People go back and forth debating whether or not to save for retirement or pay down debt. Both are financial priorities and while it is possible to put some money towards both, some people want to know whether or not to concentrate on one or the other. In “Here’s why you should make paying off […]Read More
Owners (usually parents) of 529 plans set them up for the purpose of funding future college education expenses for beneficiaries (usually their children). However, 529 plans allow for beneficiaries other than the owner’s children. Beneficiaries may be changed on 529 plans at the owner’s discretion. Who qualifies as a beneficiary for a 529 plan? According to IRS Publication 970, the following may be beneficiaries of 529 plans: The account owner. Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Brother, sister, stepbrother, or stepsister. Father or mother or ancestor of either. Stepfather or stepmother. Son or daughter of a brother or sister. Brother or sister of father or mother. Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. The spouse of any individual listed above. First cousin. 529 plans only allow one beneficiary per plan. Owners with multiple children or beneficiaries will need to determine their plan […]
Kiplinger.com offered advice for married women who may need to do some retirement planning, mentioning this “sobering reality” – “Most widows feel unprepared to make key financial decisions in their live-alone years.” While it isn’t pleasant to think about death, married people do have to consider they may need to continue without a spouse: not […]
©Bring Clarity to Your Finances™. Married? Get into Retirement Planning Before Losing a Spouse is a post from Bring Clarity to Your Finances™Read More
Much has been advertised about Social Security benefits changing in 2021 – but really, it’s all old news. The “changes” have been in place since 1983.
As you gear up for the busiest shopping time of the year, managing your money involves more than just setting and sticking to a budget. Thieves, knowing that the holidays make us distracted shoppers, are just waiting for you to make the slightest slip-up that allows them to access your finances. That explains the 22 […]Read More