Many people reach a point in life when buying some life insurance is highly advisable. Once you determine that you need it, the next step is calculating how much you should get and what kind. CAREFUL CALCULATIONS If the coverage is to replace income and support your family, this starts with tallying the costs that [...]
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRA’s, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. KNOW THE RULES Some investments, such as fast-growing stocks, can generate substantial capital gains, [...]
One could say that there are only two key milestones in retirement planning: the day you begin participating in retirement savings account and the day you begin drawing money from it. But, of course, there are others as well. One is the day you turn 50 years old. Why? Because those age 50 and older [...]
Sponsors of defined benefit plans – commonly known as pensions – might be facing tighter scrutiny from the U.S. Department of Labor. Just last year, at an ERISA Advisory Council meeting, the agency’s Employee Benefits Security Administration (EBSA) announced that it had ramped up pension audit operations in its Philadelphia office and later decided to [...]
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation. IDENTIFY KEY [...]
When Congress was debating tax law reform last year, there was talk of repealing the federal estate and gift taxes. As it turned out, rumors of their demise were highly exaggerated. Both still exist and every taxpayer with a high degree of wealth shouldn’t let either take their heirs by surprise. Exclusions and Exemptions For [...]