As a DINK couple, you may find yourself and your partner in the enviable position of earning high salaries. While having a high income is a nice reward for hard work, there are also drawbacks, one of them being the amount of taxes that you have to pay. However, there are legal high income earners' tax strategies that can limit the tax burden you face. … [Read more...] about What Are the Tax Strategies of High Income Earners?
Its past new years and before tax season. That means a lot of people are thinking about how to allocate their money for retirement. You may also be considering how to build up your own nest egg. But, what is a nest egg and how do you build one? Here is a handy definition and some rules of thumb. … [Read more...] about What Is A Nest Egg and How Do You Build One?
Earlier this week the IRS released their updates to retirement plan contribution limits. The good news is everyone's favorite tax agency has increased the amount you can contribute for your 401(k), 403(b) and 457 plans. Limits generally increased from $19,000 to $19,500. Catch up contributions for workers aged 50 and over who participate in these plans increased from $6,000 to … [Read more...] about Retirement Contribution Limits Increase to $19,500 for 2020; Catch-up Limit Rises To $6,500
How's your 401(k) or IRA doing? A typical 401(k) plan returns from 5% to 8% based on a portfolio of 60% stocks and 40% bonds and other conservative investments. If your retirement plan is not meeting expectations, you may be tempted by the high returns of cryptocurrencies like Bitcoin – but should you be wary of incorporating cryptocurrency into your account? … [Read more...] about Can You Put Cryptocurrency in Your IRA?
The prospect of having to amass seven digits worth of money to cover your retirement can be so daunting that you might feel tempted to abandon all hope. You'll regret it if you don't save for the future, so today you might need to give your savings an attitude adjustment. Here's how to do just that. … [Read more...] about Give Your Savings an Attitude Adjustment
Ironically, one of the most complicated tax brackets is populated by workers who appear to face some of the greatest uncertainty of ever being able to retire. The gig economy needs retirement plans. … [Read more...] about Why the Gig Economy Needs Retirement Plans