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On August 4, 1862, the U.S. collected income tax for the first time[i]. You may be ready to bid farewell to income tax obligations once you retire, but unfortunately, it’s not that simple. While the dynamics may shift, understanding how income tax works after retirement is crucial to ensure financial stability during your golden years. […]Continue reading
As the anniversary of the Social Security bill being signed into law (August 14, 1935)[i] approaches, we’re reminded of the intricate workings of the U.S. tax system. Social Security, a vital program designed to provide financial support to retired and disabled individuals, is funded through payroll taxes.[ii] Let’s explore the fundamentals of Social Security taxation, […]Continue reading
An annuity is an investment product that is designed to provide a guaranteed income stream for a predetermined period, often for the rest of one’s life. An annuity is typically purchased from an insurance company, and the purchaser makes regular payments or a lump sum payment to the insurer in exchange for the right to […]Continue reading
June is Annuity Awareness Month, a time to educate individuals on the benefits and importance of annuities. If you’re new to annuities or need a refresher, keep reading to understand the basics of annuities. Basically, an annuity is a financial product that can provide a steady stream of income during retirement. With people living longer […]Continue reading
Social Security is not something you should just set and forget. There are many factors that determine the level of benefits you receive. Here’s a checklist of 5 Social Security strategies you should consider when planning for your retirement to maximize your income and earning potential to replace your paycheck: Delay claiming your benefits. You […]Continue reading
The thought of retirement can feel like a dream. Financial stability and the ability to do what you want and not what you have to with your days is a life goal for many people. But how do you reach that retirement life? Ask these 10 questions to prepare yourself for a successful retirement. Figure […]Continue reading
You may not know it, but Social Security income is taxed! However, your tax burden isn’t simply a gross income tax, and there are unique factors that dictate your tax rate and overall tax liability. First, not all Social Security income is taxed. Only a portion of your benefits may be subject to tax, depending […]Continue reading
Even though you’re still working every day, carrying your full load of responsibilities, it’s crucial to cross your Ts and dot your Is for your new life ahead in retirement. These six tips are crucial to cross off your to-do list before you enter retirement. Address Your Budget for Retirement Put together a monthly budget […]Continue reading
Most of the nation’s teachers and K-12 educational employees are members of their state’s public pension plans. After years of service, these plans have promised a secure retirement for educators and support staff. Unfortunately, a significant number of public pension plans serving these employees were severely underfunded before the Great Recession. The situation was compounded […]Continue reading
Healthcare is one of the largest expenses for people in retirement, but it’s not easy to budget for them. Sometimes, accidents happen, or certain health-related concerns can come out of nowhere. Because of how difficult it can be to predict; it can be just as difficult to plan for it. But luckily, there are tools […]Continue reading
