Perhaps both traditional and Roth IRAs can play a part in your retirement plans. Roth IRA vs Traditional IRA IRAs can be an important tool in your retirement savings belt, and whichever you choose to open could have a significant impact on how those accounts might grow. IRAs, or Individual Retirement Arrangements, are investment vehicles used to help save money for … [Read more...] about Traditional vs. Roth IRAs
Some specifics about the “second act.” Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states levy ta … [Read more...] about A Retirement Fact Sheet
Take note of them for 2019. Some notable developments are about to impact 401(k) plans. They follow a major change that became effective in 2018. Thanks to the Tax Cuts & Jobs Act, workers who borrow from 401(k) accounts and leave their jobs now have until October of the following year to repay plan loans.1 The Internal Revenue Service has eased the rules on … [Read more...] about Some Changes Are Coming for 401(k)s
Are you aware of them? The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive. If you are 65 or older, your standard deduction is $1,300 larger. Make that $1,600 if you are unmarried. Thanks to the passage of the Tax Cuts & Jobs Act, the 2018 standard deduction for an individual … [Read more...] about Tax Considerations for Retirees
Some say yes, pointing to the recent federal tax reforms. Will federal income tax rates ever be lower than they are right now? Given the outlook for Social Security and Medicare, it is hard to imagine them falling much further. Higher federal income taxes could very well be on the horizon, as the tax cuts set by the 2017 reforms are scheduled to sunset when 2025 … [Read more...] about Is Now the Right Time to Go Roth?