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Social Security

10 Ways to Reduce Your 401(k) Taxes

How the pros help clients minimize their tax burden If you have a traditional 401(k), you will have to pay taxes when you take distributions. Unfortunately, that 401(k) money is subject to the worst kind of taxes—ordinary income taxes. The amount you pay is based on your tax bracket, and if you’re younger than 59½, add 10% (for early withdrawal) in…

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Spending Bill Includes Seismic Retirement Changes, Curtails Stretch IRAs

GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected.  It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…

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Medicare Open Enrollment is Here: Are You Covered for 2020?

Each year, we urge you to review your Medicare coverage to ensure it’s still the right plan for you. Your needs may have changed, and the Medicare plan you’re on may have changed. Either way, it’s smart to review your plan to ensure you’re on the best plan for you. This is the time of…

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How to Take Advantage of 401(k) Catch-Up Contributions :usnews.com

The 401(k) Catch-Up Contribution Limit for 2019 WHEN YOU TURN 50, YOU become eligible to contribute more money to your 401(k) plan. The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Here’s how to take advantage of 401(k) catch-up contributions: Workers can defer paying income tax on…

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7 retirement saving mistakes financial advisers see too often

Saving for retirement is confusing – it’s no surprise we make mistakes along the way. Luckily, there are strategies to get back on track. Below, financial planners share the most common mistakes, and how they help their clients recover. 1. Failing to create a plan A retirement plan is one of the best ways to…

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Retroactive Social Security Benefits…Can You Back It Up?

Retroactive Social Security Benefits Many Americans rely on Social Security in retirement but navigating the system can be overwhelming and hard to understand.  Social Security is full of special benefits you can apply for depending on your needs and life situation. One of those benefits we often get questions on is how can I take…

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