Planning Your Financial Future October 2011
October is almost here, and the days are getting shorter. As you prepare your homes for the colder weather, don’t forget to begin preparing for your income taxes for next year. If you have not categorized your receipts this year, now would be a good time to start. You will avoid the panic that occurs when you try to do everything at once, and you’re less likely to forget something.
Year-End Investment Planning: The Clock Is Ticking
Investment planning at the end of 2010 was complicated by uncertainty over whether existing tax rates would be extended. This year, it’s the congressional “supercommittee” charged with tackling the country’s deficit financing problem that’s the source of uncertainty. Even though you may not be sure how the committee’s work might ultimately affect you, here are some factors to keep in mind as you plot your year-end strategy.
Factoring Health-Care Costs into Retirement Planning
The cost of health care is an often overlooked, but potentially significant expense in retirement. Without proper planning, health-care costs can sap retirement income, leaving you financially strapped as a result.
Making Benefit Decisions during Open Enrollment
The end of the year is traditionally open enrollment season, your annual opportunity to review your employer-provided benefit options and make elections for the upcoming plan year. Even if you’re busy, take a look at the enrollment packets or information you receive from your employer. You generally have only a few weeks (or less) to make important decisions about your benefits.
I’m retiring to a state with no income tax. Can my former state tax my retirement benefits?
Federal law prohibits states from taxing most retirement benefits paid to nonresidents.
What state tax issues should I consider when deciding where to retire?
If you’re retired, or about to retire, and thinking about relocating, be sure to investigate state tax issues before making your move.