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I Want to Give My Daughter and Her Husband $50,000 For a Down Payment. Do I Have to Worry About the Gift Tax?
Imagine you have $50,000 to give to your daughter and her husband for a down payment on their new home. The question is, will you owe gift taxes because of your generous gesture? Despite popular framing, the federal gift and estate taxes only apply to very wealthy households. Unless you have approximately $13 million to […] The post I Want to Give My Daughter and Her Husband $50,000 For a Down Payment. Do I Have to Worry About the Gift Tax? appeared first on SmartReads by SmartAsset.
States With the Most EV Fast Chargers – 2023 Study
Many states are adopting laws that will phase out gas vehicles in the coming years. To accommodate this, states and private companies alike are looking to refresh infrastructure to provide charging capabilities for electric vehicles. Similarly, the federal government and many states are offering tax credits for EV purchases to encourage the shift to clean […] The post States With the Most EV Fast Chargers – 2023 Study appeared first on SmartReads by SmartAsset.
I'm 70 With $1 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life?
Compared to many retirees, you are in an enviable position with $1 million socked away in your IRA at 70. Still, living a secure, comfortable retirement that can last two decades or more takes planning. Making sure your nest egg lasts requires assessing your personal situation, balancing risk, securing reliable income streams and understanding how […] The post I’m 70 With $1 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life? appeared first on SmartReads by SmartAsset.
The Ultimate List of End-of-Year Tax Tips
As the end of the year nears, calendars are crowded but make sure you set aside time to make sure your 2023 taxes won't come back to bite you in 2024. Year-end tax moves fall into two categories: options that can save you money and required chores that can cost you money if not done […] The post The Ultimate List of End-of-Year Tax Tips appeared first on SmartReads by SmartAsset.
Ask an Advisor: I Lost My Wife to COVID in 2021. Can I Collect Her Social Security Benefits? I'm 70 and Raising Our Grandson
I lost my wife to COVID-19 on Feb. 3, 2021. She worked several years at the same company that I'm still employed at now. I tried to talk to my local Social Security office right after her death, but they were no help. Can I apply for any of the Social Security benefits that she's […] The post Ask an Advisor: I Lost My Wife to COVID in 2021. Can I Collect Her Social Security Benefits? I’m 70 and Raising Our Grandson appeared first on SmartReads by SmartAsset.
Is $500 Per Month Too Much for Long-Term Care Insurance?
How much should you pay for long-term care insurance? Let’s say you’ve been offered a policy for $500 per month, or $6,000 per year. While the results will vary widely based on your health, age, gender and household size, for most individual policies, this would be expensive. However, it really depends on your personal circumstances. […] The post Is $500 Per Month Too Much for Long-Term Care Insurance? appeared first on SmartReads by SmartAsset.
I'm 75 and Still Working. Can I Avoid Taking RMDs?
Required minimum distributions, or "RMDs," are the government's way of getting its tax money back on retirement accounts. Starting at age 73, anyone with a pre-tax retirement account such as an IRA or a 401(k), must begin must begin withdrawing a minimum amount from this account each year. This triggers a tax event, generating the income […] The post I'm 75 and Still Working. Can I Avoid Taking RMDs? appeared first on SmartReads by SmartAsset.
Should I Delay Social Security and Rely on My IRA for the Next 5 Years? I Have $500k and a Pension.
With $500,000 in an IRA and a pension, you may not need to immediately claim Social Security at age 62. By waiting until full retirement age at 67 or even 70, you can increase your monthly benefit by up to 24%. However, delaying Social Security means fewer cumulative checks over what could be a decades-long […] The post Should I Delay Social Security and Rely on My IRA for the Next 5 Years? I Have $500k and a Pension. appeared first on SmartReads by SmartAsset.
I'm Not Sure How Giving to Charity Can Reduce My Taxes. Is It Really Worth It?
Donating money to charities you care about feels good. It can also lower your tax bill by reducing your taxable income in an amount equal to the amount you give. A number of rules and restrictions govern how much you can give and how you can do it, though. Understanding how this works so you […] The post I'm Not Sure How Giving to Charity Can Reduce My Taxes. Is It Really Worth It? appeared first on SmartReads by SmartAsset.
Ask an Advisor: How Do We Reduce Our Tax Bill When We Sell Our Second Home? We Bought It 6 Years Ago for $295k and Now It's Worth $500k
We have a second home – a condo in the mountains – that was bought with cash for $295,000 approximately six years ago. It’s now worth at least $500,000. We are considering selling as our use is declining and maintenance costs and special assessments of the three-building complex are increasing. What are the options to […] The post Ask an Advisor: How Do We Reduce Our Tax Bill When We Sell Our Second Home? We Bought It 6 Years Ago for $295k and Now It’s Worth $500k appeared first on SmartReads by SmartAsset.
