retirement
Three key moves to make in 2025
Even though Social Security benefits only replace 33 percent to 55 percent of earnings for the average worker, Social Security is the largest source of income for most beneficiaries. Without Social Security benefits, about 4 in 10 adults 65 and…
How you can save more money in 2025
New year, new rules for retirement savers. In 2025, 401(k) savers can save $23,500, and those 60 to 63 can save an additional $11,250 for a total of $34,750. “This can be a great way for people to boost their…
Your tax bill could be much lower depending on where you retire
Most of us know the famous Ben Franklin quote about taxes; “Nothing can be said to be certain, except death and taxes.” However, times have changed when it comes to taxes. Retirees may or may not have to pay state…
Retired military service members may be eligible for tax benefits
Are you a veteran? Are you unsure whether your military retirement pay is taxable? “Military retirement income combined with income from a civilian job or a spouse’s income can push Veterans into a higher federal income tax bracket, according to…
Differences between Roth and traditional 401(k)s
We all know that Roth 401(k) and traditional 401(k) are great retirement savings accounts, but which is right for you? Your choice could mean the difference between higher taxes now or in retirement. Yes, contributions to these accounts and any…
Ask Rusty: Older Veteran Asks about Special Social Security Credit for Military Service
Dear Rusty: I served in the U S Army from January 1958 to Feb 1961. What increase should I receive for those years and who do I call and at what phone number? Signed: Proud Veteran Dear Proud Veteran: First,…
What is the maximum taxable earnings limit?
The new year starts in 51 days; are you ready for the changes to Social Security? Of course, the cost-of-living adjustment (COLA) of 2.5 percent will boost the average Social Security check by $50 a month; however, there are more…
Considering Income Tax Rates in Retirement
Many of us have looked to retirement as a time when we become free–well, more free–of the federal income tax burden we carried during our working years. For many retirees, that is the case, But for higher earners and those…
Generation X: Rebounding From the Perceptions of a Retirement Savings Crisis?
Recent media accounts of the impending financial crisis facing future retirees have focused on perceptions that today’s workers are not accumulating the level of financial reserve needed for a “comfortable” retirement. The constant refrain has been, ” Save more!” and…
Understanding RMDs and the Impact on Retirement Financial Planning
For many folks, it’s that time of the year when the issue of required minimum distributions (RMDs) from tax-preferred retirement savings plans (IRAs, 401ks, etc.). One consistent word of advice from financial planners, of course, is DO NOT FORGET to…