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Taxes and Retirement: What is Taxed?

Tips for Improving Air Conditioner EfficiencySummer is (nearly) upon us! After a wet, snowy, and cold winter -- polar vortex, anyone? -- a lot of people are welcoming warmer weather.But the heat can also bring some high utility bills as we crank air conditioners. So it's a good idea, whether for your wallet or for the environment, to consider tips for making your air conditioner work more efficiently.+First, check the seals. Check around window units to make sure they are sealed and that extra heat isn't getting into the house in the first place. Check also that your attic is properly insulated, which does just as much good in the summer as it can in the winter. Insulation prevents attic heat from leaking into your home and cool air from escaping.Use blinds to keep the sun from baking your house's interior and consider architectural details that can further enhance the shade -- and cooling effects. These include such things as awnings and pergolas.Keep your air conditioner's filter clean so the unit can operate better and keep vents clear. Consider ceiling fans to better circulate the air. If you have central air, make sure the ducts are checked regularly; not only do they accumulate allergens, but they work harder when they get clogged and dirty.With air conditioning being more commonplace and less of a luxury, it's still important to remember that there is a lot we can do to maximize its effectiveness. In the end, both you and your bank account will feel more comfortable.

Seafarers Connect the World

We don't think about it when we pull on socks, slip into shoes, and grab the phone. But all these goods have traveled the open sea, courtesy of the civilian seafarers.Merchant marines -- civilian seafarers whose ships carry cargo in peace and supplies in war -- have an amazing legacy from ancient times to today.During the era of exploration, they sailed blind and collided with unknown worlds. In recent times, they defended U.S. coastlines during World War II and suffered dramatic losses from U-boats. They have fought pirates throughout the centuries right up until today.They do all this in one of the most grueling work environments.A commercial ship is on an unchanging schedule of four six-hour shifts. Sundays and holidays mean nothing to a ship that must function every single day to literally support modern life.Seafarers endure high seas, extreme weather conditions, the constant hum of engines on cargo ships, all the while longing for their families during contracts of 4 to 6 months or more. The demands require physical and mental toughness, according to MarineInsight.com. During a 10- to 12-day crossing from Europe to North America, the biggest gift can be unexpected cell service.

Upon retirement, you don't get a paycheck with the proper amount of taxes withheld. What may not be obvious until you retire is the amount of taxes you owe. Unlike employees, retirees write checks for their taxes, making them acutely aware of their tax burden.Of course, everything we save for retirement is taxable at some point and in some way.

If you are ready to retire, here are some things to look forward to: - Social Security taxes: You have to pay tax on your benefit. You can have amounts from 7 percent to 22 percent withheld from every check. See form W-4V (for Voluntary). - Pension and annuity taxes: See Form W-4P to instruct the payor how much to withhold. - IRA distributions: The law requires 10 percent be withheld unless you tell the distributor not to withhold. You can also tell the distributor to withhold all of the taxes. - Company plans and lump sums: Some plans are taxed at 20%.

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May | Volume 9, Issue 5

About The House is a free monthly newsletter from your friends at Your Company Here

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We don't think about it when we pull on socks, slip into shoes, and grab the phone. But all these goods have traveled the open sea, courtesy of the civilian seafarers.Merchant marines -- civilian seafarers whose ships carry cargo in peace and supplies in war -- have an amazing legacy from ancient times to today.During the era of exploration, they sailed blind and collided with unknown worlds. In recent times, they defended U.S. coastlines during World War II and suffered dramatic losses from U-boats. They have fought pirates throughout the centuries right up until today.They do all this in one of the most grueling work environments.A commercial ship is on an unchanging schedule of four six-hour shifts. Sundays and holidays mean nothing to a ship that must function every single day to literally support modern life.Seafarers endure high seas, extreme weather conditions, the constant hum of engines on cargo ships, all the while longing for their families during contracts of 4 to 6 months or more. The demands require physical and mental toughness, according to MarineInsight.com. During a 10- to 12-day crossing from Europe to North America, the biggest gift can be unexpected cell service.

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The Eskimo Pie -- or chocolate covered ice cream bar, but think about it for a second: Why does it even work?

How do you get hot chocolate around ice cream without melting the ice cream?

In fact, that's a question everyone had when inventor C.K. Nelson began shopping around the idea in the 1920s and Nelson hadn't figured out the process either.

It took a fellow named Russell Stover, a former chocolate factory superintendent, to make the sweet idea a reality. And the trick, in part, was the temperature of the chocolate. If you heat it to 115 degrees, then let it cool to 90 degrees, you can dip in a hard block of ice cream. Instead of the hot chocolate causing the ice cream to melt, the ice cream causes the chocolate to harden.

