IRA - Your Legacy Legal Care

Smart Strategies for Social Security Benefits Taxes

The issue of whether your Social Security benefits are taxed is based on your "provisional income." This is your adjusted gross income—not counting Social Security benefits—plus nontaxable interest and half of your Social Security benefits. Kiplinger’s recent article, “5 Ways…

Bonehead Mistakes Retirees Need to Avoid

With the excitement of retirement, money can be the last thing you would have on your mind. However, if you have a careless approach to your money, you can be headed for financial pain. Starts at 60 recently published an…

Create Your IRA Exit Plan

IRAs, 401(k)s, 403(b)s and other qualified accounts are popular tools for building a retirement nest egg. But after investing and saving with one of these plans for the last 30 years, as retirement nears you may ask yourself, "What should…

Accumulating Income in the Decumulation Phase of Life: Retirement

Retirement is often called the “decumulation” phase, when retirees are steadily spending down their assets. However, many retirees are not only leaving their nest eggs intact but are also saving a large part of their income. Recent studies say that…

Make Lower RMDs When Your Retire

Many of us have invested in a 401(k) or some similar savings plan so that we can enjoy a comfortable retirement. But did you know that there are short-term benefits as well? Contributions are not included in current taxable income.…

Old School Traditional IRA versus New School Roth

Money Magazine says that the generation gap has a new frontier: IRAs. The article, “Why Older Americans Should Get Hip to the Roth IRA,” says that the older you are, the more likely you are to favor a traditional IRA…

An IRA Trust Might Be Preferred Over Naming Individuals or a Revocable Living Trusts as the IRAs Beneficiaries

If you maxed out your work 401(k) by taking advantage of matching funds and rolled this to an IRA when you retired, you might not need all of that money—especially if you are a spouse with a pension and Social…

Reverse Mortgages Are Back in Style

One couple who wanted to live in a community for people 55 and older in an area they had always admired used a reverse mortgage to finance building their home in that development. The New York Times article, “The quiet…

What Assets to Leave to Your Family

As you get older, you, your older relatives or both may need to address questions about how to leave assets to others when you pass away. The more assets you have, the more complicated things can become. The Investopedia article,…

Tighten Up Those Loose Ends in Your Estate Plan

Loose ends in estate planning can lead to lost opportunities, stress, last-minute fixes or—worst of all—failing to designate money to family, friends and charities. This can have a severe impact on your estate. Kiplinger’s recent article, “5 Simple Steps to…