February 8, 2020
This New York Times article focuses on a surprising trend: A recent AARP study found that about one-third of adults in their 40s, 50s and early 60s said they had given a parent money in the past year. The article provides practical advice about how to keep your own retirement savings on track while helping your parents, how to talk with your aging parents about money, and other financial options to help aging parents.
Great points to consider as you’re planning your next phase before you retire.
Fascinating profile and photo spread in the Tallahassee Democrat about a 77-year-old retiree who saved carefully so he could stop working at age 50 and has been living an active retirement since then. He currently spends his days canoeing, writing, building furniture, teaching scouting courses, lecturing, and competing in national archery competitions. A great read and inspiring ideas for living a full life in retirement.
A load of great resources and links from the IRS to help you file your taxes, avoid errors, find help, and get your refund quickly.
MarketWatch story about a couple who retired to a small town in Italy, including details about the costs, health care, visa issues, and what their daily life is like. Good points to consider for anyone who is thinking about retiring abroad.
If you end up with a big refund when you file your income-tax return, you may want to adjust your tax withholding so you can get more money in each paycheck instead. The way to adjust your tax withholding is by submitting a new W-4 form with your employer. The IRS introduced a new version of the W-4 form this year, and this Associated Press article clearly explains the changes to the form, the steps to take to adjust your withholding, how you can get help.
The Secure Act, a new law signed in December that makes several changes to retirement plan rules, also expands the use of 529 money: You can now withdraw up to $10,000 tax-free from a 529 college-savings plan to pay student loans. This US News article explains the new rule in detail and the strategies where it can help the most — such as using money from grandparent-owned 529s without affecting financial-aid eligibility.
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