The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.
For further research:
- Terrysavage.com, Tax Time
- Nextavenue.org, 11 Last-Minute Tax Tips for 2022 Returns
With interest rates at record lows and economic uncertainty expected to continue, you’re probably wondering, like millions of other Americans, whether you’ll have enough income to last 20 or more years of retirement. Fortunately, there are a number of steps you can take right now to improve your chances. First, try to avoid taking Social Security as long as possible, since each year you delay could increase your benefits by 8%. Second, use online tools like maxmyinterest.com to find online banks offering better interest rates on savings than you’re earning now. Third, consider reallocating some of your investments to increase income without taking on excessive risk; equity-income funds offer an attractive combination of dividend income and the potential for capital growth. Fourth, look for ways to reduce non-essential spending and investment expenses. If all of this seems too overwhelming to do on your own, considering working with a fee-only fiduciary financial planner who can analyze your entire financial life and recommend a plan to help you live the way you want to during retirement.
The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.
For further research:
Mention the word “annuity” and most investors recoil. There seem to be so many hidden secrets and costs. And high pressure sales tactics along with "free dinners."
In today’s podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts. Stan Haithcock’s website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities. And Stan is one of the most entertaining financial speakers you’ll ever meet.
So, sit back and enjoy our podcast. We devote special attention to Multi-Year Guaranteed Annuities (MYGAs), now yielding over 5.5%. They’re the insurance industry’s version of a bank CD, without the FDIC backing. And they are a great way to improve yields either inside or outside your IRA.
To read more about MYGAs, here’s a link to Terry’s column on the subject: https://www.terrysavage.com/an-annuity-that-works-for-you-myga
And if you’d like to listen to more of Stan’s terrific approach to financial markets, both Terry and Pam have recently joined him on HIS podcast. You’ll find the links to these conversations here:
Terry Savage: The Savage Financial Truth in 2023
https://www.stantheannuityman.com/fwa-terry-savage-january-2023
Pam Krueger: Your Wealthramp to Fiduciary Advice
https://www.stantheannuityman.com/fwa-pam-krueger-february-2023
