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
According to industry research, only half of retirees save enough money to maintain their current level of spending for more than five years. Trying to figure out if their income from Social Security and retirement savings will last potentially 30 years or more is one of the biggest sources of stress among those in their 60s and 70s. According to Steve Vernon, author of Don’t Go Broke at Retirement, retirees need to find a middle ground between carelessly spending away their nest eggs and allowing their fears about running out of money keep them from enjoying life. There are two strategies you can use to help ensure that you won’t spend your way into poverty. First, try to delay taking Social Security benefits until age 70 if possible, even if you need to take a part-time job to earn extra income. The longer you wait, the higher the monthly benefits you’ll receive. Second, look for ways to reduce your spending. While going out to eat less often and cutting your cable and cell phone bills can help, the most significant, long-lasting savings come from eliminating major expenses. Getting rid of a vehicle you no longer need or moving into a townhouse or to a state with a lower cost of living can significantly reduce the thousands of dollars per year you spend on repairs, loans, insurance and taxes. Since these decisions can be very complex, consider seeking the advice of an unbiased, fee-only financial planner who can recommend strategies to keep you financially and emotionally secure during your golden years.
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