Two years ago, the current government built their own mark on the United States with what some call the most necessary and important tax reform. The retirement reform that they are planning might be the long shot of 2019 since there are four important pieces of retirement reform in legislation before Congress.
Taxes are on the minds of many as we just passed the 2019 tax deadline. Unfortunately, many retirees every year fail to properly account for taxes when deciding things such as budgets, withdrawal rates, and whether or not they have the flexibility to make larger purchases.
Many people spend years dreaming about the day they will retire. They envision spending time in their vacation home’s with their family and friends at their sides. However, for some, this vision doesn’t become reality. Instead, they spend their golden years working instead of at the golf course or having coffee with friends.
If you’re retiring soon, you’re probably hoping that years of hard work and long hours are about to be rewarded. To get the best out of your retirement and enjoy peace of mind as those final days of work loom, it’s wise to prepare in advance. Here’s an 8-step checklist to ensure you’re ready for retirement.
Before you turn 60 years old, your 401k plan has a set up that you may want to take advantage of. In the past, there has been a lot of middle-aged taxpayers who were scared to open certain bank accounts. Nowadays, those thoughts of being financially taken advantage of are not what investors are thinking about.
Retirement income is not a one size fits all calculation as wants and needs vary significantly from one person to the next. Several factors such as life expectancy inflation, and balances do play a huge part but considering your retirement expectations for the "golden years" will help in the planning process to make the most of your retirement.
Tax season is once again in full swing. While many concerned taxpayers file tax returns to meet the required deadline, criminals work harder to cash in taking advantage of the hectic tax season. Tax fraud remains a growing concern nationally, and counterfeit scams cost millions of dollars.
Democratic Congressman John B. Larson introduced the Social Security 2100 Act on January 30, 2019. The proposed legislation seeks to raise payroll taxes to keep Social Security solvent and expand benefits.
Payroll Tax Increases
If your retirement dream includes bouncing around between a beachfront condo in the winter and a mountain retreat in the summer, you are in good company. Perhaps you want to keep a small condo close to the kids while also maintaining a home in an area more conducive to how you plan to spend many of your weeks throughout the year.
The average American gets a tax refund each year. In fact, the average tax refund is more than $2,700. That's a pretty nice infusion of cash. Windfalls can lead to temptation. For example, a nice vacation is something that many people will use their tax refunds for. This is only one way to spend a refund, however.