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How much you pay and checks received are all going up! Tip Category: Retirement The Social Security Administration announced a 3.2% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2024, a big drop from last year's increase of 8.7%. The increase is based on the rise in the Consumer Price Index …
Continue reading Hike in Social Security Benefits Announced for 2024
What every taxpayer should know You can start receiving Social Security benefits when you turn 62, but you can give yourself a raise of 8% per year if you put it off. Tip Category: Retirement You can begin receiving your Social Security retirement benefit as early as age 62. But by putting off your benefit …
Tip Category: Retirement If you contribute too much money into your IRA during the year, how do you correct the problem without facing a tax penalty? Here are some tips. Remember the annual limits 2023 Annual IRA contribution limits $6,500 per individual $7,500 per individual if age 50 or older ($1,000 catch up provision) This …
Is a Roth IRA right for you? Deciding between a traditional or Roth IRA? The traditional IRA provides short-term tax savings, but a Roth IRA might be better for the long-term. Tip Category: Retirement If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth …
Is a Roth IRA right for you? Tip Category: Retirement If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement. The …
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 …
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 …
Continue reading Fund Your Retirement or Your Child’s College?
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 …
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 …
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 …
Continue reading Retirement Basics: Understanding Tax Efficient
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