There are many factors to understanding whether you are on track to meet your financial goals for retirement. These not only include what you have set aside in savings and investments, but your rate of return, and inflation. If factors you can’t control such as the market or inflation have undermined where you thought you were, we may have a new option to help you get back on track. Check out this Forbes Investment Calculator, it may help.
We are well into tax season, which means more and more individuals are beginning to think about their tax refunds and what they can do with them. The solution relates to how healthy the individual’s cash flow is. If you like the feeling of getting a “windfall” in the form of a tax refund, you might want to consider using that money to help plan for your retirement. New retirement savings options pop up all the time so it is a good idea to reach out and see what is being offered right now. If you know a check is
With tax season approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes, if your annual income is above a certain amount when you’re receiving those payments. And because that income threshold is relatively low, it’s likely that some of your benefits will be taxed. The percentage of tax is calculated off of your combined income if married and filing jointly, or as a single filer. The question then becomes: What is combined income? Combined income includes your adjusted gross income, nontaxable interest, and one-half of your annual Social Security benefits.
We often think of retirement in terms of years. We think about how there isn’t enough time left in our lives to do all the things we planned on doing. That same thought of ‘not enough time left’ also comes to mind when we lose some of our life savings. Those who were handling it will respond by saying “Over time, things will change, and you will probably get it back.” But, just how long is “Over time?” When does that timeline begin, when will you have “Probably” made back those losses? And how much can you depend on that