For some people, planning for retirement can feel like trying to eat an elephant; but, it doesn’t have to be that way. Before making big decisions, it’s always important to get the ducks lined-up first.
Have you tried to call Social Security lately? If so, this won’t come as much of a surprise – customer service is all but non-existent.
RMD age hikes may not be the blessing you think. The question just might be who is more secure? Retirees or future government spending?
Retirement decisions can be momentous. Which year you would have remembered would depend on if you retired back then… and which year!
The annual Social Security trustees’ report is to advise Congress on the financial condition of the Social Security system over the next 75 years. If they project that 100% of benefits will be paid, it’s said to be in balance and no action will be needed. If they project a shortfall, they call on Congress to fix the problem by either raising taxes, cutting benefits, or some combination of the two.
Tax Planning doesn’t stop at retirement. In fact, tax planning is important for optimizing retirement income – and it changes during all four stages of retirement.
Good question. Whether or not you should roll-over your retirement funds to an IRA….. it depends (#1 in the consultant’s handbook of responses).
Looking for retirement security?
Government spending has been out of control for decades and Congress needs to raise revenue. So, they passed The SECURE (Setting Every Community Up for Retirement Enhancement) Act in December 2019. It may secure the government’s future; but, one provision may make your heir’s retirement a little less secure.
Expecting a big capital gains or other tax event this year? It might mean an unexpected tax surprise that can affect your Medicare premiums two years from now!
Tax traps are waiting. Did you it’s possible to be smack in the middle of the 22% tax bracket, yet taking an additional $1,000 in income could make that additional money taxable at 40%? It can happen to some taxpayers. In fact, there are other pitfalls many aren’t aware of, as well.
