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Throughout your career, you have been working hard to save in one or more retirement accounts. Then, once you retire, you’ll have some new decisions to make. But one choice has already been made for you: the age at which you must start taking withdrawals, or “distributions.” It’s a good idea to familiarize yourself with these distribution rules because they can have a big impact on your retirement income. And you may even want to take action before the end of the year.
The accompanying chart graphically displays the unvarnished truth about how David Cavazos worked Phoenix’s pension system to his total advantage.
At many places of work, it’s “open enrollment” season — the time where you get to make changes to the various benefits you receive from your employer. As you review your overall benefits package, what areas should you focus on?
Congress has designated the third week in October as National Save for Retirement Week — which means it’s a good time to think about your own retirement savings strategies.
Financial-services firm Edward Jones has introduced an income management account designed to help investors simplify, track and access income from multiple sources, according to Joseph B. Ortiz, an financial advisor in Ahwatukee.
Did you know that you could take charge of your own retirement funds and invest them in virtually anything that you believe can make you money, and where they are more secure from market fluctuations?
You probably have thought about what you’d like to do during your retirement years. But all your plans probably depend, to at least some extent, on your financial situation. What happens if you reach the age at which you wish to retire and you just don’t have the money you thought you’d have?
Children have the ability to earn $6,100 per year and pay no tax. They have the ability to earn in a number of different ways, including from their own labor, either working for someone else or working for their parents. Children also have the ability to be compensated for the use of their image in advertising or any other profitable venture. These earnings will vary depending upon what they do and how creative their parents can be at utilizing their image and profitable endeavors and then compensating them for that employment.
Fall is almost officially here — and if you’re like most people, you’re probably wondering how summer went by so fast. Those trips to the lake or the beach are fading in memory now, giving way to helping kids with homework, raking leaves and the other rites of autumn. And just as your day-to-day tasks change with the seasons, so, too, will your money management and investment activities at different phases of your life.
National Grandparents Day is observed on Sept. 8. And although this “day” is not as widely known as Mother’s Day or Father’s Day, it does remind us of the importance of grandparents. If you’re a grandparent yourself, you may be thinking of ways to help your grandchildren on their journey through life. One of the greatest gifts you can give them may be financial support for their college education — and one way you can help provide this support could be found in the distributions you receive from your retirement accounts.
We observe Labor Day on Monday. A federal holiday since 1894, Labor Day celebrates the achievements of American workers — people, like yourself, who work hard for their money. But to make progress toward your long-term financial goals, you need to do more than just earn money — you have to invest it wisely. And that takes work, too.
This Tuesday, Aug. 27, will be the final day to vote in the Phoenix City Council election.
Almost everyone would agree: Moving is a hassle. In addition to selling your current home and finding a new one, you may need to deal with a new school for your kids, a new doctor, a new dentist — the list goes on and on. But you’ll also need to consider the financial aspects of your move — specifically, your investments, insurance, taxes and even your estate plans.
If you’re somewhat familiar with investing, you may know that the Roth IRA is a great retirement-savings vehicle. But are you aware that some of its benefits can also pay off for the next generation of your family?
If you’re planning to get remarried, you have plenty of company: More than 40 percent of all U.S. weddings are second marriages for at least one of the participants, according to an estimate by the National Stepfamily Resource Center. Naturally, a second marriage will bring many changes to your life — not the least of which may be changes in your financial strategy and goals.
Will you ever receive a sizable inheritance? You can’t plan on it. But if you do get one, you can plan on using it to help achieve some of your key financial goals.
State lawmakers were moving toward finally adjourning their 151-day session late Thursday -- but not before setting the stage for constituents to have to start paying taxes on what they buy from catalogs and on the World Wide Web.
It probably doesn’t show up on your calendar, but May is Disability Insurance Awareness Month. And you might agree that such a month is useful, when you consider the following:
Here’s a sobering statistic: 46 percent of workers surveyed had little or no confidence that they will have enough money to live comfortably throughout their retirement years, according to the 2010 Retirement Confidence Survey, issued by the Employee Benefit Research Institute. So you may want to explore all possible retirement savings vehicles —including a variable annuity.
If you’re a “Gen-Xer,” born between 1965 and 1980, you’ve still got many years to go until you retire. At this stage of your life, what can you do to help build resources for the retirement lifestyle you’ve envisioned?
For the first time since 2008, contribution limits have risen for one of the most popular retirement savings vehicles available: the IRA. This means you’ve got a greater opportunity to put more money away for your “golden years.”
Not everyone gets one, but it’s always a welcome sight — a tax refund. If you receive a refund this year, how can you best put it to work?
In an uncertain economy, it’s natural for people to “tighten their belts” by cutting down on their spending. And yet by having too much cash on hand today, you could actually slow your progress toward your financial goals of tomorrow.
Now that tax season is here, and the debate over tax rates has been resolved (at least for now), you can focus on your tax return, which is due on April 15. As you work on your return, you may see some areas in which you’d like to make some changes for 2013 and beyond — and one of these areas may be your investments. Specifically, can you find ways to become a more “tax-smart” investor?
In the past, many people stayed at one job, or at least one company, for almost their entire working lives. When they retired, they could typically count on a pension, the value of which was based on their years of service and earnings. But today, workers can expect to hold several different jobs in their lifetime, and to a great extent, pensions have been replaced by 401(k) plans, which place much of the funding responsibility on employees. So, assuming you will change jobs at some point, and you do have a 401(k), what should you do with it?