Income for Life Archives • Page 2 of 2 • Financially Simple

November 19, 2020

Do Taxes Matter? Understanding How Taxes Impact Your Wealth Gap

Over the last few weeks, I have been going over some of the things that keep business owners up at night. More specifically, I’ve been discussing the wealth or retirement gap that we all face. In today’s entry, I want to continue with this subject by answering a very important question… do taxes matter? The short answer is yes, of course. But as I dig deeper, I’m going to show you how taxes impact your wealth gap and your ability to accumulate the wealth you will need for your retirement. Join me as I unpack all of the pertinent details of this subject.

November 5, 2020

Calculating The Wealth Gap

In the introduction to this series, we discussed some of the biggest fears that business owners face. As we move forward, I’m going to share several calculations with you that can help put your fears into perspective and even create plans to put them behind you. With that said, today’s post is all about the wealth gap. Not sure what that means? Basically, it’s the difference between where you currently sit, financially, and where you need to be to live the lifestyle that you want to live during your retirement.

January 26, 2018

Income for Life Retirement Series #12: Moving from Your Home

Downsizing, especially after the children are on their own, is a frequently used approach for managing your income for life. Reducing housing expenses can save tons of money. If you reside in a highly appreciated area where your home could be worth a lot of money, selling can free up a substantial amount of cash flow or even be used to wipe out debt. What is left over can then be added to your nest egg or even used to cover future long-term-care expenses. Keep in mind, if you are married you can protect up to $500k of your profit from capital gains taxes when you sell your home. If you single, it is half of that amount.

December 29, 2017

Income for Life Retirement Series #8: Reduce Taxes on Retirement Accounts

If you hope to maximize the benefits from all your hard-earned retirement savings, you need to protect as much as you can from Uncle Sam. Fortunately, there are plenty of legal ways to do just that. It will take laying some groundwork and understanding exactly what the government looks for in order to reduce taxes on retirement accounts.

December 15, 2017

Income for Life Retirement Series #6: Earn Extra Income

Last time we discussed delaying your Social Security Benefits to help you as you work toward maintaining an income for life and one of the ways to do that is to earn extra income until you reach age 70. While you may still be ready to hang up your hat on your career well before then, that doesn’t mean you can’t prolong taking those benefits by taking on a side job.

November 3, 2017

Income for Life Retirement Series #2: Manage Your Spending

Last week I gave you the first strategy for securing income for life, comprised of three buckets to stretch your dollars as far as they will go. This next action to take in your retirement game plan is to manage your spending.