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Retirement income is a topic that must be carefully discussed with your financial advisor to determine the best possible route for you. There are many sources of retirement income, and some work better for you than others. Having different sources of income for your retirement will mean you won't be as dependent upon any single source. Below are various sources of retirement income that you...

Retirement is a time to enjoy your life, not struggle with money. It's also a time when many people are faced with whether or not to begin drawing on their retirement accounts. You may need more income in retirement than when you were working because, unless your spouse is a high-income earner, the tax savings of two working people are now gone. If you're looking...

The largest wealth transfer in the history of the world is currently in process. It's estimated that around $68 trillion will switch hands over the next 25 years. Baby Boomers are currently retiring, and many of them will pass off the scene within the next few years. Much of this wealth will be tied up in family homes. This brings up the question of what...

Wills and trusts are both invaluable estate planning documents but they serve very different functions and are used at different times. Used in combination, they can help provide a comprehensive estate plan and both should be addressed when planning for retirement. Wills A will goes into effect after an individual has died. It delineates the distribution of assets according to the testator's wishes and typically designates an...

Retirement should be a time of rest, relaxation, and play. It should be about focusing on those pursuits that you wanted to do when you were younger, but you have yet to cross them off of your bucket list. Failing to plan for a comfortable retirement can be a major stressor in the life of someone facing their golden years. Recreational hopes and dreams can quickly...

If you are like many people, you may easily spend hundreds of dollars or more on holiday gifts and related holiday purchases each year. Some sources (For example, Forbes)indicate that consumers may spend more money over the holiday season this year than they have in previous years. The cost of gifts is only one seasonable expense. For example, you may have plans to host a...

Internal Revenue Service has come with an initiative to assist elderly taxpayers. Tax Counseling for the Elderly (TCE) would feature individuals of 60 years and above only. There have been Cooperative agreements between IRS and relevant organizations that would work annually during the taxation period for the initiative's success. Some community partners taking part include non-profit agencies, faith-based organizations, community centers and large employers. This...

Getting older has its nuisances as your health starts to decline, eyesight and hearing can deteriorate, you start having aches and pains in unexpected body parts. However, it does have its perks. Some of those benefits are in the form of tax breaks that come as you get older. Seniors have a larger tax deduction. If you are over 65, you get a $1,550 higher standard deduction...

After working hard and building a little wealth, it's incumbent on you to do what's necessary to protect that which you have accumulated. There are several ways you can protect your wealth, including making wise investments that will help your nest egg grow. As you contemplate how to grow and protect your wealth in the future, you should always have your eye on retirement. The last...