Today’s Prep:
What financial advice does Eric have for younger couples? What can you do to reduce next year’s taxes? Eric answers these questions and more from the mailbag
Equipping Points:
Beth in Ames is trying to help out a young couple in her church and wants to know what kind of investing tips she could share with them. Eric says it’s important to pay your future self by saving. Proper money management and understanding spending habits is key. Are they saving and investing for the long haul?
Phillip in Altoona is 65 and was about to start taking Social Security, but was told he could begin taking the benefit from his deceased wife and wait on taking his benefit. Is there any reason he shouldn’t do this? Eric says it all depends on how much you need. What’s the benefit on each? Remember though, if you continue to work, there are limitations on how much you can make.
Laura in Ankeny ended up owing more than $5,000 in taxes, which is much more than usual. How can she keep from owing so much next year? Start by looking at how much you are contributing to your 401(k) to reduce your income. You might be able to deduct an IRA contribution. There are a number of other credits you might be able to get, but the best way is by contributing to your 401(k). Have a tax analysis done to see how much you would save depending on what you do.
Listen to the entire episode or skip ahead using the timestamps below.
[spp-timestamp time=”0:47″] – What are good investing tips to share with others?
[spp-timestamp time=”3:20″] – Should I delay taking my Social Security benefit out?
[spp-timestamp time=”6:12″] – How can I lower my taxes next year?
Today’s Takeaway:
“In retirement, every dollar you save in taxes is an extra dollar you get to spend and enjoy.“
-Eric Peterson
Related Resources:
Wishful Thinking with Your Finances
Building A Financial Foundation
Tax Season
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