How gig economy workers can save for retirement
Those with 1099 income have several tax-advantaged options.
Tax planning
These Social Security myths could harm employees’ retirement accounts
Careful planning can help prevent workers from shrinking their benefits based on misperceptions.
Steps employees should take before contributing to a 529 plan
Funding a 401(k), 403(b) or company-sponsored retirement savings vehicle should come first, an expert says.
The tax break retirees might not know about
Some seniors are missing out on a potential 20% tax deduction, and “no one is talking about what a wonderful retirement planning technique" it is, says an expert.
What to do if you have to retire early
Seniors in this position may face a tax bill and possibly a penalty if they dip into their 401(k) prematurely, says an expert.
Should my wife file for Social Security retirement benefits now or delay till 70?
A 67-year-old wife collecting spousal benefits will be better off waiting until 70 before shifting to her own retirement benefit if she remains healthy, according to this Q&A article.
Social Security isn’t America’s only public retirement crisis
Cuts in Medicaid could prove disastrous for low-income retirees who rely on the program for nursing home care, experts say.
Congress may gut the ‘stretch IRA’ that wealthy people love
New legislation that aims to give workers greater opportunities to save may put the kibosh on a strategy for passing large individual retirement accounts to heirs.
It’s not too late to boost retirement savings for 2018
There are still several moves that clients can make to reduce their 2018 tax bill.
How technology is reshaping the way Americans prepare for retirement
New innovations increase participation by making it easier to save and invest for retirement, an expert says.
7 ways employers can defuse tax season stress
Submitting taxes can be stressful. Here are tips to help companies best prepare.
New family leave proposal would require you to delay Social Security benefits
The U.S. is one of the few countries that doesn’t have paid family leave, and it can cause families hardship around the time of a birth, says an expert.
How to help clients this tax season
Submitting taxes can be a stressful time for employers and employees. Here’s how advisers can help them make sure they are prepared this year.
Time is running out to fix this IRA mistake and avoid a 50% penalty
If the client makes a mistake, they are advised to take the RMD as soon as they discover it so they can ask the IRS for a waiver of the penalty.
Make the most of the new military retirement plan
Those who signed up in the past year will get a smaller pension than they would under the old system, but they can expect additional benefits from the tax-advantaged Thrift Savings Plan.
Even when IRS says yes, company plans may say no
Retirement plans may decline to offer delayed RMDs, plan loans, stretch and hardship distributions and a host of other legally sanctioned tax maneuvers.
Social Security’s earnings test is too complicated — and it discourages work
Although the test is complicated and misunderstood, eliminating it could “do more harm than good,” according to an expert.
Why the tax law may induce some people to put more money in 401(k)s
The cap on state and local tax deduction under the tax law may prompt more employees to direct their retirement savings to their 401(k)s than to build home equity.
Do tax law changes affect IRA deductibility?
Although more taxpayers are expected to use the standard deduction, they can still claim the tax deduction for IRA contributions.
Can an annuity help sidestep Social Security taxes?
Although earnings in a deferred annuity will not be included in an investor's adjusted gross income, future withdrawals from the annuity could trigger a bigger tax bill.
