What’s going to happen in 2026? If I could wave my hands over a crystal ball or rub a magic lamp, I’d tell you. Unfortunately, that stuff only works in the movies. But even though I’m not a sage or sooth-sayer with mystical powers, I do have guaranteed information you can take to the bank. And what is this beneficial [...]
Here it is, the end of the year, and you may be faced with that pesky government requirement that forces you to take money out of your IRA whether you want to or not. The distribution is considered ordinary income and you pay taxes on that amount at your tax rate. If you don’t, you’ll end up paying an excise [...]
When you look back over the previous 12 months, you might be surprised at what may have changed for you, whether in terms of the economy at large, your individual finances, or your personal circumstances. That’s why the end of the year is a great time to reflect and to prepare for the year ahead. Maybe you want to pay off [...]
Still looking for ways to keep the IRS’s hand out of your pocket at tax time? If so, you still have time to make the maximum retirement plan contributions for 2025. Every $100 of deductions you gather now can reduce your federal tax bill by up to $37 next April. Here are some possibilities. For 2025 you can contribute [...]
Well, it’s that time of year again when leaves change color and the federal government tells you how much more Medicare will cost you next year. The Bureau of Labor Statistics (BLS) says that 13% of spending by the typical senior goes to healthcare. For 2024, folks with Original Medicare will see increases to all premiums and deductibles. Medicare [...]
You get to save more in your retirement accounts in 2024. The IRS has made its inflation calculations and announced the new adjusted contribution limits. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increases to $23,000, up from $22,500 in 2023. For individuals 50 and older, the [...]
There are two important days every year for people on Social Security—the day they find out how much their checks will go up because of the annual Cost-of-Living-Adjustment (COLA), and the day they start getting the extra money. October is the month they find out how much. Automatic Social Security Cost-of-Living Adjustments have been in effect since January 1, [...]
You’d think retirees would get some consideration from the IRS. I mean, they’ve worked their entire adult life, paid their taxes (well, most of them), and paid them no matter what administration was in office or what stupid rules an administration put on the books. Now they’re retired. But it doesn’t mean retirees are exempt from IRS audits. The [...]
It’s fall—leaves are changing color; college football is underway and… it’s time to see if you want to carry your current Medicare plan into 2024. The annual Medicare Open Enrollment period runs from October 15-December 7. During the Medicare Annual Enrollment Period, you can make changes to your Medicare Advantage and Part D prescription drug plans. Multiple changes and [...]
At the very moment IRAs joined the retirement savings universe in 1974, so did Required Minimum Distributions (RMD). The government was more than happy to provide a tax-deferred way to save for the future, but it came with a future reckoning—paying taxes on all the contributions and on all future growth whenever an IRA owner began to take distributions. And [...]
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