Tag Archives: retirement

It’s Not Too Late to Check Paycheck Withholding

check paycheckDid you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show up in their paychecks throughout the year. No matter which preference taxpayers choose, they should remember that they can make adjustments throughout the year that will influence the size of their refund when they file their tax return next spring. Continue reading

Avoiding the Penalty on Early Distributions

Getting retirement funds out earlyMany people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2? The bad news is that you generally have to pay a 10 percent penalty for early withdrawal of your funds. While that may seem unfair (after all, most of it is probably your money), you need to remember that the purpose of these types of plans is to save money for the years when you are no longer working. Continue reading

Retirement Contribution Limits Announced for 2019

bigstock-Couples-At-The-Beach-Holding-H-4134051 (1)Dollar limitations for pension plans and other retirement-related items for 2019 are as follows:

In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s credit all increased for 2019. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan also increases from $18,500 to $19,000. Contribution limits for SIMPLE retirement accounts for self-employed persons increase in 2019 as well – from $12,500 to $13,000. Continue reading

2017 Recap of Tax Provisions for Individuals

Wooden cubes with word "TAX" and calculator on backgroundMany of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end of this year while others were extended through 2019. With that in mind, here’s what individuals and families need to know about tax provisions for 2017. Continue reading

SIMPLE IRA Plans for Small Business

Portrait Of Male Bookshop Owner Outside StoreOf all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know. Continue reading

Tax Implications of Retiring Overseas

bigstock-Retirement-Vacation-Concept-H-109874129Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know. Continue reading

Tax Implications of Retiring Overseas

foreign earned incomeAre you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know.¬† Continue reading

Did You Hear What Just Happened With Social Security?

retirement planningCongress just eliminated two popular strategies used to get greater retirement benefits. So our friend, Todd Pouliot, AIF, at Gateway Financial provided this great information to share with you.

If you want to claim Social Security benefits soon, keep a date & a number in mind. The date is April 30, 2016. The number is 62. Continue reading