It has been a whirlwind week with the House voting to impeach the President. What has nearly gotten lost in the news is that the Senate attached the SECURE Act (Setting Every Community Up for Retirement Enhancement) to the December 20 fiscal 2020 spending authorization bill.
Ask yourself the question, if you passed early in your retirement, would your choices leave your spouse enough income to live comfortably and cover the increasing costs of healthcare? Choosing a spousal benefit that will protect your spouse in case something unexpected happens is extremely important.
Retirees have special concerns when evaluating state tax policies. For instance, the mortgage might be paid off, but how bad are the property taxes--and how generous are the property-tax breaks for seniors? Are Social Security benefits taxed? What about other forms of retirement income--including IRAs and pensions? Does the state impose its own estate tax [...]