Tag: Retirement

Three legal ways to protect your retirement savings from the IRS

Three legal ways to protect your retirement savings from the IRS

Some of the money you save for retirement will be owed to the IRS. If you start planning now, there are ways to protect your savings. Hyundai recall: 239,000 cars recalled for exploding seatbelt parts 1. Choose the right account Most people ... MORE
IRS, News, Retirement
Social Security: How to prep for things like inflation when you retire

Social Security: How to prep for things like inflation when you retire

Many Americans plan ahead for Social Security and retirement, and with inflation rapidly rising, here are ways to prep. Delaying right now could be stressful as inflation creates so much uncertainty. There is always the option to delay benefits past your full ... MORE
Retired Americans could be seeing an income boost

Retired Americans could be seeing an income boost

Retirees are feeling the high inflation more than some other groups. This is because the majority of retirees are living on a fixed income. Stimulus: $850 checks to be sent in June Who will see the income boost? Michigan Governor Gretchen Whitmer ... MORE
News, Retirement
Social Security: 10 best states to retire to and collect benefits

Social Security: 10 best states to retire to and collect benefits

Millions of Americans claim Social Security benefits each month, and when choosing to retire, it takes financial planning. The average benefit many see is around $1,657, which is hard to live on especially in expensive states. One idea many have is to ... MORE
IRS: What is tax Form 5498?

IRS: What is tax Form 5498?

Americans who are saving up for their retirement are required to report their contributions to the IRS with Form 5498. By making contributions to an IRA, you will receive Form 5498 for your taxes annually. This is because your IRA is required ... MORE
IRS, News, Retirement
How to stretch your retirement money after turning 72

How to stretch your retirement money after turning 72

Once you turn 72, you are required to withdraw a certain amount each year. But how can you make that money stretch? Social Security: Some recipients to see checks worth $4,194 TODAY Required minimum distribution Required minimum distribution is also known as ... MORE
News, Retirement
Retirement: Are retirement plans as successful as they say?

Retirement: Are retirement plans as successful as they say?

Studies have been completed that show retirement plans are not as successful as many are told they are. This includes plans like 401Ks and other contribution plans. Many employees choose not to accept retirement plans at all anymore. One major reason is ... MORE
News, Retirement
Is a 401k better than an IRA?

Is a 401k better than an IRA?

A 401k and an IRA are both retirement accounts. Does one account offer more advantages than the other? IRS: Smartest way to use your tax refund Pros and cons of a 401k 401k plans are the traditional retirement plan, typically sponsored by ... MORE
News, Retirement
Retirement: It’s not too late to start your 401K or retirement plans

Retirement: It’s not too late to start your 401K or retirement plans

Many Americans don’t realize they don’t need an office job to start their retirement plan, but most industrial workers don’t realize this. A survey taken by 2,000 Americans with half being 18-29 and the other half being 30-64 showed a lot of ... MORE
401k, News, Retirement
401K: Can I get money without penalties before I’m 59 1/2?

401K: Can I get money without penalties before I’m 59 1/2?

Many Americans have a 401K and sometimes want to dip into it before they hit the right age, but can that be done without penalty? It’s advised that you wait until the age of 59 1/2 to take from your 401K so ... MORE
401k, News, Retirement
Retirement: Mandatory retirement plans starting for thousands of workers

Retirement: Mandatory retirement plans starting for thousands of workers

Retirement savings are currently facing a crisis, and states are trying to respond in a positive way. Last month Connecticut shared that it would be joining a group of states already offering state sponsored plans. Enrollment in the plan began April 1, ... MORE
News, Retirement
Eight types of non-taxable retirement income

Eight types of non-taxable retirement income

In order to save money, take notice to when you’re spending extra. Here are eight types of retirement income that isn’t taxed. There are rules about withdrawing money from you 401k 1. Stimulus checks Some Americans got Letter 6475 from the IRS ... MORE
News, Retirement
Should I sell my house before I retire?

Should I sell my house before I retire?

Retirement is a big change and it could affect where you live. Here are three signs you might want to sell your house before retiring. Is my food still good after the use by date? Many people have an emotional attachment to ... MORE
News, Retirement
Retirement: 600,000 eligible for new program

Retirement: 600,000 eligible for new program

There are millions of Americans who are currently without a retirement program or plan, but that may come to an end for many. In the state of Connecticut, a program called the MyCTSavings Program will help people with retirement plans and savings ... MORE
News, Retirement
Retirement: Why you shouldn’t retire in your 50s

Retirement: Why you shouldn’t retire in your 50s

Retiring sounds like a great idea when you’re ready to finally do it, but there are risks to entering retirement early. Some people save for their entire lives to retire and still run into issues. While the idea of retiring early sounds ... MORE
News, Retirement