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Tax bill may squash your dream of a second home
by Lorie Konish If you already have a $750,000 mortgage and plan to buy a second home next year, you will not be able to deduct the interest on that loan, according to Tim Steffen, director of advanced planning at Baird Private Wealth Management. If you have a smaller mortgage, let’s say $600,000, up to…
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Watch out for hidden taxes when retiring to a new state
by: Lorie Konish Retirees should look at all state and local rules, said Peter J. Creedon, CEO at Crystal Brook Advisors. That means watching for higher taxes or fees on everything from registering cars and boats to taxes or surcharges on resorts. “Many states have all these little fees,” Creedon said. “They’ve got to make…
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What Your 401(k) Can Look Like in the Next 20 Years
Or consider this example from Peter J. Creedon CFP®, ChFC®, CLU®, chief executive officer of Crystal Brook Advisors, New York, N.Y. “A 25-year-old who invests $5,000 a year with an 8% average annual return for 43 years should have approximately $1.65 million. If you started saving 10 years later and invested $5,000 per year with the same…
