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.
Fraud and online scams are a growing threat to all Americans. However, you can take steps to make yourself less likely to become a victim of scammers. In 2023, the Federal Trade Commission received reports of over $10 Billion in total fraud losses!
Brandon Lovingier was privileged to interview Kathy Stokes, the Director of Fraud Prevention Programs with AARP, at FinCon 2023. Her insights on fraud prevention are used throughout this article, along with some of our own advice and helpful tips. We hope to inform you of best practices to protect you and your loved ones from becoming victims of fraud, theft, and scams.
Getting accurate and timely information is critical to your success every tax season. Unfortunately, not all of the details about your financial life show up in your tax documents. Your accountant will need your input to understand the context of your tax documents.
You don't want to miss out on any potential tax savings or make a mistake on your taxes. This is why communicating and collaborating with your financial planner and accountant is so important. Timely and accurate information can prevent problems and possibly keep more money in your pocket.
There are lots of small, yet important things to creep up on you as you approach retirement. However, these “ankle biters” can turn into a big collective problem if you don’t pay attention. Don’t let the tiny details derail your retirement plans!
We’ll discuss some of the finer details that often get missed or confused. You’ll feel so much better knowing you’ve covered all your bases.
As you draw closer to retirement, it’s essential for you to get things filed on time. In many cases, you’ll only have one opportunity to get things right. Other decisions may lock you in for a long time.
No matter what, each decision and deadline as you approach your retirement date is critical. This is why NextGen Wealth specializes in the transition phase of retirement and beyond. If you take the time to lay the foundation of your retirement on solid ground, everything else goes much more smoothly.
You’ll encounter many important decisions as you transition into retirement. Almost none are as important as your access to quality healthcare. Your life insurance needs will probably change too.
If you’re trying to retire early, or at least before you’re eligible for Medicare, you’ll have to weigh your healthcare options carefully. You’ll want to make the best decision for you to preserve your health, wealth, and legacy.
Healthcare is not getting cheaper. Are you prepared to cover your healthcare expenses throughout your retirement?
Healthcare is cited as the number one cost retirees face. Even if you have a pension, it can be tricky to ensure all your needs are covered. You’ll want to consider all your options, including Medicare, health insurance offered with your pension, Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), COBRA, and the Marketplace.
Health Reimbursement Arrangements (HRAs) are employer-funded plans that allow employees to pay for qualified medical expenses with tax-free money. HRAs can be used to reimburse employees for a wide range of expenses, including individual health insurance premiums, deductibles, copayments, and coinsurance.
If your employer offers an HRA, you should certainly check it out. It’s a great benefit to help reduce your overall healthcare costs! There are several types of HRAs, so be sure to check your plan documents carefully.
Thinking through your pension decisions and transitioning into retirement is hard enough. Adding in planning for your premature death is even more stressful. However, there’s no replacement for peace of mind knowing your family is covered no matter what.
Adding a survivor benefit to your pension isn’t a decision to be taken lightly. There are often many variations and levels of coverage to consider too. Make sure you take your time to think through this decision by looking at your whole financial picture.
