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Taxes & Your Retirement Years

Taxes are on the minds of many as we just passed the 2019 tax deadline.   Unfortunately, many retirees every year fail to properly account for taxes when deciding things such as budgets, withdrawal rates, and whether or not they have the flexibility to make larger purchases. So, what are a variety of techniques that can be employed which help to limit the amount of taxes you pay in retirement and keep more of your hard earned money in your...
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07
Apr

Could Your Retirement Be Delayed?

Many people spend years dreaming about the day they will retire. They envision spending time in their vacation home’s with their family and friends at their sides. However, for some, this vision doesn’t become reality.  Instead, they spend their golden years working instead of at the golf course or having coffee with friends. If you have a sneaking suspicion that you may be a person who needs to delay retirement, then here’s what you need to know. Many factors contribute...
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02
Apr

At 59 ½ – You Can Take Control!

Before you turn 60 years old, your 401k plan has a set up that you may want to take advantage of. In the past, there has been a lot of middle-aged taxpayers who were scared to open certain bank accounts. Nowadays, those thoughts of being financially taken advantage of are not what investors are thinking about. In fact, if you have contributed to a 401k plan, you can have in-service withdrawals happen before you turn 60. Primarily, these withdrawals are...
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24
Mar

Your Retirement Paycheck Matters

Retirement income is not a one size fits all calculation as wants and needs vary significantly from one person to the next. Several factors such as life expectancy inflation, and balances do play a huge part but considering your retirement expectations for the “golden years” will help in the planning process to make the most of your retirement. Remember your first payday? How excited were you to get that hard-earned cash in your hands? You opened the envelope and found...
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17
Mar

How Does Your Retirement Income Compare?

With each passing year, more baby boomers are reaching retirement age. There is a lot of discussion surrounding the management of retirement savings and how to turn this money into an income stream. This conversation is becoming increasingly important as pensions are obsolete for many and the Medicare system is being squeezed for all it is worth. According to the U.S. Census Bureau, the median retirement income for household age in 2019 is as follows: AGE OF HOUSEHOLD MEDIAN INCOME...
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11
Mar

Avoid Tax Season Scams

Tax season is once again in full swing. While many concerned taxpayers file tax returns to meet the required deadline, criminals work harder to cash in taking advantage of the hectic tax season. Tax fraud remains a growing concern nationally, and counterfeit scams cost millions of dollars. Individuals who take a proactive approach can deter fraud and protect their identity, information and their finances. Here are a few recent scams catching the watchful eye of the IRS. TAX PREPARATION SCAMS...
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04
Mar

What is the Social Security 2100 Act?

Democratic Congressman John B. Larson introduced the Social Security 2100 Act on January 30, 2019. The proposed legislation seeks to raise payroll taxes to keep Social Security solvent and expand benefits. Payroll Tax Increases Some say that Social Security is in crisis. The program has had a deficit every year since 2010. If Congress does not act, the Social Security Trust Fund is forecast to become insolvent by 2034. The Social Security 2100 Act would address that problem by raising...
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25
Feb

Buying A Vacation Home In Retirement

If your retirement dream includes bouncing around between a beachfront condo in the winter and a mountain retreat in the summer, you are in good company. Perhaps you want to keep a small condo close to the kids while also maintaining a home in an area more conducive to how you plan to spend many of your weeks throughout the year. These are only a few of the many reasons why retirees often maintain a primary home as well as...
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17
Feb
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