IFG Viewpoint & Outlook
No Tax on Social Security Benefits?
We all love free money; and no taxes on Social Security sounds good! Hey, Social Security benefits weren’t taxed for many years!
January 27, 2025
We all love free money; and no taxes on Social Security sounds good! Hey, Social Security benefits weren’t taxed for many years!
If you’ve changed jobs or are getting ready to retire, don’t leave your old retirement account behind. Rolling over your employer-sponsored plan—like a 401(k) or 403(b)—into an IRA or new employer’s plan keeps your money growing tax-deferred and gives you more control over your investments.
The Big Picture:
For years, baby boomers drove the housing market, and much of the economy, as they moved into their first homes, began raising families, and moved-up to larger homes finally ending-up in the “McMansions” we’re all familiar with today. The boomers are now older—they’re no longer moving up. In fact, they’re just beginning to “decumulate” and downsize.
