You might not be excited about income tax season, but guess who is? Criminals! Each year, con artists prey upon taxpayers by stealing refunds, committing identity fraud, launching phony tax preparation schemes, and more. Watch for these signs of tax-related crimes, and report any suspicious activity to the IRS or your local law enforcement officials.
One day, Social Security might comprise a significant part of your retirement income. Anyone would be nervous about the prospect of living on a fixed income, but luckily there are steps you can take to maximize your benefits. Consider these 9 ways to earn a larger monthly check from Social Security.
Check your records. Social Security will calculate your benefits based upon your earnings history. Before you retire, ask for a copy of your work report to make sure it accurately reflects your past earnings. Mistakes can and do happen, you will want to rectify those before you retire and claim your benefits.
You know that it's important to save for your future, but it can be difficult to know how much money to divert to your retirement account each year. Take these six steps – or at least two or three of them – and your nest egg can grow exponentially larger over the years, thanks to the power of compounding interest.
Make the maximum contribution to your retirement fund. For 2016, the maximum allowable contribution is $18,000. Are you on track to save that much this year? Take a look at your most recent pay stub, and multiply your weekly contribution by 52 (or 26 if you're on a bi-weekly pay schedule). Will you make the maximum contribution this year? If not, increase your payroll deduction accordingly.
When we think of financial planning, we tend to think of saving money and investing it wisely. But financial planning involves many more aspects of your life, such as making important decisions, Most of these decisions are dependent upon a deadline, so mark these dates on your calendar.
Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.