If you have an Individual Retirement Account (IRA), once you reach the age of 70 ½ years, you must start making distributions out of the account each and every year. Should you fail to make these annual distributions, significant fines are triggered. These fines can equal up to 50% of the money which was supposed to be distributed in that year from … [Read more...]
Proposed Tax Credit
Steve Israel, a Democrat in the House of Representatives from Huntington, New York, has proposed that children who care for elderly parents should receive a $1,200 tax credit from the federal government. This would apply if the seniors are living on their own, or in an assisted living facility. Representative Israel claims if Congress approves this … [Read more...]
Retirement Savings Should Not Be Withdrawn Early
When individuals and families have financial problems, they often look to bail themselves out by borrowing and/or withdrawing funds from their retirement savings accounts. It is estimated in 2013, approximately a third of individuals who lost their jobs removed their money from their retirement savings accounts. Early withdrawal of funds from a … [Read more...]
Spinning the mindset of the retirees – Why should the baby boom end with a whimper?
Between the years 1946 and 1964, around 78 million Americans were born and this generation came to be termed as the baby boomers. Undoubtedly the hard work of the boomers contributed a lot to shape the US economy in the last 40 years but this entire generation is approaching their retirement age. It was in 2006 that the first few baby boomers … [Read more...]
