For 2018, taxpayers may only deduct interest on $750,000 for qualified residence loans taken out after Dec. 15, 2017. This new limit applies to the combined amount of mortgage and home-equity debt. In addition, the new limit applies only to loans used to buy, build or improve the taxpayer’s main home and second home, according to the IRS. Taxpayers no longer can deduct a home-equity line of credit for any purpose.
Source: irs.gov.
Managed account: A managed account is a fee-based investment product for individuals that offers a high degree of customization by investment managers, along with certain tax efficiencies. A managed account often charges fees that are higher than mutual funds or exchange-traded funds (ETFs) to compensate the investment advisor for the higher degree of customization it offers, or for providing access to highly skilled investment managers.
Spending your retirement in comfort depends largely on what you and your spouse do today.
Retirement, like marriage, comes under enormous strain when money is constantly an issue and recognizing this sooner rather than later can make the difference between traveling and living out your years together in relative comfort or having to scrape by for years as you get older and less healthy. It’s a pretty stark contrast.
Here are five things to avoid with your retirement today:
1. Not saving early or often
It’s the little things that add up. While you may think there’s plenty of time between your current situation and retirement, saving now means you won’t have to catch up later, when you may face other issues or unplanned expenses. It’s also the single most effective habit you can develop: saving a little bit all the time.
2. Underestimating your needs and lifestyle (more…)
