Category: Taxes and Retirement

It’s hard to believe that Social Security has been in existence for over 75 years. During that time, however, it has become an income staple for many Americans, with nine out of ten people over 65 receiving benefits. Although Social Security provides benefits for other than just retirement income, those…

Updates - See here for the latest COLA increases by year____________ The Social Security Administration has officially released the Social Security and SSI information against the background announcement that there will be no cost-of-living adjustment (COLA) increase next year. The zero COLA adjustment means the monthly Social Security and Supplemental…

One of the most important tax forms you will receive during tax season is a W2. This is the official form that employers use to report employee wages/income, bonuses and other benefits received during the year; along with taxes (federal, state, medicare and social) that were withheld during the tax year.…

Saw an interesting graphic in the Economist depicting the approximate amount of taxes (net of offsets) governments around the world collect on $100,000; about the middle class average income level in developed countries. This is compared to the amount of social security (or safety net) the government provides to its…

The article below shows what options you have if you mistakenly over contributed to your employer 401k plan or IRA. Over Contributed to Employer Sponsored 401(k) Plan Firstly, congratulations on having reached your annual maximum contribution. But over contributing to your 401k (or IRA plan as discussed below) subjects you to the…

In a recent town hall the President pretty much confirmed that the Trump tax cuts will not be extended for higher income earners, but will be for those earning less than $250,000. While most people won't be affected by these tax changes, there will be adjustments across all tax brackets…

With longer life expectancies, a roller coaster stock market, and lessons learned from a post-pandemic world it’s more important than ever to find ways to boost your retirement savings now. Although there may be many obstacles to doing so, even just a few of the simple tactics outlined here can…

In the current economic environment, many people are finding it hard to make ends meet or pay for unexpected events requiring large sums of money. In some cases this is forcing people to turn to their retirement accounts to find the necessary funds. All good personal finance advice says not to…

Nothing is more significant over the long term from a financial planning aspect than ensuring you are setting aside and investing a sufficient amount of money to take care of your monetary needs in retirement. This can be easy to put off, especially if retirement is far away and taking…

We are more than halfway through the year and yet many major economic indicators are still showing the economy is not recovering as many would have hoped. Consumer confidence numbers showed that only 3% of people want to buy a car. These numbers are interesting considering previous tax credits targeted…

I receive a lot of questions on Individual retirement accounts (IRA) based on related posts I have written on this topic. One question that seems to come up often, is how to actually open an IRA account and where is the best place to do so. An IRA  is your personal savings…

The landscape of retirement planning is constantly evolving, with new legislation and rules changing how we save for our golden years. One of the most significant shifts in recent years has been the increased flexibility in moving funds from traditional pre-tax retirement accounts to Roth accounts. This is a game-changer…

Congress and the Obama administration's fiscal cliff deal means that 2013 federal tax rates will remain fixed for nearly 99% of the population. Only those earning $450,000/$400,000 (married/single) AGI will have a higher marginal tax rate in 2013, relative to 2012 levels. Below are the likely 2013 tax rates and inflation…