I had a couple come into my office recently that are potentially going to become clients. He and his wife are retired, in their 70s, and have about 95% of their investments in fixed income. I shared with them that this was not a good strategy for people of their ages and with the lifespan they apparently had.
It’s probably safe to say that almost no one enjoys doing their income taxes. Many of us dread preparing our returns, but some dread it enough that they file an extension every year simply to put it off.
While this desire is understandable, it’s not a wise course of action. There are only two good reasons to file an extension:
One of the retirement savings strategies of many high-income earners is to max out the amount they can contribute to their employer-sponsored retirement account, which for those under age 50 is capped at $18,000 for 2017. Some people try to reach their contribution limit early in the year to earn maximum returns on their investments. This can be a smart approach, but it can also be