Permanent alimony: This type of spousal support lasts until the death of either spouse or until the payee gets remarried. Reimbursement alimony: This type of alimony is for spouses who made significant sacrifices to advance the other spouse’s life. This can include paying for the spouse’s ...
IRA owners must be age 70 1/2 or older to make a tax-free charitable contribution. Those who meet the age requirement can transfer up to $100,000 per year directly from an IRA to an eligible charity without paying income tax on the transaction. If you file a joint tax return, your...
the spouse who is better off financially at the time of the divorce may have topay a lot more spousal supportthan they might have been required to pay had you gotten a divorce at the time you separated.
Yes, you've probably heard scary headlines about Social Security running out of money. And yes, there's some truth to that. By 2033, the program's reserves are projected to be depleted. But here's the part many people miss: Social Security won't just stop paying benefits. ...
Annuities offer guaranteed income and tax-deferred growth, but downsides may include high fees and opportunity costs. Kate StalterDec. 4, 2024 Where to Retire on $2K per Month In these six overseas destinations, a retiree can live comfortably on a budget of $2,000 per month. ...
You can look to last year’s tax returns for a good pulse on this. You should also be sure to include any supplemental income you might get, like child support, tips, commissions, and spousal support. In the event these cause your income to fluctuate, you can add up a few months of...
🤓 Nerdy Tip: The RRSP contribution limit is sometimes referred to as the RRSP deduction limit because it’s the maximum amount you can claim as a deduction on your tax return. Note that opening a spousal RRSP does not give you additional contribution room. If you add funds to a spousa...
into aRegistered Retirement Savings Plan (RRSP)or a spousal RRSP usingCanada Revenue Agency Form T1171, if there's sufficient room for additional contributions. Another option for avoiding the tax penalties is substituting another beneficiary, such as a younger sibling who plans to attend college.3...
Married pensioners.Instead of choosing between a pension payout that offers a spousal benefit and one that doesn’t, pensioners can choose to accept their full pension and use some of the money to buy life insurance to benefit their spouse. This strategy is calledpension maximization. ...
IRA. When you doan IRA transfer, you effectively move your money from an IRA into another account between two firms. Keep in mind that this is different from a rollover, which involves changing the account type or paying the account holder directly before the money is moved to another ...