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Posts in category Retirement thoughts

Social Security Benefits, are they ta...

Social Security Benefits, are they taxable?
Tweet How much, if any, of your Social Security benefits are taxable? It depends on your total income and marital status. Generally, if Social Security benefits are your only income, your benefits are not taxable and you probably do not need to file a federal income tax return. If you receive income from other sources in addition to Social Se [...]

Tax Issues with early Distributions f...

Tax Issues with early Distributions from Retirement savings.
Tweet Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that it may mean a tax impact when they file their return. To discourage the use of IRAs for the purposes other than retirement, tax law imposes a 10% additional tax on early distribu [...]

Find the Best Retirement Plan Options...

Find the Best Retirement Plan Options in New York
Tweet If you live in or near New York City and you’re hoping to retire in the area, there are many options available for retirement savings.  With arguably the highest costs of living in the nation you are going to need a significant nest egg. While retirement options are generally specific to an individual’s situation, there are some New Yor [...]

Retirement Rules: Social Security Bas...

Retirement Rules: Social Security Basics
Tweet As the baby boom generation, which are people born after World War II between the years of 1946 and 1965, continues to age, more and more people are becoming eligible for retirement and social security benefits. Because of this trend, social security has become more and more strained since people leaving the work force is starting to ac [...]

Retirement Options for Freelancers

Retirement Options for Freelancers
Tweet If you are self-employed, then retirement might not be something you give much thought to. After all, you set your own hours, make your own money, and live the way you want. However, if you want to continue enjoying all of the freedom and other benefits that being self-employed offers, you need to start planning for your future as soon [...]

The 401K and Retirement

The 401K and Retirement
Tweet There are many different options for retirement in our modern age. There are various ways to save money for retirement funds, and many people are choosing to work through their retirement for leisure and for additional financial support. The basics of retirement include financial preparation, mental and emotional preparation, and a plan [...]

Annuities Role in Retirement Accounts

Annuities Role in Retirement Accounts
Tweet Retirement is supposed to be a time when you can finally kick back and enjoy a life of leisure. The earliest a person can retire is age 61; but, over time, the average age of retirement has increased, and for many the idea of kicking back in the sun at the age of 61 has become a dream, a comical afterthought from a bygone era. These day [...]

Get a Roth IRA Now to Help You in the...

Get a Roth IRA Now to Help You in the Future
Tweet The basic assumptions when considering a traditional IRA versus a basic Roth IRA are the tax break advantages and when they occur.  A disclaimer must be made here, because taxes, like the weather, are unpredictable from year to year and it is only possible to relate taxes to the current climate. * the money contributed to a traditional [...]

Why an Annuity May Not Be Right for Y...

Why an Annuity May Not Be Right for You
Tweet There are a lot of different methods to receive income during retirement, but there has been a lot of attention on a particular type of retirement investment known as annuities.  Annuities are essentially policies that are purchased for a set amount of money and pay out a predetermined amount to the policy holder every month.  They are [...]

Choosing a 401(k) the Easy Way

Choosing a 401(k) the Easy Way
Tweet Once upon a time, employers provided a pension to reward their faithful employees for their years of dedication and service to the company. Unfortunately, the days of guaranteed pensions are gone. However, there is still a way to both save for retirement and reduce taxable income. In 1978, Congress added Section 401(k) to the Internal R [...]

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