Retired engineers Kelly and Derek Barkey assumed they would be approved when they applied for a $50,000 home equity line of credit two years ago to fix up their new house. The Barkeys, now 56 and 59, had just sold their longtime home in Southern California and paid cash for a house worth about $850,000…
Will You Face a Tax Bomb in Retirement?
Good savers, beware. The money you’re stuffing into your 401(k) and other retirement accounts has to be withdrawn someday. If you’re not strategic about how you save, you could face unnecessarily high tax bills and inflated Medicare premiums in retirement—plus, you could be saddling your heirs with higher taxes. The earlier you start defusing this…
14 Ways to Revamp Your Personal Finances Even When Money is Tight
April 15, 2023
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Many of the opportunities available to you are dictated by your financial situation, making it difficult to overstate the importance of taking care of your personal finances. When it comes to managing money, most of us have room for improvement. Understanding your current financial situation, setting goals, and making a plan are all important steps…
Retirement: New Rules on Required Minimum Distributions
By Sandra Block Kiplinger’s Personal Finance Congress late last year revised the rules on required minimum distributions (RMDs) that retirees must start taking in their 70s from tax-deferred retirement accounts. Here’s what you need to know: In 2023, the starting age for taking RMDs from traditional individual retirement accounts, 401(k)s, and other tax-deferred plans increases…
Taxing Your Retirement Income
April 13, 2023
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You’ve developed a retirement plan. And in developing this plan, you’ve determined what income you’ll need to meet expenses. But have you accounted for taxes? During your working years, your employer withdrew the taxes from your check. But now, since your money may come from various sources, you’ll need to make sure those taxes are…
Common Social Security Questions
Well, it’s been a strange week. My inbox is normally crammed with emails from readers. But this week, there has been just a sprinkling of questions. I’d like to think it’s because all of you have been reading my column for years, and maybe also have read my two books about Social Security, and so…
Social Security Predicted to Reduce Payments by 2033
April 10, 2023
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Unless Congress does something to change it, the Social Security Administration (SSA) will reduce payments by as much as 20 percent by 2033. The talk about it has continued for a couple of years, but now it is predicted to take place one year sooner than projected earlier. The depletion of money in the Social…
5 Reasons Your Children Should Not Inherit Your Business
By Daniel Scott There are some astounding statistics surrounding family business succession. First, the average lifespan of a family-owned business is only 24 years, or roughly one generation. In addition, nearly 60 percent of family-owned businesses fail to make it to the second generation, while nearly 90 percent fail to make it to the third…
40 Percent of Farm Operators Retiring in Next 10 Years Will Worsen Labour Shortage Crisis: Report
The retirement wave coming to Canada’s agricultural sector over the next 10 years will exacerbate the already serious shortage of workers to fill that labour gap, according to a new report. The report by the Royal Bank of Canada (RBC) says that by 2033, 40 percent of farm operators will retire, while a shortfall of…
Should You Rent in Retirement?
Some people rent in retirement because they don’t have much choice; they can’t afford to own homes. But financial planners say renting can make more sense than owning in some circumstances, even for retirees who can afford the costs of homeownership. Renting offers flexibility as well as freedom from all the chores and expenses of…
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