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Tag: retirement

Plan ahead to protect your family and your fortune from this retirement risk

Plan ahead to protect your family and your fortune from this retirement risk

Finance
Not everyone will wind up needing care in an assisted-living facility in old age, but everybody should plan for it, just in case. "When people hear the term 'long-term care,' they immediately think, Oh, my gosh, long-term care insurance. That's for old people," said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth. "Just because you don't talk about planning for long-term care, it doesn't mean that it's not going to happen," she said. Paying for long-term care can be a costly and complex undertaking if you're unprepared. L...
Two unexpected ways the new alimony tax rules affect your retirement savings

Two unexpected ways the new alimony tax rules affect your retirement savings

Finance
Alimony payments will fall under new tax rules starting in 2019. That could mean big changes for your retirement accounts. It's all a part of the Tax Cuts and Jobs Act that was ushered in by Congress late last year. Under the new regulations, the individual who pays alimony to an ex-spouse will no longer be able to deduct those payments. And the recipient of the money will no longer pay taxes on that income. The law applies to divorce agreements that are formed after the New Year. "If you wer...
Believing these Social Security myths could make you poorer in retirement

Believing these Social Security myths could make you poorer in retirement

Finance
If you're like many retirees, your Social Security checks will account for a large portion of your retirement income. But how well you understand the ins and outs of these benefits could make a big difference in how much you receive over your lifetime. To that point, 69 percent of baby boomers — a generation of individuals who are either in or approaching retirement — expect Social Security to be a "major" source of retirement income, according to a recent report from the Insured Retirement Institute. ...