Personal Finance
Baker Avenue attempts to provide information-rich analysis to help planing for your retirement.
Five Questions About Long - Term Care
What is long-term care?
Understandably, many people put off planning for long-term care. But although it’s hard to face the fact that health problems may someday result in a loss
of independence, if you begin planning now, you’ll have more options open to you in the future.
Social Security: What Should You Do at Age 62?
Is 62 your lucky number? If you’re eligible, that’s the earliest age you can start
receiving Social Security retirement benefits. If you decide to start collecting
benefits before your full retirement age (which ranges from 65 to 67, depending
on the year you were born), you’ll be in good company. According to the Social
Security Administration (SSA), approximately 74% of Americans elect to receive
their Social Security benefits early. (Source: SSA Annual Statistical Supplement,
April 2009)
Charitable Giving
Charitable giving can play an important role in many estate plans. Philanthropy
cannot only give you great personal satisfaction, it can also give you a current
income tax deduction, let you avoid capital gains tax, and reduce the amount of
taxes your estate may owe when you die.
Transferring Your Family Business
As a business owner, you’re going to have to decide when will be the right time
to step out of the family business and how you’ll do it. There are many estate
planning tools you can use to transfer your business. Selecting the right one will
depend on whether you plan to retire from the business or keep it until you die.