Retirement

Retirement Plan Options for Small Businesses

Retirement Plan Options for Small Businesses The SECURE Act and CARES Act may complicate the decision. As a small-business owner, figuring out retirement choices can be a little intimidating. How do you pick the most appropriate retirement plan for your business as well as your employees? There are three main types of retirement plans for small businesses: SIMPLE-IRAs, SEP-IRAs, and 401(k)s. Read on below to learn more about each type of retirement plan. Also, keep in mind that recent legislative [...]

By |2020-08-07T14:32:23-04:00July 30th, 2020|Personal Finance, Retirement|Comments Off on Retirement Plan Options for Small Businesses

Tax Considerations for Retirees

Tax Considerations for Retirees Are you aware of these potential tax breaks and tax-saving opportunities?    The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.   At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers 65 and older: single filer or married filing separately, $14,050; head of household, $20,300; married filing jointly or qualifying widow(er), $26,100 [...]

By |2020-05-08T14:14:24-04:00May 7th, 2020|Retirement|Comments Off on Tax Considerations for Retirees

A Roth IRA’s Many Benefits

A Roth IRA’s Many Benefits Why do so many people choose them over traditional IRAs?    The IRA that changed the whole retirement savings perspective. Since the Roth IRA was introduced in 1998, its popularity has soared. It has become a fixture in many retirement planning strategies because it offers savers so many potential advantages. The key argument for going Roth can be summed up in a sentence: Paying taxes on your retirement contributions today may be better than paying [...]

By |2020-04-23T10:51:37-04:00April 23rd, 2020|Retirement, Roth IRA|Comments Off on A Roth IRA’s Many Benefits

A Retirement Fact Sheet

A Retirement Fact Sheet Some specifics about the “second act.”      Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states currently levy taxes on some or all Social Security retirement benefits: Colorado, Connecticut, Kansas, [...]

By |2020-03-23T13:42:56-04:00February 20th, 2020|Retirement, Savings and Investing|Comments Off on A Retirement Fact Sheet

The Major Retirement Planning Mistakes

The Major Retirement Planning Mistakes Why are they made again and again?  Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees. Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement. Leaving work [...]

By |2020-01-28T16:07:01-05:00January 23rd, 2020|Retirement|Comments Off on The Major Retirement Planning Mistakes
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