10 Apr Annuity Income: Annuitization vs. Lifetime Withdrawal
During your working years, you're accustomed to living on an income from your job. When you retire, the income from employment ends. Social Security provides a steady income, but it...
retirement planning Tag
23 Feb 2022 Key Numbers
Links to all of the key numbers for your 2022 planning. Individual Income Tax Planning Alternative Minimum Tax (AMT), child tax credit, earned income tax credit, itemized deductions, kiddie tax, personal exemptions,...
23 Feb 2022 Key Numbers-Retirement Planning
Employee/individual contribution limits Elective deferral limits 2021 2022 401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs 1 [Includes Roth 401(k) and Roth 403(b) contributions] Lesser of $19,500 or 100% of participant's compensation Lesser of $20,500 or 100% of...
23 Feb 2022 Key Benefits-Government Benefits
Social Security Social Security Cost-of-living adjustment (COLA) 2021 2022 For Social Security and Supplemental Security Income (SSI) beneficiaries 1.30% 5.90% Tax rate--employee 2021 2022 FICA tax -- Employee 7.65% 7.65% Social Security (OASDI) portion of tax 6.20% 6.20% Medicare (HI) portion of tax 1.45%1 1.45%1 Tax rate--self-employed 2021 2022 Self-Employed 15.30% 15.30% Social Security (OASDI)...
29 Dec Retirement Plan Limits on the Rise in 2022
Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase,...
16 Nov Retirement Investors: This Back Door May Be Closing for Good
Among the many provisions in the multi-trillion-dollar legislative package being debated in Congress is a provision that would eliminate a strategy that allows high-income investors to pursue tax-free retirement income:...
27 Oct Working in Retirement
In 2020, 74% of workers said they expected to work for pay after retiring from their regular jobs, but only 27% of retirees said they had actually done so. This...
01 Sep Student Debt: It’s Not Just for Young Adults
Recent college graduates aren't the only ones carrying student loan debt. A significant number of older Americans have student debt, too. In fact, student loan debt is the second-highest consumer...
07 May Due Date for Federal Income Tax Returns and Payments Postponed to July 15
Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to...
05 Apr CARES Act Provides Relief to Individuals and Businesses
On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and...