July 2019

Retirement Articles This Week

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We'll focus on websites and publications that help prepare and plan your retirement and personal finance decisions. Visit us each week.  Thank you for visiting and gaining great retirement insight!

 

Fed indicates lower rates....Stocks set record high

Dow climbs to 27,332

S&P ends the the day 3013, it's first close aove 3,000

The NASDAQ climbs to 8,244

July is hot and so is the market action....log into your Retirement IRA or 401k and check balances.  

Posted on Sunday, July 14 by Registered CommenterWise Owl | Comments Off

where Americans are moving to

According to United Van Lines’ National Movers Study, which analyzed its nearly 27,000 customers’ state-to-state migration patterns over the past year, many retirees sought destinations in the West – meaning Florida surprisingly was not the top location.

New Mexico (43%)

This was the first year New Mexico topped the list. Forty-three percent of moves to New Mexico were related to retirement, while 60 percent of people moving there were between the ages of 55 and 74. The cost of living in the state is 3 percent less than the national average, while income taxes are low.

Posted on Saturday, April 20 by Registered CommenterWise Owl | Comments Off

April 15th... need More Time?

The Internal Revenue Service allows taxpayers to file for a six month extension for any reason as long as they submit the proper form in time.  Just file form 4868 either electronically or on paper by the April deadline.

If you owe money to the IRS but can't afford to pay it at the moment, there's no need to panic, says Lisa Greene-Lewis, CPA and tax expert at TurboTax.

Contact the IRS to ask for an installment agreement when you file your taxes. If you qualify, an installment agreement will allow you to set up a monthly payment plan to pay your federal tax debt off over 6 years. If you're able to pay off your balance within 120 days, the installment plan won't cost you any additional fees.

If you file an extension but you choose not to pay what you owe by the tax deadline, the IRS will charge you a failure-to-pay penalty and interest on the taxes you owe them.

Posted on Monday, April 15 by Registered CommenterWise Owl | Comments Off

$1,461 Average Social Security Check

Retired workers will receive an average Social Security payment of $1,461 per month in 2019. Retired couples bring in an average of $2,448 monthly.

Posted on Sunday, March 24 by Registered CommenterWise Owl | Comments Off

ONCE AGAIN...The social Security Administration Never calls and asks for your Social security number.

The Federal Trade Commission recently issued a warning to ignore phone calls from official-sounding callers who tell you your Social Security number has been suspended due to fraudulent activity and then ask you for your personal information to reactivate your account.  This is a scam.  Your Social Security number is never suspended.

Hang Up!

Posted on Saturday, March 2 by Registered CommenterWise Owl | Comments Off

Retiring In a holiday Inn?

Terry Robison said he's going to take up residency at the Holiday Inn instead of going to a nursing home. 

His logic is pretty sound: the average nursing home costs $188 a day, while a long-term stay along with a senior discount at the Holiday Inn costs just $59.23 per night. 

Plus, the hotel always has free breakfasts, and some even have happy hours.

"No nursing home for us. We'll be checking into a Holiday Inn! 
With the average cost for a nursing home care costing $188.00 per day, there is a better way when we get old and too feeble. 
I've already checked on reservations at the Holiday Inn. For a combined long term stay discount and senior discount, it's $59.23 per night. 
Breakfast is included, and some have happy hours in the afternoon. 
That leaves $128.77 a day for lunch and dinner in any restaurant we want, or room .."

Posted on Tuesday, February 26 by Registered CommenterWise Owl | Comments Off

Volatile Markets Again...Dow Up 1086

The Dow Jones Industrial Average surged more than 1,000 points, or 5%, posting the index's largest-ever point increase and biggest single-day percentage gain since 2009.

 

Posted on Wednesday, December 26 by Registered CommenterWise Owl | Comments Off

Motley Fool Guide to Social Security Benefits

Here's a brief guide to 2019 Social Security benefits:

How much does the average retiree get from Social Security? 

The SSA estimates that the average retired worker will receive a benefit of $1,461 in January 2019 after next year's 2.8% cost-of-living adjustment is applied.

However, it's important to emphasize that Social Security benefits vary significantly based on how much recipients earn throughout their careers and when they choose to file. Some retirees receive far less than the average, while others get much more.

Posted on Monday, December 17 by Registered CommenterWise Owl | Comments Off

70 1/2?...Dont Forget your RMD this year

December 31 is the last day to take these distributions from your 401k or IRA.  The IRS has a worksheet to help you calculate your RMD, an amount that will depend on your age and account balance.

Posted on Friday, December 7 by Registered CommenterWise Owl | Comments Off

Our Financial Planning Tip...Set up a Roth IRA!

In 2019, the IRS will permit savers to put away up to $6,000 in a Roth IRA, plus $1,000 if you're 50 or older.
The exact amount of money you can save in this account will be based on your modified adjusted gross income or MAGI.

If you're single and with an MAGI of up to $122,000 (or married-filing-jointly with up to $193,000 in MAGI), you can contribute up to the annual limit.
Contribution levels drop off from that point. Single filers with at least $137,000 in MAGI ($203,000 if married and filing jointly) can't make any direct contributions to their Roth IRAs.

Posted on Wednesday, December 5 by Registered CommenterWise Owl | Comments Off

Ouch...Terrible day for stock markets

This really doesn't look like a Santa Claus rally. 

Dow Jones down almost 800 points today.

Posted on Tuesday, December 4 by Registered CommenterWise Owl | Comments Off

Converting assets to a Roth IRA from a Traditional IRA

Sure- it is a taxable event so consult a tax professional.  There are several benefits to conversions:

  • Roth withdrawals will be tax and penalty free if you are at least 59 1/2 and the account is at least 5 years old.
  • Roth money can continue to grow longer.  You won't be required to started withdrawals at age 70 1/2.
  • Your heirs will have to take annual withdrawals, but they won't have to pay federal income tax on the money if the account's been open for at least five years.
Posted on Monday, December 3 by Registered CommenterWise Owl | Comments Off
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