Russell and Nelson teamed up and sold the idea to ice cream companies, taking a penny royalty for every dozen bars made. They were soon hauling in $30,000 a week in royalties -- virtually an overnight success.

You might recognize Stover's name because he and his wife Clara went on to form Russell Stover Candies, a venture that started right in Clara's kitchen. At the time of Russell's death on May 11, 1954, the Stovers were selling 11 million pounds of candy every year.

Even though the number of people with nothing saved for retirement is grim, it's better than it was about 12 years ago.Of those 55 and older, 48 percent have nothing put away in a 401(k)-type contribution plan or an IRA, according to the Government Accountability Office report released in March 2019.The GAO reported that Social Security provides most of the income for about half of households age 65 and older.As an example: The average Social Security retirement benefit in 2017 was $1,360 per month, or about $16,000 per year. But a person who has worked for at least 40 years in a medium paying job would probably receive just under $2,000 per month in Social Security. That figure is rarely enough to live on and Social Security was not intended to be a single source of retirement income.The Employee Benefit Research Institute estimates that 41 percent of households headed by someone age 35 to 64 will probably run out of money in retirement. But that number is down 1.7 percentage points since 2014. So, in other words, more people are getting the message that they must save for retirement.

Half of Older Americans Have Nothing Saved for Retirement

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What has become a treasured memorial to the sacrifice of troops in Vietnam was greeted with outrage when the design was unveiled in 1982.

The Vietnam Veterans Memorial wall was a monument unlike others, one designed for a war unlike others, and for a country still torn over its meaning.

The design by then-student Maya Lin had none of the heroic notes of other war statues. It evoked no tales of honor. It told no story of the pride. It did not stretch tall, inspiring awe.

When eight jurors chose the design on May 6, 1981, the divided country immediately went to their respective corners, ready for a fight. People called it a monument to defeat. They said it was a degrading memorial, a guilty 'wailing wall for draft dodgers.'

One magazine opined that it treated Vietnam dead like victims of a 'monstrous traffic accident.'

On the other side, art lovers hailed the wall as innovative and sophisticated.

A compromise appeased veterans and critics when statues of soldiers were added. As it turned out, the bronze statues did add to the memory of the war, since it depicted the unique look of soldiers in that war, according to the New York Times.

When the memorial opened on November 13, 1982, the debate simply stopped.

Since then, the memorial has become the most visited in Washington, D.C., with more than 3 million visitors each year, all to honor the 58,000 men and women who gave their lives in Vietnam.

Question: I want to buy a bank-owned house but it needs major work. Do I really have to buy it as-is?Answer: Typically, when you purchase a bank-owned home and the listing says "as-is," the bank means it. From their perspective, you're getting a great deal and should expect to have to spruce the place up or make repairs.But what if the septic system has failed or you find some other major issue?Rule of thumb: you can ask, but don't expect much.If you discover an issue that the bank was previously unaware of, you've got a better chance of them either fixing it or giving you a price reduction. In those cases, the bank understands that it'll have to disclose the issue to other potential buyers and that the bids will likely come in lower as a result.If everything was disclosed prior to you seeing the property and you simply want to haggle, know that you may be gambling a bit. The bank's willingness to negotiate will depend on how long the property has been on the market and its location. You won't find much give for desirable locations that haven't been listed long.The good news is that you can truly find some deals. And if you are the owner occupant, meaning that you intend to live in the property, you often get first dibs. Banks often offer properties to owners first and make investors wait about 15 days before they can jump into the bidding.So don't be afraid of as-is properties. Consult with your Realtor and contractor to determine the type of work it might need, and if you factor the cost into your purchase price -- you might even be able to finance certain repairs in your mortgage -- you can find a gem.

Honoring Sacrifice in Vietnam:The Wall and Its History

What Is a Kombucha?

Is kombucha the new cilantro? As it rises in popularity, the fermented drink has gained its cult following - as well as its haters. Seems no one stands in the middle: you love it or hate it.

Fermented food and drinks are high on the food trend list in 2019, as people seek ways to work probiotics into their diets via their food rather than in pill form.

For the uninitiated, kombucha is a type of fermented tea (though not an alcoholic drink). It has a bitter taste that can take some getting used to, and comes in a wide variety of flavors from a wide variety of brands.

Proponents claim health benefits from gut health to reduced inflammation, improved cholesterol levels, blood sugar control, antibacterial properties, and even a reduced risk of cancer.

The Impossible Little Treat that Made a Fortune