Gallup Sun

Sunday, Oct 02nd

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Are you prepared if you are forced to retire early?

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“Since the pandemic was first declared, over 2 million older workers have exited the workforce for good. But, unfortunately, this is not always by choice.”


Forced early retirement is a problem for the entire nation.

In the period after the COVID-19 pandemic was declared a national emergency, thousands of older...

Eight important facts about retirement planning

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Retirement can mean many different things to many people. For some, it will be a time to travel and spend time with family. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.

1. No age restrictions on when you can retire

In the past, most people retired around age 65. However, retiring later in life has become more prevalent in recent years. In fact, there’s no age restriction on when you can retire. As long as you have the financial means to do so, you can retire at any age.

2. Retirement income can be taxable

Depending on your...

Five reasons women should consider annuities in retirement

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If you’re a woman in or near retirement, let me ask you this: “How do you plan to take what you’ve so diligently saved and turn it into a lifetime stream of dependable, predictable, tax-advantaged income?”

If you’re like many of us, you probably don’t have a ready answer to this question. That’s because you’ve been busy doing “all the right things.” You’ve been working, saving, maximizing your 401K, paying off debts, being a caregiver, running a household, etc. It’s likely you haven’t really had time to think about what to do when the time comes to stop working and live on what you’ve accumulated.

I want to suggest: Take some time to consider annuities...

Letter to the Editor: Commissioners delay mill levy decision

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We write to thank the county commission for holding off voting on a fourth mill levy for RMCHCS. We are sending this letter to summarize the suggestions of community members at this meeting.

Community members support the use of tax funds to keep our hospital open, but believe that clear measures are needed to ensure that the use of these funds does not merely postpone the hospital’s closure but instead spurs a sharp change of course toward recovery.

In all, we suggest that the county commission articulate conditions that need to be met for the use of public funds.  These are consensus recommendations from our community, which includes former hospital executives, former physicians...

What is a prohibited investment in an IRA?

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The IRS restricts specific investment options for an IRA.

These restrictions do not allow investment in collectibles, antiques, and other assets. Here is a list: If an IRA invests in collectibles, the amount invested is considered distributed in the year invested. The account owner may have to pay a 10% additional tax on early distributions.

Here are some examples of prohibited assets held in an IRA:

• Artwork

• Rugs and other home furnishings

• Antiques

• Precious metals, some exceptions for gold bullion

• Gems, diamonds, other precious stones

• Stamps and coins as collections

• Alcoholic beverages

• Certain other tangible personal property based on the exact...

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