5 Tax Breaks Parents Deserve to Know About! Money Not Math 58

1) Child Tax Credit

2) Adoption Tax Credit

3) American Opportunity Tax Credit (Helping pay for kids’ college)

4) Lifetime Learning Credit (Paying for your own postsecondary education)

5) Child and Dependent Care Tax Credit (Paying for Childcare so you can work)

YouTube: https://youtu.be/IOhsVXEKOk0

https://www.fool.com/taxes/2020/02/08/attention-parents-you-dont-want-to-miss-these-5-ta.aspx

Is contributing to a Traditional or Roth account better for you? Money Not Math 57

Have you considered the pros and cons of contributing to tax-deferred (Traditional) and after-tax (Roth plus some other options) accounts to your retirement planning? Or, are you just contributing to whatever your employer automatically enrolled you in?

Are you aware of the Retirement Tax Consequences there may be in the future from where you save your money today?

Note, the numbers I used are all hypothetical and kept simple for the example. All specific situations are different and can vary depending on lifestyle and future tax changes.

Youtube: https://youtu.be/qm68TITek4g

Will the Coronavirus affect your retirement plans? Money Not Math 56

Youtube: https://youtu.be/cTw68zYw4TI

https://www.cnbc.com/2020/03/02/heres-why-the-coronavirus-may-clobber-your-retirement-plans.html

Compounding vs Amortizing Interest using $300k mortgage examples. Money Not Math 55.

Are you debating paying off your debts faster vs. saving more for the future? These examples will hopefully help you out.

YouTube: https://youtu.be/DVsdnL5hr_0

Top Hedge Fund Manager says investors should prepare for “soberingly low” returns over the next 5 to 10 years. Money Not Math 54.

Are you prepared to potentially only get 2.4% Real Return over the next 5-10 years?

Youtube: https://youtu.be/pcKlpWMfelU

Link to the article I read: https://www.marketwatch.com/story/heres-how-a-top-hedge-fund-manager-says-investors-should-prepare-for-soberingly-low-returns-2020-02-03

Mind the Gap! Are you minding the potential gaps of your retirement plan? Money Not Math 52

1) Retirement is likely to be longer than you think.

2) You may live longer than you are planning, and your employer has likely shifted the risk of your retirement onto you.

3) Social gaps and social connection are a big issue.

Youtube: https://youtu.be/QsZOuS44e_Q

https://www.forbes.com/sites/josephcoughlin/2020/02/16/mind-the-gap-these-gaps-in-your-retirement-plan-will-surprise-you/#82b76e6165d0

9 ways IRAs and Group Retirement Accounts are different. Money Not Math 51

1) IRAs are easier to obtain

2) Group Retirement Accounts may offer an employer match

3) IRAs offer more investment options

4) IRAs may require some investment knowledge

5) Group retirement accounts offer higher contribution limits

6) Traditional group retirement account contributions are always tax-deductible (Not Roth)

7) It’s easier to set up a Roth IRA

8) You can often take a loan from a group retirement account

9) A group retirement account can be more secure from creditors

YouTube: https://youtu.be/G-QVowBvWVo

https://www.bankrate.com/retirement/ira-vs-401k/

1) Spouses and delayed benefits.

2) Survivors benefits.

3) You must enroll in Medicare Part A.

4) Qualify for both retirement and survivors’ benefits.

5) Taxable income in retirement can force your social security to be (double) taxed!

YouTube: https://youtu.be/yYXfX8yAeT8

usatoday.com/story/money/columnist/powell/2020/02/10/social-security-4-quirky-rules-you-should-know-benefits/4692382002/

“My husband wants me to retire with him, but he’s 10 years older with no life insurance. What should I do?”- Marie from Scottsdale, Arizona. Money Not Math 49.

This is a great example of how to combat an all too common problem where there is an age and/or financial planning gap between spouses.

YouTube: https://youtu.be/BYKMONNhGNs

https://www.usatoday.com/story/money/2020/02/09/retirement-planning-social-security-building-income-key-widows/4678184002/

Retirement Planning Tips for five or less years before retirement… and everyone else that wants to retire someday. Money Not Math 48.

Plus, an example of the power of compounding $ over time.

YouTube: https://youtu.be/eQdJX8C9RZo

https://www.cleveland.com/business/2020/02/retirement-guide-tips-for-planning-5-years-2-years-and-1-year-before-retirement.html