Tag: financial planning
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Here’s All You Need to Know about Net Unrealized Appreciation
When you think of retirement planning, you have a gamut of options to choose from. There are many employer-sponsored retirement plans, like the 401(K) or individual retirement account (IRA) that come with a lot of benefits. The real inconvenience, however, is the fact that retirement benefits are not always exempted from taxes. Needless to say, ... -
Actionable Strategies to Make Your Retirement Assets Last Longer
The importance of retirement planning cannot be stressed upon enough. Considering the increase in the number of centenarians in America, a person who retires at the age of 60, may have another 30-40 years of living without an income. Moreover, women generally live longer than men, adding some more years to their retirement. You must ... -
Top Six Reasons to Delay Claiming Social Security Benefits
Social Security benefits are undoubtedly one of the steadiest and most stable sources of income in retirement. But it is important to understand that these benefits work in combination with other sources of income, dividends, and interests that you earn. They are also taxable. The most alarming aspect of Social Security that most people are ... -
Surprising Money Statistics That You Need to Know
People spend their entire lives in the constant endeavor of building wealth. Money drives the world. It is, thus, necessary to have a sound understanding of the methods to earn and invest money. Moreover, there are also some other surprising money statistics that you should always know and keep a tab on. The more you ... -
Things You Need to Know About IRA Beneficiary Designation
An Individual Retirement Account or IRA is an integral part of any financial planning. Not only does it ensure time savings for a relaxed post-retirement life, but it also provides many tax benefits. Most people are wise enough to open an IRA early in their careers. However, they put off one crucial task – naming ... -
Here’s All You Need to Know About Inherited IRAs
40 years ago, when Individual Retirement Accounts or IRAs were rolled in motion as a vehicle of retirement savings, no one saw the generational turn investors would take. Since then, IRAs have become a popular investment tool. While opening an IRA, account holders generally have to name a beneficiary. These beneficiaries get precedence over anyone ... -
The Dos and Don’ts of Financial Planning
Financial Planning is like laying out a road map for the future. It not only helps you plan your finances but also gives you a direction in life. Studies show that people who engage in financial planning are much more organized and efficient in financial matters. A lot of us do not consider planning for ... -
Importance of Balancing Frugality with Minimalism
When it comes to spending, there are two kinds of people – minimalistic and frugal. Even though minimalism and frugality are different, they tend to intertwine now and then. Normally people tend to be frugal in their youth and turn to minimalism in later stages of life. Some try to balance the two together. Either ... -
Avoid these 6 Wealth Creation Mistakes while Building Wealth
We are all in the continuous pursuit of creating and building wealth. The key to building wealth and preserving it is to plan before you act and back your decisions with solid research. Despite knowing the right thing to do, why do some people get there faster and are able to build a reserve for ... -
Wealth Creation v/s Wealth Preservation
Having a sound financial plan that reaps benefits in the long run is essential for every household. Generally, financial planning includes two broad aspects – wealth creation and wealth preservation. Most people spend their lives engrossed in the continuous process of wealth accumulation and tend to ignore the importance of preserving that wealth. However, to ...