What is it? If you move to a new home for job-related reasons (either new employment or a transfer), you may be able to deduct the unreimbursed costs of moving you and your family if you meet the distance and time requirements set by the IRS. You may qualify for the deduction whether you’re an
Business succession planning — what is it? One of the important decisions a business owner must face is when and how to step out of the business — in other words, business succession planning. Do you expect to retire from your business? Do you have a plan in place? What would happen to your business
What are strategies to replace income in the event of disability? For most of us, our greatest asset is our ability to earn money. We protect our other assets (our home, our car, our life), and yet many of us never consider the importance of providing adequate income in the event of disability. It is
In general If you participate in a traditional pension plan at work (technically known as a qualified defined benefit plan), you’ll generally be entitled to receive monthly benefits from the plan after you retire. These benefits are usually based on your age at retirement, as well as your years of service and your average earnings
As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went to college, become grandparents and start gifting what’s predicted to be trillions of dollars over the coming decades. Helping to pay for a grandchild’s college
Setting financial and investment goals Setting goals is an important part of life in general and financial planning in particular. Investing without knowing what you’re trying to achieve is like trying to drive across country without a map or GPS. Your goals and circumstances may change over time, but it’s easier to adjust your plan
Answer: Many financial professionals suggest that you put away three to six months’ worth of living expenses for emergencies. If you lose your job, or become disabled and don’t have adequate disability insurance, you’ll need that money to pay your regular monthly expenses, such as mortgage payments, insurance premiums, groceries, and car payments, until you
Answer: The right answer for you will depend on your situation. First of all, don’t underestimate the psychological impact of early retirement. The adjustment from full-time work to a more leisurely pace may be difficult for you. So ask yourself if you’re ready to retire yet. Next, look at what you’re being offered. Most early
What is it? If you’re planning to remarry, you must decide how you and your fiance will combine your finances, and you’ll need to plan a financial strategy that considers the assets, liabilities, and financial responsibilities that each partner brings to the marriage. You’ll find that financial planning for marriage is more complicated than it
Planning on working during retirement? If so, you’re not alone. An increasing number of employees nearing retirement plan to work at least some period of time during their retirement years. Why work during retirement? Obviously, if you work during retirement, you’ll be earning money and relying less on your retirement savings — leaving more to
