Retirement – Page 2 – TGIF 2 Minutes with Kerrie Debbs, CFP

Year-End Tax Planning Tips 2021

Tax planning is important stuff. Perhaps not as exciting as the markets but saving money on taxes can still be exciting! Mid-November begins the countdown to year-end. The following is a handy Tax Planning Checklist.* Some of these items, if done now, could make a big difference to the 2021 tax year AND add to savings.

1. How close are you to maxing out your 401k? The max is $19,500 for those under age 50 and an extra $6,500 for those age 50 and above. The deadline is December 31st and lots of 401k and 403b plans allow contributions of as much as 25-30% or even 100% of pay. Contribution rates can be lowered again in the new year.

There is still time remaining in 2021 to accomplish tax-deductions and/or create new savings vehicles!

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Will Social Security be There, Pt. 2

Last week tgif2minutes.com explored a basic statement directly from Social Security’s SSA.gov summarizing that taxes will mostly likely need to go UP TODAY to afford Social Security in the mid 2030’s and for future generations – which is only 15 years away.

This week’s edition will present several possible changes that could take place along the path to higher taxes in order to preserve the Social Security that American workers pay into dearly and expect to receive someday.

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Money, Therapy & 20 Years Later

From the Archives of 2016 with excerpts and updates to “The Coronavirus Life Experience” version of this edition (February 2021) plus a closing message.

Money and Therapy. Two things that people may love or hate. However, among other things, both money and therapy can help.

From the must-read book for people of all ages The Number* was written by Lee Eisenberg, long time editor-in-chief of Esquire magazine.

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Quick 401k Tax Tip Video

From the January 2021 archives of TGIF 2 Minutes – a relevant 401k tax tip video. Remember, the 2020 tax filing deadline was delayed until MAY 17^TH, 2021. Considering this extra time, it is never too late to plan for the rest of 2021 and beyond. Enjoy this quick video.

Click the PLAY button above.

Thank you for watching, stay safe and TGIF!

*The 401k Trap: Contact me for a copy at kdebbs@msfsolutions.com*

More on PCL…and WRW!

Good morning and TGIF,

A couple of weeks back the topic was PCL, or Post-Career Lifestyle. I received more comments than usual from people of all ages – and a number of cool ideas on how to look at the “nonretirement” concept of saving today in order to do what you love tomorrow. “Doing what you love” in a post-career lifestyle can include continuing to work for pay, slowing down and enjoying a “side gig” or truly retiring and ending working altogether.

Another excellent factoid revealed was that women and men tend to look at retirement and post-career lifestyle differently. Women also have a lot more to say about their attitude toward saving (whether for PCL or retirement) and managing the savings habits of their families. This translates into a concept best described by the acronym, WRW*, or Women Rule the World.

Now before the men reading this say, “Wait a minute!” a couple of notes of clarification.

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PCL is The New Thing!

“Retirement” is so yesterday.

How about PCL instead? PCL = Post Career Lifestyle. It may turn out to be the way to go for a number of reasons.

First of all, “retirement” may be impossible to imagine if you are embarking on a first job or are early in a career. I mean… age 59½?? That age is nearly irrelevant and definitely forever in the future!
On the other hand, “Post-Career Lifestyle” feels way more attainable and easier to imagine. Think: someday… when I can have a lifestyle that is more balanced – on MY terms – somewhere between work and relaxing.

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Caring For an Aging Friend

Back in 2017 & 2018 TGIF 2 Minutes explored “Caring For Aging Parents”. The topic and its challenges will always be timely. And there is another angle to the issue that can be equally as gut-wrenching: caring for – or caring about – an aging friend or neighbor who has little or no family available and no apparent plan for aging.

**Friends are not family,** but we can care about friends just as much or more.

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The Elephant in the Room

“Elephant in the room,” “ticking time bomb”…whatever you wish to call it, there is an issue currently present but not talked about nearly enough. The issue hits a nerve with nearly everyone – investor/saver or not. The issue is taxes – more specifically future taxes on retirement savings. Unfortunately, the issue has become so politicized that its true impact has almost been forgotten.

*Tax rates and total taxes paid may be higher or the same as today for lots of savers in retirement*.

Back in 2016, I discussed part of this topic in TGIF 2 Minutes. (Click Death & Taxes to read.) At that time, the focus was soaring healthcare costs.

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Goals Gut Check

From the TGIF 2 Minutes Archives earlier this year PRE-coronavirus…

Earlier this year in February things were GOOD! The economy was cranking, unemployment was low, wages were up, and it was a somewhat perfect time of the year to set goals. Think: it was pre-tax filing time and after the holidays.

Fast forward to today… the world has changed. Our savings have been tapped in the pandemic — and new savings and other goals need to be reset! While the kids may now be going back to school (followed by maybe not??) using this precious time to set just a handful of goals can pay off toward achieving those goals.

silver and gold coins — Give yourself a **“Goals Gut Check”** with this precious time before things potentially go a little haywire.

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Why Do We Save Money?

As we persevere through the coronavirus pandemic, consider the following message from the 2019 Archives of TGIF 2 Minutes….

What is your reason for saving money? Is it retirement? Or are there “mini-goals” that would feel really great to achieve today?

Of course, retirement is often a primary long-term savings goal, but not always. “Retirement” encompasses more than simply stopping work and being on a “permanent vacation.” In fact, research published in the Journal of Financial Planning* reports that quitting work cold turkey often is not reality – for a number of reasons.

green typewriter on brown wooden table — **What is your reason for saving money?** Is it retirement? Or are there **“mini-goals”** that would feel really great to achieve **today**?

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