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retirement planning

Earned Income Tax Credit for Working Grandparents

The Earned Income Tax Credit, or EITC, is a federal income tax credit for workers whose annual income is $53,505 or less (2016), depending on marital status and number of eligible dependents. There are other eligibility limits, such as the requirement that investment income be $3,400 or less for the year. This refundable credit can…

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How to Manage Taxes in Retirement

Here are some tips on how to manage taxes in retirement; To stay within the 15% income tax bracket: maximum annual income = single, $37,950; married filing jointly, $75,900. Investors can harvest capital gains with a zero tax rate as long as their income stays in or below the 15% tax bracket. To help reduce…

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Budget Travel Ideas

With the increasing cost of health care and constraints of a fixed income, many retirees nix vacations for lower-cost visits with family. However, there are plenty of destinations that can be affordable to visit on a budget. The following are a few ideas for this summer and the rest of 2017. Wine tasting in Sonoma,…

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The Science Behind Decision Making

In the 1940s, 90 percent of the stock market was owned by individual household investors. Today, with the widespread use of investment banking and mutual fund investing, individuals are responsible for trading only 20 percent of U.S. corporate equity. Do we no longer trust ourselves with investment decisions? You might think that, with so much…

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A New Generation of Workaholics

As baby boomers wind down their careers, many would like to “phase out” of their jobs, working fewer hours each week; perhaps fewer still each year. But is this a practical solution for private employers? Maybe. When you consider a recent study on millennial worker habits, it may be surprising to find they could pick up…

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How Millennials can Still Build Equity Through Home Ownership

Financial experts have long touted that buying a home is a foundation for building long-term wealth. In fact, the younger a homeowner enters the housing market, the more potential he has for greater wealth over his lifetime. However, fewer young adults today are buying houses than in the past. This puts a damper on the…

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Facts About IRAs

While an IRA may have a lower annual contribution limit (2017: $5,500; $6,500 age 50 or older) than a workplace-sponsored retirement plan, opening an IRA can provide an opportunity to help diversify your retirement assets. An IRA offers certain benefits that are generally not available in a 401(k), such as: Lower cost Larger spectrum of…

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Strategies for Paying for College

Even as college tuition continues to rise, more and more American families are paying less out of pocket than in previous years. During the 2015-16 academic year, grants and scholarships paid the largest portion of college expenses — 34 percent, compared to 30 percent the year before. In addition to grants and scholarships, parent income…

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