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Tag Archives: retirement

Leveraging Gift Rules During Retirement

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

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

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

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

Plan Your 2014 Retirement Contributions

With the setting of contribution limits to qualified retirement plans for 2014, now is a good time to plan for your 2014 retirement contributions. As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits …Read More

2014 Social Security Benefits Announced

Social Security recently announced planned benefit increases for 2014. Now is the time to plan for these changes. The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase in 2014 by 1.5%. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2013. In addition, other figures based on the national average wage index will also …Read More

Fund Your Retirement or Your Child's College?

With rapidly increasing costs in both health care and in college tuition, deciding which is more important can be a real dilemma. Here are some thoughts. As our students prepare to head back to school, many families face the difficult decision to save for retirement or use those funds to pay for their children’s college education. The dilemma With student loan amounts in the trillions of dollars, our kids are …Read More

Are You Maximizing Your Retirement Account Tax Benefit? – 2013 contribution limits

If you have not already done so, consider adjusting your retirment account contributions to match the expanded annual limits that have increased for 2013. Here are the new limits. 2013 marks a watershed year for contribution limit increases in many of the core retirement savings programs. Many of these contribution limit increases are established using a federal formula. While most annual limits stayed the same from 2011 to 2012, this …Read More

Still Time to Make IRA Contributions for 2012

Remember you have until April 15th to fund last year’s IRA contributions. Here is what you need to know. Remember you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2012 tax year.  The annual contribution limit is $5,000 or $6,000 (if you are age 50 or over).  Prior to making the contribution, if you (or your spouse) are …Read More

Tax Surprises for Newly Retired – 5 surprises to know about

Rebalancing your portfolio when you get older makes sense. So does anticipating for these possible tax surprises during your retirement years. You’ve got it all planned out. Your retirement savings plans are full, you have started receiving Social Security benefits, and your Pension is ready to go. Everything is planned, what could go wrong? Here are five surprises that can turn your plan on a dime. 1. Health emergency and …Read More