Even those in their 20s should review this tip! Too many think to pay attention to Social Security only when they near retirement. Do this at your own risk! Even those in their 20s should be taking action. Here are some tips. Tip Category: Retirement Although you won’t become eligible for Social Security until your …
Category: Retirement
Fund Your Retirement or Your Child’s College?
If you are facing the dilemma of saving for retirement or your child's college education, what should you do? Category: Retirement Towards the end of the year, many are undergoing an annual review of their retirement funds. It certainly was a tough year and one of the decisions many parents are grandparents are facing is …
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Plan Your 2023 Retirement Contributions
Now is the time to plan next year's retirement contributions. Here's what you need to know. Tip Category: Planning As part of your planning for next year, now is the time to review funding your retirement accounts in 2023. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher …
Inflation Spikes Social Security for 2023
How much you pay and checks received are all going up! Tip Category: Retirement The Social Security Administration announced a whopping 8.7% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2023. This is on the heels of a 5.9% increase last year. The increase is based on the rise in the …
Retirement Basics: Understanding Tax Efficient
In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates! One of the basics when considering how to fund your retirement is to be as tax efficient with your income …
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NON-Retiree Retirement Ideas
Want money when you retire? Here are some tips. Here are five common retirement planning ideas and what you can do to take advantage of them. The key is retirement planning starts now, not decades from now when you are reaching retirement age.1. Having a planSurprisingly, most do not know how much money is needed …
Make Your Child a Tax-Free Millionaire!
Give your child a jump-start on retirement. Open a Roth IRA as soon as they start earning money to take advantage of compound interest and favorable tax treatment. Want to jump start your child's retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn …
Roll it Before You Pull it
Tips to avoid IRS penalties on 401(k) retirement plan distributions While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior to reaching age 59 1/2. …
Inflation Spikes Social Security Checks for 2022
The Social Security Administration announced a whopping 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021. For those contributing to Social Security through wages, the potential maximum income …
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Forced to Withdraw from Retirement Accounts?!?!?
What you need to know We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It's called the required minimum distribution (RMD) rule. Here are some tips …
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