Money Matters

Before you take your pension in a lump sum go through these 5 steps

Taking your pension payment in one big check can have tax consequences. A few calculations now could make the money last longer.

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Archive by category ''Money Matters

MONEY MATTERS

Comparing fixed-rate savings bonds to CDs

The earnings rate on savings bonds is a combination of two separate rates: a fixed rate of return and a variable semiannual inflation rate. The fixed rate is announced by the Treasury Department every May and November.
MONEY MATTERS

Recent fiscal cliff deal preserved some features of education savings account

Because of the possibility of changes to these educational savings accounts, some providers stopped accepting new assets or opening new Coverdell IRAs. You may want to contact the custodian and see whether they will allow contributions now that the benefits of this savings plan have been preserved...
MONEY MATTERS

Families considering an education savings account have several options

Funds in a Coverdell Education Savings Account must be used for the child’s qualified education needs. Qualified education expenses include elementary and secondary education expenses as well as higher education expenses.
MONEY MATTERS

Money Matters: Be aware of these new taxes related to the Affordable Care Act

Beginning this year there will be a net investment income tax and an additional Medicare tax on those with modified adjusted gross income (MAGI) income above certain thresholds
MONEY MATTERS

How to calculate your IRA’s required minimum distributions

Unless you are currently working for the company, any funds in company sponsored retirement plans are also subject to the required minimum distribution rules.
MONEY MATTERS

Several things to consider when evaluating a defined benefit plan

When considering a defined benefit plan, consult an expert. The contributions are generally 100 percent tax deductible, grow tax deferred and are taxable when withdrawn.
MONEY MATTERS

Parent wants to start saving for 10-year-old son's retirement

'The Ricky Trust' is not a scam but there may are alternative ways to save money for children if you've already got their educational needs covered.
MONEY MATTERS

Advice on crafting beneficiary designations for an IRA

If your IRA is a substantial asset, it’s wise to seek personalized professional guidance on the available beneficiary designation options. Be careful with designations and restrictions that may have unintended consequences.
MONEY MATTERS

Consider special tax rule before rolling company stock to an IRA

There is a special tax rule for company stock in a retirement plan and it could save you thousands of dollars in taxes. This potential savings is lost if you roll the company stock to an IRA.
MONEY MATTERS

Should you purchase long-term care insurance?

A long-term care insurance policy can help safeguard your assets and increase your independence and control. As with most insurance, you have to assess your odds of needing the coverage and weigh this against the cost of the coverage.