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Let’s say you are involved in a serious auto accident. You may sue the other driver to pay for damages not covered by the insurance companies. Perhaps you even receive a large settlement. Are you on the hook for taxes on that lawsuit payout? It depends. According to the IRS, monies received for personal injuries or illness are exempt from income taxes. If you receive a settlement for mental and emotional distress, that may also be tax exempt if it is directly related to a physical injury or illness.

Let’s say you are involved in a serious auto accident. You may sue the other driver to pay for damages not covered by the insurance companies. Perhaps you even receive a large settlement. Are you on the hook for taxes on that lawsuit payout? It depends. According to the IRS, monies received for personal injuries or illness are exempt from income taxes. If you receive a settlement for mental and emotional distress, that may also be tax exempt if it is directly related to a physical injury or illness.

As hard as retirement saving and investing may seem, that’s the easy part. The real challenge is figuring out how to make your accumulated savings last throughout your and your spouse’s retirements. You need a strategy, and it’s best to have that strategy developed before retirement begins.

Thelma Sutcliffe turned 114 years old in April, making her the oldest living American and the seventh-oldest person in the world, according to the Gerontology Research Group. The Omaha, Nebraska, resident attributes her relative good health and longevity to the fact that she never had children, never smoked, and made it a habit not to worry. It’s also a good idea to establish a plan that provides a confident retirement.

Let’s say you are involved in a serious auto accident. You may sue the other driver to pay for damages not covered by the insurance companies. Perhaps you even receive a large settlement. Are you on the hook for taxes on that lawsuit payout? It depends. According to the IRS, monies received for personal injuries or illness are exempt from income taxes. If you receive a settlement for mental and emotional distress, that may also be tax exempt if it is directly related to a physical injury or illness.

Some people stay in place when they retire, while others buy a second home or relocate entirely. If you’re thinking of buying a new home, should you plan the purchase before you stop working, or is it possible to get to a mortgage after you’re retired? Plenty of retirees can qualify for a mortgage while on a fixed income, but it can be more difficult. It’s easier if you’re looking to buy a primary residence, as a vacation home could be more of a challenge if you still have a mortgage on your main home.

As hard as retirement saving and investing may seem, that’s the easy part. The real challenge is figuring out how to make your accumulated savings last throughout your and your spouse’s retirements. You need a strategy, and it’s best to have that strategy developed before retirement begins.

Thelma Sutcliffe turned 114 years old in April, making her the oldest living American and the seventh-oldest person in the world, according to the Gerontology Research Group. The Omaha, Nebraska, resident attributes her relative good health and longevity to the fact that she never had children, never smoked, and made it a habit not to worry. It’s also a good idea to establish a plan that provides a confident retirement.