Growing older has its advantages - retirement being a terrific, well-earned one! But there are also additional tax-related requirements of which you need to be aware. Let’s take a quick look at some of the tax and financial breaks that become available as you reach a certain age.
There is incredible peace of mind that comes with “getting your affairs in order.” You work hard to provide for your family and loved ones; and with estate planning, you can continue to do so when you are gone. Many people are intimidated by the idea of estate planning - and many others assume it’s just a matter of drawing up a will. As usual, the truth is somewhere in the middle. Thorough estate planning is more extensive, and you do need additional documents - but it is also very manageable.
Start by knowing what types of documents you should include in your estate plan:
Committing to investing in your retirement can be challenging when you are young. However, when you finally reach retirement, you can finally start enjoying the money you have been diligently saving for so many years. Unfortunately, the government could also cash in on your savings as you begin to draw from your Social Security and tax-free retirement accounts. In fact, many people are caught off guard, finding they are in an entirely different tax bracket in retirement than they were while working.
How do you boost profitability? Increase sales! It’s simple. Right? But that’s only part of the equation - and, often, not the most critical or immediate. Selective, strategic, intentional cost-cutting can be a faster way to boost the bottom line. Decreasing costs, or “trimming the fat,” should be a priority for every business owner or manager. The first step: conduct a no-nonsense cost-cutting review every one or two years.
Your cost-cutting analysis will often uncover areas in which you can decrease expenses. Look carefully at: