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Should Retirees Rent or Own?, How Medicare Taxes Work, What to Know About Inherited IRAs

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Thu, May 23, 2024 11:51 AM

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Medicare Tax: 5 Things Every Worker Needs to Know | Graduation Gifts to Build Good Money Habits | Sh

Medicare Tax: 5 Things Every Worker Needs to Know | Graduation Gifts to Build Good Money Habits | Should You Rent in Retirement? Created for {EMAIL} | [Web Version]( May 23, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Instagram]( [Retirement Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Your Medicare [] [Medicare Tax: 5 Things Every Worker Needs to Know]( [Medicare Tax: 5 Things Every Worker Needs to Know]( (Getty Images) While many are familiar with [Medicare]( coverage, understanding Medicare tax, which involves everything from mandatory payroll deductions to additional [taxes for high earners](, is equally important for all workers, including those who are self-employed. [] Family Money [] [Graduation Gifts to Build Good Money Habits]( [Graduation Gifts to Build Good Money Habits]( (Getty Images) Want a memorable graduation gift for a high school or college student? Ditch the fancy pen or jewelry and opt for [creative financial gifts](. But that doesn't necessarily mean showering the new graduate in your life with lots of money, especially [if you're crunched for cash yourself](. [7 Mistakes People Make When Hiring a Financial Advisor]( Working with a financial advisor can be a crucial part of any healthy retirement plan. But choosing the wrong one could wreak havoc. Avoid these 7 mistakes when hiring an advisor, so you can work to potentially save years of stress. See the list. [See the list]( ADVERTISEMENT [] Cost of Living [] [Should You Rent in Retirement?]( [Should You Rent in Retirement?]( (Getty Images) Now that the kids are gone, you no longer need a five-bedroom home with a big backyard. It's expensive, too. But when it comes [time to downsize](, you need to make an important decision: should you [rent in retirement](? [] Investment Strategy [] [Is Investing In Gold Worth It?]( [Is Investing In Gold Worth It?]( (Getty Images) Gold prices might be at record highs, but ask any veteran goldbug about [investing in the precious metal]( and they'll likely caution you that it will too often break your heart. Here are some critical nuggets you must [know before betting on the gold market](. [Is your money working hard enough?]( It should be! Learn how Betterment's automated investing and savings technology can make your money hustle, while you don't. [LEARN MORE]( ADVERTISEMENT Featured Content Sponsored Content from Kiplinger Retirement Planning 2024 [Plan and enjoy a worry-free retirement.]( Whether you've already left the workforce or you're just beginning to think about it, [Kiplinger Retirement Planning 2024]( will show you how to maximize your 401(k), select top-performing investments, get the most from Social Security, protect your estate, ensure affordable top-notch health care and much more. [Click to see table of contents.]( [] Extra Income [] [Hobby Income: What It Is and How It's Taxed]( [Hobby Income: What It Is and How It's Taxed]( (Getty Images) Hobby income differs from other types of income (like self-employment income and income from your side hustle), and the IRS taxes each type differently. Reporting your [hobby income]( in incorrectly can create processing delays or [tax penalties](, so it's important to get it right. [You don't have to be famous to tell your story]( Have you ever thought about the impact your life could have on future generations of your family? Sharing your life story in your private memoirs captured in a beautiful set of handcrafted books is a wonderful way to leave a legacy that your loved ones will cherish. Call (844) 399-0426 today. [Learn More]( ADVERTISEMENT [] Retirement Plans [] [What to Know Before You Inherit an IRA]( [What to Know Before You Inherit an IRA]( (Getty Images) Inheriting an IRA presents challenges that demand adequate planning and strategies. Antwone Harris, MBA, explains how the SECURE Act and, more recently, [SECURE 2.0 Act]( have ushered in sweeping changes to retirement and estate planning, especially for those [inheriting retirement accounts](. [] RELATED KIPLINGER ARTICLES WE THINK YOU'LL ENJOY [] [34 Best Amazon Prime Benefits to Use in 2024]( It's always worth considering whether you're making the most of your Prime benefits, especially since the cost of an Amazon Prime annual membership keeps going up. [Americans Consider This the Best Long-Term Investment -- and It's Not Stocks]( These days, it feels like there's not a lot Americans agree with each other on, but we do seem to have one shared investing obsession. [Sign up free for A Step Ahead: Guidance on how to navigate today's challenges to business, the economy, and financial markets.]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. Our [flagship publications]( include [Kiplinger Personal Finance]( magazine, [The Kiplinger Letter]( [The Kiplinger Tax Letter]( [Kiplinger Retirement Report]( and [Kiplinger Investing for Income.]( All are regarded as the leading publications in their respective fields. Every day, millions of readers rely on our [free e-newsletters]( for help on everything from getting the best rate on a mortgage or car loan, to managing their businesses in an uncertain world, avoiding an IRS audit, building wealth for a secure retirement, or investing wisely in any kind of market. Now it’s your turn to reap all the rewards Kiplinger has to offer. Visit [Kiplinger.com](, your gateway to all of the above and much more. Check in any time for our latest advice on how to make more money, and keep more of the money you make. Stay right on the money, with Kiplinger. [Sign Up]( | [Print Publications]( | [Unsubscribe]( [Privacy Policy]( | [Cookies Policy]( | [Terms and Conditions]( CONTACT US: [FEEDBACK](mailto:alerts@kiplinger.com) | [ADVERTISE]( [Future]( Future US LLC © Full 7th Floor, 130 West 42nd Street, New York, NY, 10036

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