Monthly Archives July 2016

Is It Possible to Retire Early?

As you plan for retirement, one of your biggest questions is probably, “When can I finally retire?” That question has as many answers as there are people asking it, so there’s never a one-size-fits-all solution. However, most people do give heavy weight to their full retirement age (as defined by Social Security) when making this decision. Your full retirement age falls between 65 and 67, depending upon your birth date. This is the age at which you can make claim to your full scheduled benefits, which most people need to establish a solid income in retirement. Social Security does allow
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Prepare for Retirement Income Taxes

Throughout your working years, you become accustomed to having your income taxes calculated at a certain rate. But once you retire, the game changes. The IRS taxes different types of income at different rates, so your taxable situation in retirement might surprise you. As you plan for retirement, it makes sense to learn some basics of retirement income taxes, so that you can plan appropriately for the future. Withdrawals. If you created and saved wealth during your working years, a part of your retirement income might be derived from your retirement account withdrawals. The withdrawals from these accounts, such as a
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Seven Reasons to Consider an IRA

For almost any situation, there is a retirement planning solution. Let’s imagine that you already have a healthy 401(k) fund, but you want to save even more for retirement. Or, perhaps you aren’t eligible for a company-sponsored retirement account, and you need a way to prepare for the future. These are two common reasons that people open an Individual Retirement Account (IRA). Along with the obvious need for retirement planning, there are seven great reasons that an IRA is a good strategy for many people. You own your business. You might enjoy greater freedom in many ways, but your retirement planning
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