insurance alternative.
Most people overall are satisfied with their plan of Original Medicare, besides the unpredictable out-of-pocket costs, as well as not having dental and vision care coverage. However, Private Medicare plans provide solutions to these issues and many other benefits.
This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.
If you’re stashing away cash for your golden years, you’re ahead of the game. A study conducted in late 2020 found that 56% of Americans have $5,000 or less in savings, while a third has $1,000 or less. What’s worse is that another study showed that almost 25% of adults in the U.S have no retirement savings or pension at all.
The business world uses the term 401(k) often. Many employers offer their employees these retirement accounts as a benefit to working there.
Some employers even offer 401(k) matching. This benefit is exactly as it sounds. An employer matches the amount of money that you contribute to your 401(k). So, you put money into your 401(k), and then your employer does the same.
This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.
Retirement accounts grow from pre-tax (deductible) contributions during employment. During retirement, account withdrawals, or distributions, are then taxed as ordinary income. To many entering retirement, it would make sense to let these accounts sit, accruing tax-deferred value to further build their savings and/or inheritance to pass on.
When talking about retirement planning, most of the focus is on how and where you’ll be saving money. While that should be your primary concern, you also need to figure out what comes after - withdrawing money to fund your retirement.
In this article, we’ll talk about the different rules regarding traditional and Roth IRA withdrawals. Depending on your situation and your needs in retirement, you can maximize your earnings while minimizing your tax burden. Here are the tips that you need to know.
This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.
The IRS established required minimum distribution (RMD) rules on IRAs and similar tax-deferred savings plans to eventually collect on the taxes previously deferred. RMD rules require you to begin making withdrawals from certain retirement accounts when you reach age 73.
This post was last updated on January 16, 2025, to reflect all updated information and best serve your needs.
Losing a spouse is awful, and getting hit with a larger tax bill only makes things worse. Thinking about death is never fun, but failure to plan could mean serious tax issues for a surviving spouse. This is what’s often called the “widow’s penalty.”
This post was last updated on January 16, 2025, to reflect all updated information and best serve your needs.
Are you looking for a way to supercharge your retirement savings? You might want to look into after-tax contributions to your 401k. Larger employers offer this option more often, but some smaller employers may also offer it.
This post was last updated on January 16, 2025, to reflect all updated information and best serve your needs.
SECURE 2.0 didn’t cause any real major changes, but collectively, all the small changes have a significant impact. Put a different way, SECURE 2.0 probably won’t derail or save your retirement, but you certainly need to update your financial plan.
This post was last updated on January 10, 2025, to reflect all updated information and best serve your needs.
Although you might not care much about what age you are, the government does. It’s very important you keep track of key age-related milestones in retirement. If you fail to properly plan around these, you may be missing out on some opportunities – or even face penalties.
This post was last updated on January 10, 2025, to reflect all updated information and best serve your needs.
There are three main phases of retirement planning: accumulation, transition, and decumulation (retirement). Depending on which you’re in, you’ll need to focus on different aspects of your financial life. The advice and expertise you’ll need will also be different as you move through these phases.
This post was last updated on January 10, 2025, to reflect all updated information and best serve your needs.
Are you looking for ways to avoid taxes on retirement and Social Security income? There are many retirement tax strategies you should be aware of. You may even be looking for how to avoid taxes on withdrawals from your 401k or other investment accounts.
There are many perks to retirement, such as freedom, traveling, spending more time with friends and family, and for most, becoming Medicare eligible. Most seniors become eligible for Medicare when they reach age 65. Though, some seniors believe they do not need Medicare due to retiree or Veterans Affairs (VA) coverage.
That is not always the case, so it’s important to know the facts when you approach your Golden Years. Here’s why you should have Medicare in retirement.
This post was last updated on January 08, 2025, to reflect all updated information and best serve your needs.
It seems like Roth conversions are all the rage, but are they really the right thing for you? There are many potential benefits, but there are some trade-offs to consider as well. The decision to use a Roth conversion incorporates a much longer timeline than many other tax-saving strategies.
Kansas City is full of activities for virtually anyone – especially retirees. There’s so much to do, you might even have a hard time fitting everything into your schedule!
From professional sports teams to outdoor activities to fine arts, there’s truly something for everyone. Kansas City also has a rich history worth exploring as well. We’re a little biased, but Kansas City is a great place to retire!
Whether you’ve been married five years or 25 years, divorce presents many challenges - including financial issues. This is likely a difficult time as you navigate uncharted waters.
Friends and family may try to give you helpful information, but having a trusted attorney, tax professional, and financial advisor are essential to protect what you have and help you make informed decisions.