Gas Prices Decline Nearly 20% in Some States, Stay High in Others – 2023 Study
Gas prices have been on the decline since their all-time high in summer 2022. While the average last summer across the U.S. hit a record $5.00 per gallon, the current average has come down to $3.27 per gallon. But in some states, high prices have been more stubborn than in others. Demand, state legislation, transport […] The post Gas Prices Decline Nearly 20% in Some States, Stay High in Others – 2023 Study appeared first on SmartReads by SmartAsset.
I'm Selling My Home and Netting $750k to Downsize for Retirement. Do I Have to Pay Capital Gains Taxes?
Suppose you sell your primary home and make a $750,000 profit. Will you owe capital gains tax on that profit? The short answer is yes. Depending on a handful of factors, you may owe tens of thousands of dollars to over a hundred thousand dollars. Your exact tax liability could vary drastically, so knowing what […] The post I’m Selling My Home and Netting $750k to Downsize for Retirement. Do I Have to Pay Capital Gains Taxes? appeared first on SmartReads by SmartAsset.
Are Annuities Actually as Valuable as They Seem?
A new study titled “How Much Do People Value Annuities and Their Added Features?” from the Center for Retirement Research at Boston College finds that while just 12% of investors with assets of more than $100,000 open an annuity, more than 50% of investors who could benefit from a simple annuity don't buy one because […] The post Are Annuities Actually as Valuable as They Seem? appeared first on SmartReads by SmartAsset.
My Husband and I Are in Our 50s, Have $1 Million in Our 401(k)s and Want to Retire at 65. Should We Switch to Roth Contributions?
Should you make 401(k) or Roth IRA contributions? In a perfect world, the answer would be both. If you have the means, maximizing your traditional 401(k) and Roth contributions is a great way to build a diversified set of retirement savings. But, of course, your paycheck gets a vote. So, if you have to choose, […] The post My Husband and I Are in Our 50s, Have $1 Million in Our 401(k)s and Want to Retire at 65. Should We Switch to Roth Contributions? appeared first on SmartReads by SmartAsset.
Ask an Advisor: I'm 74 With $120k in My 401(k). Should I Get a Financial Planner to Help With RMDs?
I have a 401(k) with $120,000 in it. I’m 74 and getting the required minimum distribution at the end of each year. Do I need a retirement planner to help handle the withdrawal? – Susan While technically you don't need a financial advisor to handle your retirement account withdrawals, it can be useful to talk […] The post Ask an Advisor: I’m 74 With $120k in My 401(k). Should I Get a Financial Planner to Help With RMDs? appeared first on SmartReads by SmartAsset.
Ask an Advisor: If I Apply for Spousal Benefits From My Ex-Husband, Do I Forfeit Max Social Security at Age 70?
I was born in 1957 and so was my ex-husband. He remarried, but I didn't. Our full retirement age (FRA) is 66.5, but he started collecting Social Security at 65.5, one year early. For my own Social Security, I plan to wait until age 70 to maximize my benefits. If I apply for spousal benefits […] The post Ask an Advisor: If I Apply for Spousal Benefits From My Ex-Husband, Do I Forfeit Max Social Security at Age 70? appeared first on SmartReads by SmartAsset.
I Want to Convert $500k in My 401(k) to a Roth IRA. How Do I Avoid Paying Taxes?
You can't avoid taxes when making a Roth IRA conversion, but there are strategies to reduce your tax burden if the circumstances are right. When you convert money from a pre-tax account, such as a 401(k) or an IRA, to a post-tax Roth IRA, you must pay income taxes on the full value of the […] The post I Want to Convert $500k in My 401(k) to a Roth IRA. How Do I Avoid Paying Taxes? appeared first on SmartReads by SmartAsset.
I Made $400k Last Year and Have $600k in Retirement Savings, But My Spouse Doesn't Work. How Can I Save More for Retirement?
It's common for even very high earners to feel squeezed, especially if you live in an expensive area like New York, San Francisco or Boston. Costs of living close to your job will almost certainly be high, particularly since you're competing with other six-figure earners. Depending on your field, you could easily have $200,000 or […] The post I Made $400k Last Year and Have $600k in Retirement Savings, But My Spouse Doesn’t Work. How Can I Save More for Retirement? appeared first on SmartReads by SmartAsset.
We're 67 Years Old With $1 Million in IRAs. Is It Too Late to Convert to a Roth?
At 67, you’re presumably at or near retirement. If you have $1 million in IRAs, it may be attractive to converting to a Roth because it can provide tax-free income in retirement. It's not too late from legal or regulatory perspectives. The IRS does not restrict Roth conversions on the basis of age or income. […] The post We’re 67 Years Old With $1 Million in IRAs. Is It Too Late to Convert to a Roth? appeared first on SmartReads by SmartAsset.
Where Gen Z Is Moving – 2023 Study
Gen Z is young, with many still under age 18. For those 18-24, many are moving for college, to start their career or to explore life in a new place. While this cohort may not have the disposable income of their older counterparts, their movement still plays an important role in local economies. An asymmetrical […] The post Where Gen Z Is Moving – 2023 Study appeared first on SmartReads by SmartAsset.
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