With the demise of guaranteed pensions, and in light of the risks you face in managing your own retirement assets, maximizing Social Security becomes a critical part of retirement planning. How claiming age affects the income stream One of the most important decisions a retiree faces is when to apply for Social Security benefits. This […]
When to Apply for Social Security Benefits Read More »
Continued earnings could increase your Social Security benefit depending on your situation. One thing is for sure: working part-time at reduced pay will never cause your benefit to go down. A common question among people in their 60s is this: If I keep working, will my Social Security benefit go up? An even more common
Will Working Longer Help – Or Hinder – Your Social Security Benefit? Read More »
What if you claimed Social Security and then realized you would rather stop benefits and get more later? Can you change your mind? You might go back to work and no longer need the income. Or you might realize that it makes more sense to draw from other sources of income and let the Social
What is Voluntary Suspension? Read More »
The vast majority of American citizens spend their whole lives in the U.S., paying into the U.S. Social Security system and eventually drawing benefits which are deposited into a U.S. bank account. But as with all things Social Security, there can be complications. Here are some examples of how Social Security works in overseas cases.
Social Security, Citizenship, and Residency Read More »
For some families, dependent benefits for children with disabilities are an important factor in the Social Security claiming equation. Here’s what you need to know. Children with disabilities such as Down syndrome, autism, or some other type of disability generally do not qualify for Social Security benefits. In order to receive Supplemental Security Income (SSI),
Disabled Adult Children Read More »
Paying the penalty may be worth it if the end result increases your assets. A case of a couple saving for retirement shows that a penalty is a small price to pay in building a bigger nest egg. Whether it’s sports, taxes or life, we’re programmed to avoid penalties, and usually that’s a good move.
Sometimes Paying the IRA Penalty Makes Sense Read More »
As a generation, baby boomers are starting to wonder how we can leave our mark upon the world. What, besides material possessions, can we hand down to the next generation? How do we capture and define the wisdom and values that we’ve cultivated over decades of experience? How do we pass these precious assets down
Planning Your Legacy: Where to Start Read More »
SECURE Act of 2019 TOPIC NEW RULE COMMENTS $5,000 tax credit for small businesses starting retirement plans Increases the tax credit available for small business retirement plan start-up costs up to $5,000 for up to three years. Plus a new $500 tax credit for startup costs for plans that begin implementing automatic enrollment. Increasing the
New Retirement Rules Read More »
While the national focus has been on uncertainty around the new tax law, there are many individual tax-planning opportunities you should consider before year-end to ensure you are getting the best deal while staying compliant. Although the Tax Cuts and Jobs Act of 2017 captured national attention, there are still plenty of tax-planning opportunities you
9 Reasons You Should Consult With Your CPA Before Year-End Read More »
If you have minor children at home, Social Security benefits may be available to them. Know these rules and get maximum benefits for your family. It is not so unusual today for a person eligible for Social Security retirement benefits to have young children. Once the parent files for benefits, a minor child may also
Social Security for Minor Children Read More »