Tip Category: Retirement You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn your plan on a dime. 1. Health emergencies and long-term care. When a …
Category: Retirement
Social Security: Know the Variables
It's never too early to understand how it works Tip Category: Retirement Determining the best time and best way to take Social Security benefits can make a big difference in the amount you receive over the balance of your lifetime. What is prudent, is understanding how it works and, if appropriate, running calculations prior to making …
Tax Tips to Aid in Retiring Early
Thinking about retiring early? Here are things to consider. Tip Category: Retirement Wouldn’t it be nice to check out of the workforce early and not need to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a …
Hike in Social Security Benefits Announced for 2024
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 …
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How to Maximize Your Social Security
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 …
Oops. An IRA Contribution Error
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 …
The Tax-Free Retirement Savings Option
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 …
The Tax-Free Retirement Savings Option
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 …
Social Security Planning Starts Now
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 …
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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