taxes

COLA increase might not be enough

The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. However, you may not be as much as you think it will be due to Medicare Part B…

When are Social Security benefits taxable?

“Certain things in life are unavoidable, including dying and having to pay taxes!” Many Social Security recipients are surprised that they may have to pay taxes on their benefits. Of course, it will all depend on whether you exceed the…

How is Social Security taxed

If you feel inflation has eroded your Social Security benefits, you are not mistaken, but that is not the only reason. Although the government will regularly adjust many things for inflation, one thing they have not since 1984; is the…

Social Security and Your Retirement Financial Plan–Assembling the Pieces

If you are beginning to take a look ay how your retirement years will be financed, congratulations! Many folks, unfortunately, do not take a long-term view on this subject and often find themselves arriving at key decision points unprepared to…

Traditional IRAs and taxes

It is tax filing season; did you take all your tax deductions? A simple way to get a tax deduction is by using a retirement account. If you don’t have access to a workplace retirement plan and your annual income…

How Are Social Security Benefits Taxed?

More than half of the 65 million Social Security recipients pay taxes on their benefits. The amount of taxes you will pay depends on your income, including retirement, survivor, and disability benefits, and filing status. Kemberley Washington and Kim Porter…

The effect of taxes on your retirement savings

Many people often overlook the effect taxes have on their retirement savings. If you have the “ideal” amount of $1 million in your portfolio, it may only be worth $800,000 or even less after taxes. Your investment income can also…

Social Security and federal taxes

The only difference between death and taxes is that death does not get worse every time Congress meets. – Will RogersAll of us pay taxes; it is a fact of life. Despite the rumors on social media platforms, the government…

Taxes can take a significant bite out of your nest egg

There is one area most retirees miss, and that’s taxes. Taxes can take a significant bite out of your retirement savings and investment income from a taxable brokerage account. However, you can have tax-smart investments and retirement accounts to reduce…

The other side of the COLA coin

We have all read the headlines concerning the 2023 Social Security cost-of-living adjustment (COLA) could be the highest in 40 years. However, no one has mentioned the possible consequence of this potential historical increase: Taxes. Since 1984, Social Security beneficiaries…

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