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Tag: retirement

Here's how to maximize those retirement 'sweet spot' years

Here's how to maximize those retirement 'sweet spot' years

Finance
As you head into retirement, there's a chance you also are entering a special time to do some serious tax planning.This sweet spot is the stretch of time between when you retire from full-time work and when you have to start taking required minimum distributions from your 401(k) plan or your traditional individual retirement account at age 70½.Presumably, given that full-time work is behind you and those mandated distributions are ahead of you, it's also when you find yourself in a lower tax bracket."This is a good time to look at whether some strategies can work that help with taxes," said Avani Ramnani, director of financial planning and wealth management at Francis Financial.While there are ways to take advantage of lower tax rates, it's important to make sure any moves you make are in
New York gives the green light to retirement plan for workers without one

New York gives the green light to retirement plan for workers without one

Finance
New York has become the latest state to give the nod to a retirement savings program for workers who lack access to one where they work.Endorsed by the state legislature on Saturday via approval of its fiscal 2019 budget, the program would be similar to others cropping up around the country that provide private sector workers with a tax-advantaged retirement account if their employer does not offer one.The budget authorizes the creation of the New York Secure Choice Savings Program. While details are slim — a state board would be charged with working out the specifics — participation would be voluntary for both businesses and workers. Employees who choose to enroll would be able to direct part of their paycheck to a Roth IRA.While contributions to Roth IRAs are not tax-deductible, the asse
FBI ex-deputy director Andrew McCabe sacked days before retirement

FBI ex-deputy director Andrew McCabe sacked days before retirement

World
Former FBI deputy director Andrew McCabe has been sacked days before he could retire with pension rights.He was fired by US Attorney General Jeff Sessions, who said an internal review found he leaked information and misled investigators.Mr McCabe denied the claims and said he was being targeted because of his involvement in the inquiry into alleged Russian meddling in the 2016 election.Mr Trump has long accused Mr McCabe of bias in favour of the Democrats.He immediately praised Mr Sessions' decision to fire him. Skip Twitter post by @realDonaldTrumpAndrew McCabe FIRED, a great day for the hard working men and women of the FBI - A great day for Democracy. Sanctimonious James Comey was his boss and made McCabe look like a choirboy. He knew all about the lies and corruption going on at the h...
Enough is enough: It’s high time Gen Xers take retirement seriously

Enough is enough: It’s high time Gen Xers take retirement seriously

Finance
Born into the Cold War and squeezed between two larger demographic groups, Gen Xers have long been known as the "forgotten generation." But for a bunch of loners whom the media gave up on in the mid-1990s, we Gen Xers have done pretty well for ourselves.We've built our own businesses and communities, quickly adapted to changing business environments and the rise of tech, and survived the worst financial crisis in modern history. As a Gen Xer myself, I'm proud that everyone who called my generation slackers was proven wrong.Yet, as Gen X heads into their peak earning years, the majority of them have not channeled their professional successes into better planning for retirement. The first Gen Xers received AARP cards two years ago, but only 8 percent have saved enough to be on track for reti...