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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
When you started out saving for retirement, you may have contributed to an IRA or 401(k) through your employer. In addition, you heard that your contributions were tax-deferred, and you’d have to pay taxes when you reached your 70s. But at the time, you didn’t have to pay income taxes on whatever you contributed, so […]Continue reading
Let’s talk about tax brackets. They aren’t straight across the board but graduated based on income, meaning most taxpayers fall into more than one bracket. Current tax brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%, and you could fall into as few as one and as many as all. Check this example […]Continue reading
The plans you considered so important at the end of 2021 may not hold that same importance now that we’re in the middle of 2022. It’s time to see if your financial goals are still relevant and if yes, are you meeting them? It might also be time to consider a budgeting app or online […]Continue reading
Happy New Year! It’s a new year, a new you, and a new time to do things differently—like your taxes. Tax-filing season is officially here, and there are many things you can do to be prepared and organized. Here are a few simple tips that can help you save time, stress, and money: Decide […]Continue reading
The new year is almost upon us! As you flip the calendar on January 1, you should mark some important deadlines to keep you on track: January 1st:Medicare Coverage starts – assuming you’ve paid your premium 1st:Annual Medicare Advantage Open Enrollment begins 15th:Deadline for Q4 2021 estimated tax payment February Click here for a […]Continue reading
The 2019 Employee Wellness survey by PwC found that 73% of Millennials, 70% of Generation X, and 61% of Baby Boomers think health care costs will adversely affect their retirement. If a healthy 65-year-old couple retiring in 2019 expected to spend more than $387,000 for retirement health care costs, not including long-term care, what do you […]Continue reading
Carrying consumer debt into retirement can quickly reduce the monthly cash flow available to spend on healthcare, travel, and leisure activities or could necessitate drawing down retirement accounts faster than planned. Either situation puts you at risk for running out of money or facing significant lifestyle changes to make ends meet. Financial strain is […]Continue reading
Your business’s success is in your hands when you’re self-employed, so you need to be knowledgeable about and take advantage of whatever assistance is available—especially when it comes to lowering your tax bill. It’s commonly known that the government subsidizes certain personal expenses when you work from home. The key to this deduction is […]Continue reading
“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You’re on your own. And you know what you know. And YOU are the one who’ll decide where to go…” ― Dr. Seuss, Oh, the Places You’ll Go! Retirement dreams come in all designs and visions, […]Continue reading
