A retirement crisis looms. Americans aren’t saving enough, and the aging of the population may require trimming Social Security benefits eventually. Congress recently passed the SECURE 2.0 Act to help people save more for retirement by boosting tax breaks. It builds on the original SECURE Act. Three provisions will affect the most people. Required minimum… Continue reading SECURE 2.0 Act Lets Retirees Defer Taxes on Retirement Plan Money Longer
Tag: Taxes
Deferred Annuities’ Flexibility Provides Powerful Tax Advantages
Deferred annuities offer powerful tax advantages. While annuity tax rules aren’t too complex, understanding them and naming beneficiaries properly assures the maximum tax advantage. Annuity interest is not taxed until it’s withdrawn. With a deferred annuity, the owner decides when to withdraw interest and pay taxes on it. The flexibility to wait until you need… Continue reading Deferred Annuities’ Flexibility Provides Powerful Tax Advantages
Tax Time and Cyber Crime
Tax time, which will arrive in a couple of weeks, is cybercriminals’ favorite time of the year. Online scams, fake emails and fraudulent phone calls top the list of the ways crooks hope to separate you from your money. In 2018, the Internal Revenue Service (IRS) noted an astonishing 60 percent increase in bogus email… Continue reading Tax Time and Cyber Crime
Cut Your Taxes in 2019 and Beyond
January is a good time to reassess your financial situation, including taxes. The first step is to estimate your 2018 federal and state income taxes. Once you understand what’s driving your taxes, you’re in a good position to take action to minimize them so you can save more for retirement. Despite a reduction in overall… Continue reading Cut Your Taxes in 2019 and Beyond
Does Your Retirement Plan Pass the 3-Point Check-Up?
If you’re like most people, you started a retirement account like a 401(k) or IRA years ago because your employer offered it, or you were taught that’s what people do to save for retirement. But your financial goals and objectives have likely changed dramatically since then, as well as your tolerance for risk and surprises.… Continue reading Does Your Retirement Plan Pass the 3-Point Check-Up?
3 Ways the New Tax Law Will Hit Seniors Hard in Health Costs
Trump’s new Tax Law, which will result in a $1.5 trillion tax cut, was seen by some as a Christmas present to most American taxpayers. Critics of the law, however, suggest that the Grinch will have stolen Christmas from some seniors. Older Americans have some important issues to consider in terms of how the new… Continue reading 3 Ways the New Tax Law Will Hit Seniors Hard in Health Costs
With Taxes “On Sale” It Could Be Time to Convert to a Roth IRA
Retirement can open up a whole new way of life for Americans ready to bring their working years to an end, but at least one thing doesn’t change. The IRS still keeps a watchful eye on your income – including whatever amount you’re pulling from the IRA or 401(k) that you spent decades building into… Continue reading With Taxes “On Sale” It Could Be Time to Convert to a Roth IRA
You Can Still Cut Your 2016 Tax Bill
It’s not too late to slash your 2016 income taxes. Contribute to your Health Savings Account by April 18. HSA Contributions reduce your taxable income dollar-for-dollar. To be eligible, the account owner must have had a high-deductible health plan with a maximum allowable out-of-pocket amount of $6,550 for an individual and $13,100 for a family.… Continue reading You Can Still Cut Your 2016 Tax Bill
Protect Yourself in A Turbulent Market
Investment experts who predicted a turbulent stock market this year have seen their prophecies come true. The volatility is expected to continue, and the dramatic ups and downs could leave some investors queasy, especially if they bit into more risk than they can stomach. “One of the unfortunate truths about investing is there are many… Continue reading Protect Yourself in A Turbulent Market
“Successful Aging” Linked to Harmful Drinking Aming Over 50s
Retirement should represent an opportunity to enjoy life after decades of hard work and saving. But it doesn’t always turn out that way, even with people who saved wisely, says Gary Marriage Jr., CEO of Nature Coast Financial Advisors (www.naturecoastfinancial.com). Maybe it’s because of worries that those savings won’t last. Or maybe it’s just an… Continue reading “Successful Aging” Linked to Harmful Drinking Aming Over 50s