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How to Minimize Taxes in Retirement

Savings Corner

When you’re a retiree, taxes can eat into your available income and leave you with less to live on. It’s important to remember that taxes don’t stop once you’re retired, but you can take steps throughout your working life to minimize your IRS obligations later.

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Retirement Calculator: Free Estimate of How Much You Need

Savings Corner

How to fill out your retirement details Annual pretax income: This is the total income you earn before taxes are deducted. Use our Social Security calculator to estimate your future Social Security benefits. We are using 95 as our default life expectancy, which is a conservative estimate that assumes a longer life span.

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50 Best Small-Business Ideas – NerdWallet

Savings Corner

If you’re trying to find the small business idea that’s right for you, ask yourself the following questions: Where is there a need in the market, and how can your skills satisfy that need? Your less math-friendly entrepreneurs could use your help in keeping their personal and business finances in order.

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7 Steps To Homelessness And What To Do If You Get There

Prairie Eco-Thrifter

Use Up Existing Resources. Although friends tried to help by offering part time employment, she was unable to keep a paying job. Since she could no longer afford to pay it, she stopped the home insurance and stopped using the cars she inherited (also free and clear). Don’t Pay Your Taxes.

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How to Graduate College Without Being Broke

Prairie Eco-Thrifter

Everyone wants a short cut to wealth, and everyone seems convinced that there’s a great mystery surrounding financial stability and that only the most dedicated among us can escape college with our bank accounts intact. A Roth IRA lets you sock away up to $5,000 a year, and it can be withdrawn tax-free.

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Yes Virginia, There is a Money Tree

Prairie Eco-Thrifter

The proverbial saying ‘money doesn’t grow on trees’ is used by many a parent in denying some wished for item to their children. Earning a sub-poverty-level income for decades as a Catholic priest, he focused on his investments in his free time, and was worth nearly $1 million when he died. Tax yourself.

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Seven Retirement Lessons Learned

Prairie Eco-Thrifter

When I was preparing to retire, I tried to go part time – but my company wasn’t willing to fill my spot with a part-timer. Remember to include taxes as an expense. Now, however, I hear that the company will not consider re-hiring anyone laid off in the first round. Lesson Two – Exit Smartly.