Your IRA and the Procrastination Penalty, Types of Income the IRS Doesn't Tax, All About Designating Beneficiaries

Six Questions to Ask Before You Get a Reverse Mortgage | Who Needs a Trust and Who Doesn't? | Types of Income the IRS Doesn't Tax Created for {EMAIL} | [Web Version]( March 10, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Building Wealth]( [Youtube]( [Building Wealth]( [SIGN UP]( ⋅ [WEBSITE]( [] Retirement Planning [] [Six Questions to Ask Before You Get a Reverse Mortgage]( [Six Questions to Ask Before You Get a Reverse Mortgage]( (Getty Images) While saving for retirement is a major financial goal for many, not everyone is able to save enough. Your home equity could help with that. The financial experts in the Kiplinger Advisor Collective share what you should consider before deciding [whether a reverse mortgage would work for you](. *Stay up to date with Kiplinger. Follow us on your preferred social media platform(s): - [Facebook]( - [X]( (Twitter) - [Instagram]( - [TikTok]( [] Estate Planning [] [Who Needs a Trust and Who Doesn't?]( [Who Needs a Trust and Who Doesn't?]( (Getty Images) Financial planner Joe F. Schmitz explains the [purposes of revocable and irrevocable trusts](. Knowing the differences can help you decide if you need one and, if you do, which kind. [Increase your retirement income – and make it last a lifetime]( Income annuities are paying 25%-45% more than last year. By balancing guaranteed income and income-focused investments, you can increase your income, lower your risk and minimize your taxes. We can show you your increase with a complimentary Go2Income plan. [Order Your Plan]( ADVERTISEMENT [] Taxes [] [Types of Income the IRS Doesn't Tax]( [Types of Income the IRS Doesn't Tax]( (Getty Images) It may feel like the IRS taxes most of your hard-earned money, but [some types of income are nontaxable](. Kiplinger.com Senior Tax Editor Kelley R. Taylor shares the several categories of income that are not taxable in the eyes of the IRS. (For more on taxes, check out our weekly [Tax Tips]( newsletter.) [] Family Matters [] [All About Designating Beneficiaries in Estate Planning]( Attorney Patrick M. Simasko points out that carefully choosing your beneficiaries -- and updating that info as your life changes, such as after a divorce -- is crucial when planning your estate. [Read More]( [Minimize Your Businesses Tax Liabilities]( Navigate post-tax changes with this guide, unlocking significant savings. Craft a secure financial future tailored to your wealth, fostering peace of mind on your journey to prosperity. [READ MORE]( ADVERTISEMENT [] Saving for Retirement [] [Your Late IRA Contributions Have a Procrastination Penalty]( There's a 15-month window to make your IRA contribution for any given tax year. The earlier you make it, the more you benefit from the compounding effect. Procrastinating, says financial planner Julie Virta, can really cost you. [Read More]( [Top 5 Wealth Management Firms Revealed]( Asset growth and preservation are two sides of the same coin. Working with a top wealth management firm can provide access to strategies for all of life's different stages. Here's the list of top U.S. firms for individual investors. [See the list]( ADVERTISEMENT [] RELATED KIPLINGER ARTICLES WE THINK YOU'LL ENJOY [] [Calculating taxes on Social Security benefits]( The federal government can tax up to 85% of your benefits, so it's good to know how that's calculated. [Ease of technology can actually complicate your financial life]( From the rising threat of identity theft to making it easy to forget about automated subscriptions, technology doesn't always make our lives easier. [How to write a check for a wedding gift]( Make sure the newlyweds are able to make use of your thoughtful gift. 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