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MoneyTips

As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.

However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.

IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...

Your Roth IRA 60 Day Withdrawal Window

Don't Get A Surprise Tax Bill From Your IRA

5 Top Myths And 5 Top Facts About Tax Refunds

MoneyTips

As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.

However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.

IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...

Your Roth IRA 60 Day Withdrawal Window

Don't Get A Surprise Tax Bill From Your IRA

5 Top Myths And 5 Top Facts About Tax Refunds

MoneyTips

A stable income is critical to a comfortable retirement – as is limiting the amount of that income that you give to Uncle Sam. Maximizing retirement income and minimizing taxes requires advance planning – as illustrated in these seven tips.

1. Use a Roth IRA

Because Roth IRAs are funded with post-tax dollars, they are flexible retirement income sources and excellent for plugging retirement income gaps. You may draw contributions out at any time and earnings may be withdrawn tax-free if you are at least age 59½ and have had the account for at least five years.

Roth IRA contributions are less attractive when you are in higher-earning years where a high tax bracket applies. Contribute to a Roth IRA when tax conditions are favorable or convert a traditional IRA to a Roth IRA in a year where your adjusted gross income (AGI) is low, taking the tax hit while you'r...

7 Taxes Retirees Must Consider

Top 13 Ways To Cut Your Taxes

3 Top Retiree Tax-Planning Mistakes

MoneyTips

A stable income is critical to a comfortable retirement – as is limiting the amount of that income that you give to Uncle Sam. Maximizing retirement income and minimizing taxes requires advance planning – as illustrated in these seven tips.

1. Use a Roth IRA

Because Roth IRAs are funded with post-tax dollars, they are flexible retirement income sources and excellent for plugging retirement income gaps. You may draw contributions out at any time and earnings may be withdrawn tax-free if you are at least age 59½ and have had the account for at least five years.

Roth IRA contributions are less attractive when you are in higher-earning years where a high tax bracket applies. Contribute to a Roth IRA when tax conditions are favorable or convert a traditional IRA to a Roth IRA in a year where your adjusted gross income (AGI) is low, taking the tax hit while you'r...

7 Taxes Retirees Must Consider

Top 13 Ways To Cut Your Taxes

3 Top Retiree Tax-Planning Mistakes

  • Updated

Taking over the job from Pat Richter (above right) in April 2004, Alvarez would go on to serve 17 years as athletic director at UW before announcing his retirement in April 2021. 

MoneyTips

Do you plan to "retire in place" and stay in your current area, or are you interested in retiring in a different state? In either case, you may want to consult an annual study by WalletHub if retirement is imminent.

The study ranked all 50 states using 41 statistical metrics that were weighted and grouped into three major categories important to retirees: affordability, quality of life, and healthcare. You may be surprised at some of the states in both the best and worst categories. Let's start with the top five.

1. Florida – You knew it had to be high on the list, didn't you? In terms of affordability, Florida came fourth, dropping from last year's second place. Florida also placed sixth in terms of quality of life, overcoming its 28th-ranked healthcare rating.

2. Colorado – Holding second place ove...

Best Cities For Early Retirement

7 Reasons Not To Postpone Moving Into A Retirement Community

Best Places to Retire Overseas

MoneyTips

Do you plan to "retire in place" and stay in your current area, or are you interested in retiring in a different state? In either case, you may want to consult an annual study by WalletHub if retirement is imminent.

The study ranked all 50 states using 41 statistical metrics that were weighted and grouped into three major categories important to retirees: affordability, quality of life, and healthcare. You may be surprised at some of the states in both the best and worst categories. Let's start with the top five.

1. Florida – You knew it had to be high on the list, didn't you? In terms of affordability, Florida came fourth, dropping from last year's second place. Florida also placed sixth in terms of quality of life, overcoming its 28th-ranked healthcare rating.

2. Colorado – Holding second place ove...

Best Cities For Early Retirement

7 Reasons Not To Postpone Moving Into A Retirement Community

Best Places to Retire Overseas

MoneyTips

You probably know about potential IRA tax traps related to withdrawals, rollovers, and estate planning that can saddle you with penalties and surprise tax bills. Did you know that the type of investments you hold could also hand you a surprise tax bill and potentially ruin your IRA status?

The most common of the traps results in tax bills through Unrelated Business Taxable Income (UBTI). The sources of business income from stocks, bonds, and funds such as interest income, capital gains and dividends are exempt from UBTI and the corresponding tax (unsurprisingly called the Unrelated Business Income Tax or UBIT). IRAs that operate a business, have certain types of rental income, or receive income through certain partnerships, are subject to taxation once the total UBTI exceeds $1,000. The purpose is to prevent tax-exempt entities from gaining an unfair advantage on regularly taxed bu...

9 Ways To Reduce Investment Taxes

Tax Refund Direct Deposit

Tax-loss Selling

  • Updated

MoneyTips

You probably know about potential IRA tax traps related to withdrawals, rollovers, and estate planning that can saddle you with penalties and surprise tax bills. Did you know that the type of investments you hold could also hand you a surprise tax bill and potentially ruin your IRA status?

The most common of the traps results in tax bills through Unrelated Business Taxable Income (UBTI). The sources of business income from stocks, bonds, and funds such as interest income, capital gains and dividends are exempt from UBTI and the corresponding tax (unsurprisingly called the Unrelated Business Income Tax or UBIT). IRAs that operate a business, have certain types of rental income, or receive income through certain partnerships, are subject to taxation once the total UBTI exceeds $1,000. The purpose is to prevent tax-exempt entities from gaining an unfair advantage on regularly taxed bu...

9 Ways To Reduce Investment Taxes

Tax Refund Direct Deposit

Tax-loss Selling

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