Retirement Archives

Saver’s Credit Can Help You Save for Retirement

Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit. The saver’s credit, also called the retirement savings credit, helps offset part of the first $2,000 workers voluntarily contribute to…

Personal Taxes, Retirement

Keeping Your Designated IRA Beneficiary Current is Important

Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse, and you certainly do not want a deceased individual to be your beneficiary. In addition, the decision concerning whom you…

Retirement

Americans Are Being Forced to Tap into Their Retirement Savings During COVID-19

The COVID-19 pandemic has had a devastating financial impact on thousands of Americans across the country. During the second quarter of 2020, the economy contracted by 32%, resulting in millions of taxpayers have filed for unemployment for the…

Financial Planning, Retirement

Unique IRA Opportunities for 2020

As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal…

Retirement

Did You Take Your 2020 RMD Too Soon?

As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans has been waived for 2020. This is primarily due to the drop in value for most investments as a result of…

Retirement

Retirees that Don’t File a Tax Return and Have Dependent Children May Need to Take Action Before Noon April 22

If you receive Social Security Retirement or Railroad Retirement benefits and are not required to file a tax return and have one or more dependents under the age of 17, you need to take action no later than 12 noon EST on Wednesday, April 22…

Estate Planning, Retirement, Taxes

New Tax Rules for Retirees

If you are at or approaching the age of 70, you need to be aware of some changes that Congress made to the tax laws, effective starting in 2020. These changes will have direct impacts on you and the decisions you make related to your retirement…

Estate Planning, Retirement

70-1/2 or Older? Avoid an IRS Penalty by Taking the Correct Retirement Plan Distribution

If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount – referred to as the required minimum distribution (RMD) – from those accounts each year. The tax…

Retirement

The Best Ways to Maximize Your Savings for Retirement

According to one recent study, the vast majority of Americans who are between the ages of 55 and 64 say that they have only saved, on average, about 12% of what they’ll need to live out their retirement years in comfort. Things have gotten…