Search Results

age 62 and older to tap into their accumulated home equity without facing monthly payments in return, have They also can be a source for out-of-pocket health care costs or other sudden financial needs. mortgaged amount. Reverse mortgages can give retirees with only modest savings but little or no housing debt the ability Some folks don’t have enough savings to get through retirement, so they may use all of their wealth—including

Automatic investments are made from a payroll deduction plan or linked bank account, making it easy to Uniform Trust for Minors Account (UTMA) Want to gift your college student tuition money? A uniform trust for minors account, or UTMA, may be a good option. The first $2,000 of investment income from these types of accounts get special tax treatment. Once a minor reaches 18, assets in UTMA accounts become accessible to them immediately.

The majority of care­givers are women, and for them, the total cost of caregiving amounts to an average Or your parent might pay you—either from income and savings or by adjusting his or her estate plan to They offer meals, supervised outings, and sometimes health services. Remember that Medicare doesn’t pay for personal or homemaking care, but it does cover home health care is established and reviewed by a doctor, and they must be provided through a Medicare-certified home health

It can significantly impact your retirement savings and overall financial health. Without a plan, care costs can drain your savings, even if you have long-term care insurance through Home health care services can cost upwards of $50,000 per year. Utilizing Personal Assets and Savings Personal savings and assets can be a direct source of funding for This includes financial decisions and health care decisions.

Have your assets changed? You want to be sure that all of them are properly titled and that they are accounted for in your estate Have you named the best trustees? Whether health or life changes have impacted someone’s ability to perform the task, an official change If this person is in poor physical health or is beginning to suffer from dementia, for example, it is

more emergency savings than someone who’s married. Single people have a harder time saving than married folks and, consequently, saving money and funding retirement accounts is definitely more difficult. Make plans to take care of your health. You have options for saving money on housing expenses.

Designating Beneficiaries on Financial Accounts By designating beneficiaries on your financial accounts , you can ensure that your hard-earned savings in these accounts are passed directly to the individuals Some accounts to add beneficiary designations to include: Bank Accounts: This includes checking accounts , savings accounts, money market accounts, and certificates of deposit (CDs). Retirement Accounts: Such as Individual Retirement Accounts (IRAs), 401(k) plans, 403(b) plans, and pension

Once you reach that age, you’ll have to withdraw a certain percentage of your account’s value every year You can leave the money in the account alone as long as you like. Because of this, a Roth IRA can be both a retirement account and an emergency fund. With both account types, there’s no lower age limit—provided the earned income requirement is satisfied Since you’ve already paid taxes on your contributions, the money in your account can be left to your

more emergency savings than someone who’s married. Single people have a harder time saving than married folks and, consequently, saving money and funding retirement accounts is definitely more difficult. Make plans to take care of your health. You have options for saving money on housing expenses.

If you have multiple grandchildren with 529 college-savings accounts, can you move some money from one Kiplinger says you sure can in “How to Transfer Money Between 529 College-Savings Accounts.” As the owner of the account, you have the ability to change the beneficiary on the account from one eligible if different from the allocation directions on file for the account. 529 accounts don’t have a limit Reference: Kiplinger ( June 28, 2016) “How to Transfer Money Between 529 College-Savings Accounts” #529EducationSavingsPlan

Continuing to Save for Retirement. advantage of your current ability to deduct charitable contributions by funding a donor advised fund (DAF) account Your contribution is held in an account from which you can make charitable contributions by “advising You get a charitable deduction, and the money can be taken out of the account for charitable causes in Annual-exclusion gifts can be used for 529 plans, uniform gift to minors act (UGMA) accounts, or even

estate planning attorney to ensure that you are doing all you can to effectively build and protect your wealth Spending extra dollars using an experienced, proactive professional can save you thousands in taxes. Make sure you have a diversified investment portfolio across all of your accounts. Risk Management. Think about large purchases you may want to make in the future and how you’ll save and pay for them. Have a plan to pay off debts before retirement. Financial Review.