If you’re 65 with $900,000 and no pension, the income your portfolio can provide depends on how much you withdraw and the number of years your savings need to last. Taking too large a withdrawal early in retirement could increase the risk of running short later, while spending too little…
At age 45, skipping your 401(k) match means giving up more than your employer’s contribution. You also lose the potential investment growth this money could earn over the next 20 years. Depending on the size of the match and the investment-return assumptions used, that could leave you with almost $115,000…
Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…
Debt that feels like it has no exit doesn’t have to stay that way. There are many debt consolidation and repayment options available in Canada. Reach out today to book a free session with one of our credit counsellors, whatever your income or how much you owe. The call costs…
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Major changes to federal student loan repayment rules went into effect this month and are rippling across the system. Many…
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Annuities can look tax-friendly because your money grows without an annual tax bill, but the real surprise often comes when you start taking money out. Depending on how the annuity was funded, withdrawals can trigger ordinary income taxes, early-withdrawal penalties and surrender charges. Combined, these…
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By Carmen Chan You’ve got your mortgage and car loan to pay, credit card bills and HELOC payments, and a running list of…
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Team Name: Musgrave Dunn & AssociatesFirm: Merrill Wealth ManagementSenior Members: Travis Musgrave, Timothy Dunn, Valerie MarshallLocation: Lexington, KYTeam Custodied Assets: $1.4 billionBackground: Travis…
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Summer is ending soon, and a new school year is fast approaching. It also brings expenses like clothes, shoes, and supplies. With costs on the rise, back-to-school shopping can feel overwhelming. This article covers tips for shopping without the overspending or accumulating additional credit card debt. Key Takeaways Start with…
One of your biggest tax-saving opportunities may come during the first years of retirement. Leaving the workforce can temporarily reduce your taxable income, creating a window when Roth conversions may cost less. That opportunity could start closing once Social Security benefits and other sources of taxable income begin.The Tax Window…
Decide If It’s a Gift or a Loan Many family money disputes come down to one simple mismatch: the person lending assumes it’s a loan, while the person borrowing assumes it’s a gift. Before any money changes hands, decide which one it is, and say so clearly. If you’re prepared…
After decades of saving, one of the central challenges of retirement is turning accumulated savings into a reliable source of income. For many retirees, that income comes from multiple sources rather than a single paycheck. Each source offers a different combination of reliability, growth potential and risk. Understanding what each…
If you are close to retirement with a nest egg of $850,000 and a small pension, claiming Social Security early may make sense. However, claiming benefits as soon as you become eligible at age 62 will permanently reduce your monthly income. This can add up to a loss over the…
Choosing a business structure is one of the first major decisions entrepreneurs and investors face. It’s choice that can have lasting implications for taxes, liability protection and day-to-day operations. Two common options are the limited liability company (LLC) and the limited liability partnership (LLP). While these business structures offer some…
If you are thinking about starting a business with partners or investing in a partnership opportunity, choosing between a limited partnership (LP) and a limited liability partnership (LLP) may affect how your income is structured for tax purposes and how much personal liability protection you actually have. In an LP,…
You and your partner may have built a comfortable nest egg and expect that Social Security will help support the retirement lifestyle you both want. On paper, your assumptions could make sense, but that will depend on three numbers that retirees often overlook: Your required withdrawal rate, the tax bill…
Homeowners often believe they stop paying property taxes after a certain age. In reality, there is no nationwide age at which property taxes automatically disappear. Whether you qualify for a property tax break depends on where you live, since states and local governments offer their own property tax exemptions or…
Create a Blended Family Budget That Feels Fair Once you have talked through your values, put numbers to them. A detailed household budget should account for all income sources, including employment income, child support, and any government benefits such as the Canada child benefit. It also needs to reflect every…
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