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Plus: Trump Account ALERT! Although you won’t become eligible for Social Security until your 60s, there’s a lot you can do to prepare before then. Here’s a rundown of steps you can take during each decade of your life: In your 20s: If you’re like a lot of people, you’re embarking on a career. At this …
Continue reading Social Security Planning Starts Now for EVERYONE
Often if you are in dire need for money the most tempting area to look at is your IRA, 401(k), or other qualified retirement accounts. These funds, set aside for your retirement, may seem to be the answer to your financial woes. Should I take an early withdrawal? Is it a good idea to tap …
Want money when you retire? Here are some tips. Here are five common retirement planning tips and what you can do to take advantage of them. The key is retirement planning starts today, not decades from now when you are reaching retirement age. 1. Having a plan Surprisingly, most do not know how much money …
A penalty to avoid with these tips It's one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your IRA or 401(k) during retirement. It's quite another when you pay the tax PLUS a 10% penalty for an early withdrawal. Need funds prior to retirement and want to …
The Social Security Administration announced a 2.8% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2026, another rate drop versus last year's increase of 3.2%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2025. For those contributing to Social Security through …
Continue reading Social Security Benefits Announced for 2026
As you or your family members approach retirement years, it's important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules You may give up to $19,000 to any individual (donee) in 2025 and avoid any …
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 income, open a Roth IRA and set a contribution goal to reach before they graduate from high school. Assuming an 8% expected rate of return, the investments made …
It is now easier than ever to check your report Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer is applied properly to this valuable retirement benefit. Ignoring is problematic …
As part of your planning for next year, now is the time to review funding your retirement accounts in 2025. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher income phaseouts for eligibility will make many more taxpayers eligible for fully-deductible contributions. So plan now to take full …
2025 Cost-of-Living Adjustment (COLA) changes Tip Category: Retirement The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025, another rate drop versus last year's increase of 3.2%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending …
Continue reading Hike in Social Security Benefits Announced for 2025
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