As we all know employment markets have been tight over the last several years, but Americans have a tendency to find a way. There has been an increase in the number of people who are self-employed, and this can be an option for those who are willing to take matters into their own hands. Economic Modeling Specialists International has stated that there has been a 14% increase in the number of people who work for themselves for the most part between 2001 and the present time. There are some … [Read more...] about Self Employment & Retirement Planning
We would like to take a look at three of the most commonly asked questions regarding the Social Security program. How Much Will I Get? The way to find out this information is to sign up on the Social Security Administration website and view your personal statement so you can gain an understanding of approximately what you can expect to receive when you qualify for benefits. You can then use this projection to help you gauge exactly how much supplementation is going to be necessary. When Can I … [Read more...] about Answering Top Three Social Security Questions
The goal that most people have while they are traversing their career paths is to be able to retire someday and do so in comfort. When you work to support your family over the decades you invariably have limited spare time. As a result a lot of things that you would like to do probably have gone undone. The objective for many is to be able to have these experiences once they retire. This is easier said than done. The income that is derived from Social Security is limited, and this alone is not … [Read more...] about Are You Drifting or Building?
You must have a thorough understanding of the benefits that are available to you when you are planning for retirement as a military veteran. Most people are aware of the fact that you are entitled to a retirement pension after 20 years of service. If you do retire after serving 20 years your pension benefit will be based on a percentage of your base pay. The longer you stay in the higher the percentage will be when you do begin to draw your pension benefit. After 40 years of service you would … [Read more...] about Survivor Benefit Plan Protects Spouses of Military Retirees
While most people are aware of the fact that there is a Federal estate tax in place you may not know about the gift tax. Yes, there is a federal levy that is imposed on asset transfers of a significant nature while you are still alive. There is an annual exemption of $13,000 per gift recipient. Any gifts that you give exceeding this amount of money to one person during a particular year become taxable. It is possible to utilize a portion of your unified gift/estate tax exemption when you are … [Read more...] about Must You Include Gifts When Filing Income Tax Return?
Retirement planning is integral for serious minded individuals who want to be able to enjoy a certain modicum of financial security during their senior years. Putting yourself in a position to be able to pay your way for perhaps a couple of decades or more without working can require some long-term financial discipline as you act within an intelligently conceived framework over an extended period of time. In order to be able to reach your objectives you must accurately project your future … [Read more...] about Paying Property Taxes Can Be Challenging for Some Seniors
People sometimes decide that they would like to continue working even after they reach the age of Social Security eligibility. Some simply enjoy their work and they see no real reason to step away. Others continue working out of financial need. If you do not want to be forced to work as a senior citizen you would do well to engage in some intelligent retirement planning. When you work up a cogent plan for the future with the assistance of a good South Carolina financial planning attorney you … [Read more...] about Is There a Penalty for Working While Receiving Social Security?
If you are one to live in the moment and just let the chips fall as they may who knows, you may be in a financial position to enjoy your retirement and leave behind a suitable legacy. However, when you look at the statistics you find that a very significant segment of the population will pass away with virtually nothing. Experts traditionally have looked at retirement preparedness by examining the financial health of individuals as they approach retirement age. However, this tells an … [Read more...] about Reverse Analysis Reveals Telling Statistic
Getting into business for yourself can be quite rewarding on a number of different levels. Of course it is nice being your own boss, and there may be virtually no limit to what you can achieve as you build the business over the years. However, you have to ask yourself how you are going to exit the business after you retire or in the event of your death. This can take some careful planning and it is a good idea to get started early on. If you intend to retire someday you have to devise a plan … [Read more...] about So You’re In Business—How Will You Get Out?
Taking care of those that you love can involve providing them opportunities to reach their full potential as human beings. With this in mind many people want to provide resources to pay for the college education of a loved one (or multiple family members). One way of doing this is by contributing into a 529 plan. These plans are offered by the states and in some states you can prepay the tuition of a student who will be entering college in the future. By doing this you are guaranteed the … [Read more...] about Saving For College Expenses