Conversations to Have With Aging Parents Now
For much of our lives, our parents are the ones helping us plan for the future. But as we get older, that dynamic begins to shift. At some point, adult children need to start asking parents about their future plans. That means having conversations about…
Ask the Editor: Can I Deduct a GoFundMe Contribution and More
Each week in our Ask the Tax Editor series, Joy Taylor, The Kiplinger Tax Letter editor, answers questions on topics submitted by readers. This week, she’s looking at four tax questions from readers on charitable donations, including one on whether…
IRS Is Taking a Closer Look at Trusts: What It Means for Estate Planning
Trusts are a common estate planning tool, and with trillions of dollars expected to change hands as wealth moves from one generation to the next now and in the coming years, various trust types and the tax rules surrounding them are getting more…
Will You Regret Retiring Early? 8 Warning Signs
With life expectancies increasing and inflation soaring, many people are retiring later to boost savings and stretch their nest eggs further. However, those who have saved well and are tired of the nine-to-five grind may be eager to retire early. Early…
How to Turn Your Home Equity Into Retirement Income
Home equity is what a house is worth today, minus whatever is still owed on the mortgage. A $600,000 home with $100,000 left to pay carries $500,000 in equity. Years of rising property values mean some homeowners have far more wealth tied up in their…
The Retirement Birthday Quiz: Test Your Milestone Knowledge
Hitting milestone birthdays in your 50s, 60s and 70s brings far more than just celebrations — it unlocks major financial opportunities and introduces strict federal deadlines. From penalty-free 401(k) access at age 59½ to Social Security claiming choices…
Roth Conversions: The Golden Tax Planning Window
When Mike and Liz retired at age 63, they were looking forward to finally having an easy tax return. No more working meant no more worrying whether their company withheld enough taxes on their incentive plan payouts and stock vesting. They’d hit…
How the IRS Values (and Audits) an Inherited Home
Over the coming years, older generations — primarily baby boomers — are expected to pass tens of trillions of dollars to their heirs in what’s colloquially known as the “Great Wealth Transfer.” But cash and stock portfolios aren’t…
Is It Wrong to Ask My Retired Mom for Financial Help?
Dear Wealth Wise: My husband and I are in our 40s with three kids. Life is expensive. We often ask my 72-year-old mom to help with costs like summer camp and after-school care. My dad passed six years ago and they saved a lot — probably a few million if…
Essential Financial To-Dos for 11 of Life’s Biggest Milestones
When celebrating a major moment — a big birthday, graduation, marriage — no one wants to consider the financial implications. But it could be a costly mistake not to take some time to figure out how each life milestone could impact your life savings.…