Category: Taxes and Retirement

Many people are confused when it comes to what the official retirement age(s) are. Which is unfortunate, because this is key for figuring when you can access your retirement savings without penalty, and to figure out how much you need to save for retirement. Here then is a quick recap…

Updated Information - Click here for the latest tax bracket tables and rates and current tax season information. 2012 and 2011 tax rates stayed the same as 2010 levels thanks to an extension of the Bush-era tax cuts. This has been confirmed by the IRS with the release of 2012 tax…

With stock markets booming, it is little surprising that 401K retirement plan balances are at record highs. In a recent study covering 20 million participants across nearly 23,000 corporate plans, the nations largest retirement plan administrator Fidelity Investments, found that the average 401(k) account balance was over $129,000 last year, up…

When you sell a capital asset like a stock, bond, cryptocurrency or investments you own, the difference between the amount you sell it for and what you paid for it (cost basis) is classified as a capital gain or a capital loss. Capital gains and losses are further classified as…

It’s time to save for retirement. It doesn’t matter how old or young you are, it doesn’t matter if you’re single or married and it doesn’t matter how good or bad the economy happens to be at this particular point in time. Some things are simple and others are complicated.…

When approaching retirement, it is essential that you incorporate strategies that will keep your retirement income flowing in. And, with medical technology and new medicines helping to keep people alive longer these days, it is even more essential that your retirement income stretches well into the future. One way to accomplish this is…

Although many people spend 20, 30 or more years saving for retirement, the sad truth is that today, many people will not be able to retire on time. Despite some degree of financial planning, many individuals simply have been unable to reach their retirement income goals and are forced to…

The IRS has officially admitted that they are having issues with processing some of the most popular economic stimulus payments that the Obama administration has handed out over the last few years. In particular, the many versions of the first time home buyer credit, each with different eligibility and income…

You've filed your tax return and are expecting a tax refund. Congratulations!  Now, you want to know when to expect your refund and/or why is it taking so long to receive your money! Generally, if you e-file and use direct deposit, the IRS estimates that you should receive your federal…

When the economy and stock markets tanked many people stopped contributing to their employer sponsored 401K or self managed IRA plans. However, with markets back up strongly and the economy improving, folks must not forget to restart or continue saving for their financial futures. This includes taking the following actions:…

With stock markets staging a strong recovery the average return on a tax advantaged retirement plan, like a 401(k) and IRA, was around 11% according to Morningstar. At this rate your money will double every 5 or so years thanks to compounding. But how did your retirement plan perform? And…

To get a picture of the problem that lawmakers face, let’s look at a tale of two attitudes. Polls indicate that we as a nation are getting worried about the amount of debt we’re incurring as we prop up the American economy. TARP, Quantitative Easing, and corporate bailouts cost the…

[Updated- 2012 Payroll Tax Credit Holiday, Unemployment Benefits and Medicare Doctor Payments Extended to Dec 31st] With House Republican support Congress has passed legislation extending the federal payroll tax holiday through the end of the year without demanding spending cuts to pay for it. This was a concession aimed at…