Financial Planning

Everything is in flux, but we are starting to see some compromise across the House and Senate. Below are many (but certainly not all) of the proposed tax law changes. This is fairly high level so not all the details are provided below, but enough are provided to give you an idea of where things are headed.
The GOP Senate tax proposal has been released with large contradictions to the House bill proposed a week earlier.
In this final segment of our series on Retiree Healthcare, we will provide a decision-making framework for healthcare insurance that incorporates the information covered in the first two articles of this series. Leading up to this article, we have explained how the various health insurance programs
Everyone has been waiting with bated breath over the “tax reform” that has been expected to come down from Washington. Some waiting to tear it apart. Some waiting to praise it. I read the entire bill last night; so, let’s look at what is actually being proposed at this point. Please note this is not the final law, but we do have some hard data to go on, finally.
Today we launch into the second article in the series on retiree Health Insurance. If you have yet to review the first article in this series it would be worth your while to ensure a sound understanding of the costs and coverages within the current healthcare insurance landscape.
Oh, the joys of retiring! Finally having the time and freedom to pursue your hobbies, travel, visit family, volunteer, and most of all – deal with health insurance decisions!
Many of us were distracted by natural disasters this week. While everyone crowded the grocery stores and topped off their gas tanks, Equifax announced a massive data breach.
As a kid, my favorite movies were non-stop action with actors like Arnold, Jean Claude Van Damme, Sylvester Stallone, and Jackie Chan. The Terminator franchise was my favorite, but I never imagined our society would get to a point where computers, robots, and artificial intelligence (AI) was a reality. Here we are. We practically live on our computers (or smartphones), tireless robots handle jobs that took thousands, and AI is right around the corner.
According to the National Philanthropic Trust, Americans gave $373.25 billion in 2015. While giving to the less fortunate is admirable, many donors also see charity as a tax deduction—a way to reduce their ongoing support of Uncle Sam. If Congress is going to offer, there is no problem with trying to minimize tax liabilities while supporting your favorite causes.
The struggle to save for retirement is real with most families failing to save much, if any, for their golden years. To incentivize citizens, Congress has written several retirement plans into place that offer varying levels of tax benefits. The most common are 401(k) plans and IRAs. These give the saver an immediate tax deduction for saving, the earnings are not currently taxed, and everything is then taxed at distribution in retirement. The Roth plans (named after Senator William Roth) started in the 1990s with the advent of the Roth IRA, which expanded a decade later to include Roth 401(k) plans, Roth 403(b), and Roth 457 plans. These plans offer no tax benefit up front but earnings grow tax deferred and qualifying distributions in retirement are tax free.

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