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Retirement

Avoid the 10% Early Withdrawal Penalty – What every Traditional IRA owner should know

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June 23, 2017
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Avoid the 10% Early Withdrawal Penalty – What every Traditional IRA owner should know While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs. It is one thing to be taxed on retirement …Read More

There’s Still Time to Fund Your IRA

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January 13, 2017
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There’s Still Time to Fund Your IRA Looking for a last minute way to reduce last year’s taxable income? Consider funding a Traditional IRA or Roth IRA. Here is what you need to know Remember that you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2016 tax year. The annual maximum contribution amount is $5,500 or $6,500 if …Read More

Senior Gift Giving Tips – Make your year-end gifts tax efficient

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November 25, 2016
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Senior Gift Giving Tips – Make your year-end gifts tax efficient When a tax year winds down, seniors with funds make donation and gift moves as part of estate management. Being tax-efficient with your moves makes sense. Here are some ideas. Senior Gift Giving Tips One of the potential benefits of your retirement years is having funds available to help others work through the challenges of life. As you consider …Read More

Avoiding the 10% IRA Early Withdrawal Penalty – What every Traditional IRA owner should know

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November 18, 2016
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Avoiding the 10% IRA Early Withdrawal Penalty – What every Traditional IRA owner should know While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs Avoiding the 10% IRA Early Withdrawal Penalty  It …Read More

2017 Social Security Changes Announced

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October 21, 2016
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2017 Social Security Changes Announced The Social Security Administration recently announced their 2017 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know 2017 Social Security Changes Announced  The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase slightly in 2017. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2016. On the other …Read More

Borrowing Money from Your 401(k) – Good idea? …not so much

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July 29, 2016
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Borrowing Money from Your 401(k) – Good idea? …not so much Too many are dipping into their employer sponsored retirement plans 401(k) using the lending feature. Unfortunately, many are later faced with a tax dilemma. Borrowing Money from Your 401(k) For years you have put away 6% of your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you …Read More

Leveraging Gift Rules During Retirement

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July 15, 2016
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Leveraging Gift Rules During Retirement Wish to transfer some of your assets to your children or grandchildren tax-free? Understanding the annual gift limits is a good place to start Leveraging Gift Rules During Retirement As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a …Read More

Retirement Basics: Understanding Tax Efficiency

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July 8, 2016
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Retirement Basics: Understanding Tax Efficiency Managing your taxable income during retirement can be complicated. Social Security Retirement benefits, retirement plan distributions and supplemental income can quickly impact the amount of tax you must pay. Here is something to consider. One of the basics in retirement is to be as tax efficient with your income as possible. In 2016, income tax rates range from 0 – 39.6% plus a potential 3.8% …Read More

Avoid These Five Retirement Planning Mistakes

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May 27, 2016
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Avoid These Five Retirement Planning Mistakes Retirement planning and tax planning go hand in hand. Here are five common retirement planning mistakes and ideas on how to ensure they do not happen to you. Here are five common retirement planning mistakes and steps you can take to avoid them. 1. Not having a plan Surprisingly most of us do not know how much money is needed for our retirement years. …Read More

Supplement Your Retirement Outside Retirement Savings Accounts – Five great ideas

By admin
March 11, 2016
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Supplement Your Retirement Outside Retirement Savings Accounts – Five great ideas In addition to Social Security, retirement accounts are a primary resourse for income when you retire. But these aren’t the only tax advantaged tools available to you. Here are five other great ideas to supplement your retirement income. The tax code is very specific in helping you save for retirement through use of IRA’s, 401(k)’s, 403(b)’s, and benefit accounts. …Read More