Retirement
Changes to Social Security: What’s true, what’s false and what to expect
Changes to Social Security: What’s true, what’s false and what to expect Changes to Social Security are a favorite topic of the rumor mill and media these days. Our mission at this firm is to be a Sanctuary From The Noise® so we wanted to take a few minutes to address some of the rumors…
Read MoreHow can I avoid interest and penalties on my taxes?
How can I avoid interest and penalties on my taxes? Filing a tax return will reconcile what we paid toward our tax liability during the year and the actual amount of the tax due for the year. If we paid more than we needed to pay, we get a refund. If we paid less than…
Read MoreNon-financial questions to consider before retirement
Non-financial questions to consider before retirement The decision to retire is clearly predicated on one’s financial situation. We’ve been helping people retire for a few decades now and have noticed that those who thrive the most during retirement are those who periodically contemplate non-financial issues in addition to crunching numbers. Borrowing from research and journalism,…
Read MoreImportant tax changes for 2024
Important tax changes for 2024 Every year, there are changes to laws that affect our taxes. In our January newsletter, we outlined the new 2024 tax brackets which are adjusted annually based upon inflation factors. If your taxable income (gross income less deductions) is exactly the same in 2024 as it was in 2023, your…
Read MoreWhen are Roth IRA distributions taxable?
When are Roth IRA distributions taxable? From Ken in Satellite Beach: I thought once you turned 59 ½ Roth IRAs are tax free but a 63 year old co-worker insists he had to pay some tax last year when he withdrew from his Roth IRA. What gives? Ken, it is possible to owe taxes on…
Read MoreHow do I make charitable donations from my 401(k)?
How do I make charitable donations from my 401(k)? Direct donations from a 401(k) to charity on a tax favored basis are not possible. However, direct donations to charities from IRAs, called Qualified Charitable Distributions, are permitted. There are a few requirements to make those donations completely tax-free, chief among them is you must be…
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