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To lower your tax bill, avoid these 9 common tax-planning mistakes
If you think your tax bill is too high, you’re not alone. Two-thirds of Americans feel like they spend too much on federal taxes—and that’s before tacking on property or state taxes. What if you could avoid some of the pains of tax season? From tax-deferred investing to charitable deductions and income deferrals, Americans have a wealth of options to lower their tax burdens. Whether you’re not getting the most…
Higher 2024 retirement plan contribution limits allow for more long-term savings
Saving enough each year for retirement is the most important thing you can do towards becoming retirement ready, alongside investing consistent with your life stage. Not everyone needs to save the full amount allowed to be saved into retirement accounts, but some should, and most people need to increase their savings, to get on track. Pay yourself first by saving an appropriate amount into your retirement account, and avoid being…
Mastering longevity: Financial planning strategies for your health and your wealth
The so-called “sandwich generation” is squished between their aging parents and adult children, like a piece of lettuce. That’s how some are now referring to Gen Xers (born roughly between 1965 and 1980). Between work demands, running a home, and responsibilities to both your parents and your children, midlife is often a time of “peak busyness”. The upside of this stressful time is, it often serves as motivation. The weight…
Are you saving enough? Up to the new retirement plan limits?
Did you increase your savings rate a few months ago when the IRS increased retirement plan savings limits? If not, now is still a great time to do so. In most years, the IRS increases the limit for what individuals can contribute to their retirement plans. If that change slips past you, and/or you forget to increase your savings rate, you lose an opportunity to save more on a tax-advantaged basis….
