Preparing for Reduced Social Security Benefits: The decisions you make today will shape your financial security tomorrow
The 2024 report from the Social Security and Medicare Board of Trustees has brought to the forefront a reality that many Americans have feared for years: the Social Security trust fund for retirement benefits is expected to deplete its reserves by 2033. This revelation has sent shockwaves through the financial planning community and among individuals…
Read MoreSocial Security’s 2025 Cost-of-Living Adjustment : While nice, it’s critical to recognize the financial issues the program faces
Social Security plays a vital role in the financial lives of millions of Americans, especially as they transition into retirement. Created in 1935, the program was initially designed to provide economic security for the elderly, disabled, and survivors of deceased workers. Today, it continues to be a cornerstone of retirement planning for many, offering a…
Read MoreHaving a Long-Term Perspective in Retirement: Navigate the ups and downs with confidence and stay on the right path
Retirement is a time of life that should be filled with enjoyment, relaxation, and the freedom to pursue passions and interests. However, it’s also a time when your financial decisions become more critical than ever. Life is full of ups and downs – good days and bad, gains and losses – and the same holds…
Read More2025 Retirement Contribution Limits and Updates: Make the most of your retirement savings options and secure a stable future
Planning for retirement is a cornerstone of financial wellness. Each year, the Internal Revenue Service adjusts contribution limits for various retirement accounts to reflect inflation and ensure individuals have ample opportunities to save for their future. In 2025, significant changes to contribution limits and income restrictions offer new opportunities for savers, especially for those utilizing…
Read MorePre-Retirement Financial Checklist: Get Your Financial House in Order
Are you within a few years of retirement? Now is the perfect time to get your financial house in order. Here’s what to include on your pre-retirement financial checklist: 401(k) Plans Decide what to do with your current 401(k). You generally have three options: Leave the assets with your soon-to-be-former employer. Roll them into an…
Read MoreYour Guide to Taxes for Retirees and Retirement Accounts: A cheat sheet on contributing to, withdrawing from and converting 401(k)s, traditional IRAs, Roth IRAs and other funds
By Laura Saunders To encourage retirement saving, Congress has provided Americans with an array of tax-favored accounts. These provide individual Americans many benefits, but there are pitfalls in terms of when and how you contribute to, and withdraw money from, them. Some, including most traditional and Roth IRAs, are owned and funded by individuals. Others, such as 401(k) and 403(b) plans,…
Read MoreHow Will Taxes Impact My Retirement Income? Proper tax planning enhances your financial security throughout retirement
Taxes can significantly affect your retirement income, reducing the amount available for spending. Understanding how different income sources are taxed and implementing tax-efficient withdrawal strategies can help minimize tax burdens and maximize savings. Taxable vs. Tax-Advantaged Income Retirement income falls into three categories: Taxable Income: Withdrawals from traditional 401(k)s, IRAs, pensions, and some Social Security…
Read MoreYour Guide to Taxes for Self-Employed and Gig Workers
A cheat sheet on the taxes, breaks and business deductions that apply to workers who get 1099s By Ashlea Ebeling Taking on a gig job means taking on new tax responsibilities. You might not think you’re in business, but if you’re reselling items online, tutoring or pet sitting, for example, the money you make is generally…
Read MoreThe SALT Deduction Cap Is Due to Expire. How Taxpayers Can Prepare for What’s Next.
Whether the deduction limit is raised, eliminated or extended, there are steps taxpayers can take to minimize their tax burden By Debbie Carlson As Congress debates tax policy this year, the state and local tax-deduction cap is in the crosshairs. The SALT deduction cap is set to expire at year’s end, along with a host of…
Read MoreKey Tax Numbers That Have—and Haven’t—Changed for 2025: A cheat sheet for new brackets, deductions and credits you need to know for filing 2024 taxes and for this year’s tax planning
By Laura Saunders The U.S. tax code has many provisions that are adjusted for inflation and some that aren’t. Here’s a selection of key numbers to help with tax planning for 2025 and tax prep for 2024, plus useful references. Some of these might change depending on what Congress does later this year. For now, though,…
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