Whether you need travel insurance is likely to depend on your level of coverage from existing homeowner’s, medical, automobile, and life insurance policies. In many instances, travel insurance may duplicate coverage that you already have. Travel insurance is likely to include coverage for trip cancellation, lost or stolen baggage or personal items, emergency medical assistance, […]
Archive for May, 2014
Target-date funds continue to gain ground in the employer-based retirement plan arena. It is estimated that by 2018, they will garner more than 63% of total defined contribution plan participant contributions and account for 35% of total 401(k) plan assets. A new study by Cerulli Associates reported these findings and revealed other key trends influencing […]
In January of this year the U.S. Tax Court ruled that the “once a year” IRA rollover rule applies to all of an individual’s IRAs, not to each separately. The court’s decision conflicts with a longstanding IRS position (as outlined in IRS Publication 590) that states the rule applies separately to each IRA owned, thus […]
The amount of federal estate tax typically is determined by the amount of assets within the estate and your relationship to the deceased. Spouses and Nonspouses Spouses typically may inherit an unlimited amount of assets free of federal estate taxes. Estates bequeathed to nonspouses, in contrast, may be subject to federal estate taxes and state […]
As health care costs continue to rise, consumers must find ways to ensure that they have the funds to pay for medical expenses not covered through their insurance. One way to save specifically for health care costs is to fund a health savings account, or HSA.HSAs are tax-advantaged savings accounts set up in conjunction with […]
Employers are enhancing their retirement plans and increasing access to professional investment advice in an attempt to bolster employee retirement readiness.A new study by Aon Hewitt, which polled more than 400 plan sponsors serving 10 million plan participants, revealed a number of initiatives being taken to strengthen employee ability to achieve greater financial security in […]
The Employee Benefit Research Institute’s (EBRI) annual Retirement Confidence Survey found a marked increase in retirement confidence among workers with higher household incomes who also participate in one or more retirement plans — including defined contribution plans, defined benefit plans, and/or IRAs.Specifically, more than half (55%) of survey respondents are now very or somewhat confident […]
Parents looking to take advantage of the many benefits of saving for college with a 529 plan will want to know the full details on which educational expenses qualify for tax-free distribution status — and which do not.¹ In Publication 970, the IRS gives detailed guidance on qualified expenses. Here are a few important points. […]
Only 17% of individuals 55 and over say they are “very confident” they will have enough money to live comfortably throughout their retirement years. Worse, only 9% of those between ages 45 and 54 are very confident.¹ Congress in 2001 passed a law that can help older workers make up for lost time. But few […]
In March, the White House released its 456-page book, “2013 Economic Report of the President.”¹ If you haven’t yet made time to peruse this weighty tome, don’t beat yourself up. Most people don’t take the time to read the report—still others don’t even know it exists. Tip: The University of California at Santa Barbara keeps an […]
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