401(k)s, IRAs, pensions, and Social Security — the tax rules that follow you into retirement and how to plan around them.
(Update: Treasury and IRS changed course and will not require returns.) Each year, about 64 million people collect Social Security benefits: about one family in four receives some kind of Social Security benefits. Of those, nearly 45 million are retired workers who receive, on average, $1,471 per month; another 3 million individuals receive benefits as spouses or children of…
All local Social Security offices will be closed to the public for in-person service starting Tuesday, March 17, 2020. According to the Social Security Administration, “This decision protects the population we serve—older Americans and people with underlying medical conditions—and our employees during the Coronavirus (COVID-19) pandemic.” COVID-19 is the official name for the infectious disease caused…
In February of 2020, more than 69 million people collected a check for Social Security, Supplemental Security Income (SSI), or both. The majority of those beneficiaries (nearly 50 million) were over the age of 65. Many of those seniors will receive those benefits tax-free, while others may be required to pay tax on their benefits. Are your…
Scammers aren’t just relying on robocalls and voice mails to reach potential victims: they’re now texting. The Inspector General of Social Security, Gail S. Ennis, recently issued a warning about a new scam involving text messages that appear to come from Social Security. The texts warn about a Social Security number problem and ask the recipient to call a…
Looking for your tax forms, like your W-2 or 1099-MISC? Most tax forms should be in your mailbox or on their way – but if you don’t have them in hand just yet, there are steps that you can take to make sure that you have what you need when it’s time to file. If you’re looking…
Each year, the Trustees for Social Security release an annual report on the financial outlook for Social Security and Medicare. The key takeaway this year: Both face long-term financing shortfalls.
At the end of last year, nearly 67 million people collected a Social Security check. The majority of those beneficiaries (47 million) were over the age of 65. Each year, many seniors grapple with whether any or all of those benefits are taxable. Here’s what you need to know.
Thinking about retiring early? To ensure that you’ll have enough money to live off of in future years, sock away money now. Here are seven tax-favored strategies to consider.
The Internal Revenue Service (IRS) has announced that 401(k)s and similar employer-sponsored retirement plans, including 403(b) and 457(b) plans, can make loans and hardship distributions to victims of Hurricane Matthew and members of their families.
William Victor “Bill” Roth Jr. would have been 95 today. Roth was a World War II veteran, a lawyer, a U.S. Representative and a U.S. Senator but is best known for creating the Roth IRA.