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Tax Breaks for Seniors, Veterans Advance in House
Minnesota House Republicans went to work today on their pledge to give back to taxpayers a majority of the state’s nearly $1.9 billion budget surplus. Members of the House tax committee heard several GOP-backed bills to exempt Social Security income from…
How Big a Role Should Social Security Play in Your Retirement?
Social Security is still a huge part of U.S. workers’ retirement plans, but they aren’t happy about it. As a Bankrate survey points out, Americans are getting a bit more pragmatic about Social Security’s role in their eventual retirements. Just 13%…
Say Happy Birthday to Social Security Then Start Saving More
Come August, it will be 80 years since the passage of the Social Security Act. Proposed and passed under the Administration of Franklin Roosevelt in 1935, this income safety net has served hundreds of millions of Americans. By the end…
The ‘Next America’ is Now
The political paralysis in Washington is often ascribed, depending on partisanship, to Republican obstructionism or President Obama’s arrogance. But there are deeper causes. Both parties have had a hard time creating agendas that appeal across ideological, racial and ethnic lines.…
7 Steps to a Financially Secure Retirement
Preparing financially for retirement may seem virtually impossible. How can you tuck away enough money for your later years given your limited income and never-ending expenses? It’s no wonder that a recent survey showed a third of people in the USA…
Form SSA-1099 Social Security and Taxes 2015
If you receive Social Security benefits, you may have to pay federal taxes on a fraction of their profits. These tips from the IRS will help determine whether or not to pay taxes on their benefits.These tips will also explain the…
IRS Releases Guidance on Refunds of Overcollected Social Security and Medicare Taxes
The Internal Revenue Service has released a notice that provides guidance to employers on the requirements for employee consents used by an employer to support a claim for refund of over-collected Social Security tax and Medicare tax. Notice 2015-15, which contains…
Retirement to be a Bust for Free-Spending Baby Boomers
Baby boomers are consumers, not savers, especially when it comes to funding retirement, a new report confirms. “The retirement savings shortfalls show that for those on the verge of retirement, the deficits vary from $19,304 per individual in married households, increasing…
This Is What Retiring Abroad Looks Like
Forget Florida and Arizona. When it comes to retirement, a growing number of Americans are opting to relocate abroad, to places with fabulous weather, stunning scenery, a lower cost of living and welcoming colonies of like-minded people. More than 550,000…
Retirement Milestones to Look Forward To
Retirement is a transition into a new stage of life. Retirees get the freedom to choose how to spend their time, but they also walk away from the comfort of a steady paycheck and need to make important financial decisions.…