taxes
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…
You earned it, you keep it
Is there a possibility of seeing another increase in your monthly Social Security check besides a hefty COLA increase? What is it? According to the Social Security Administration, around 56 percent of recipients pay federal taxes on a portion of…
Tax Implications of the CARES Act
In a podcast transcript posted at www.forbes.com, Nicole Kaeding, vice president of policy promotion and economist with the National Taxpayers Union Foundation, discusses the CARES Act’s provisions and the tax-related issues related to them with David Stewart, editor in chief of Tax Notes Today…
Recent Retirees Wish They’d Been Better Prepared for Taxes
Taxes. Kailey Hagen’s article here notes that 34% of recent retirees say they wish they’d been better prepared for taxes than they were, according to a recent Nationwide survey. Hagen’s piece takes a closer look at how the government taxes retirement savings…
The Downside of a 401k Account
During one’s working years, as wealth accumulation is taking place, the conventional wisdom says to take full advantage of 401k opportunities, especially to get the benefit of an employer match. Then there’s the ability to avoid taxation of current income.…
Who Pays What When it Comes to Tax on Social Security Benefits
For those already drawing Social Security retirement payments, it’s no secret who is assessed Federal Income Tax on their monthly benefits. But for those aging into Social Security, it’s a good idea to understand the mechanics of how these tax…
Dealing with Taxes in Retirement
Call it a “time bomb” or a “torpedo” or any other term that applies to something that can sabotage your retirement financial planning, but know this…paying taxes, for many (or most) of us, does not end at retirement. Columnist Peter…
How Taxes Eat Away at Your Social Security Benefits
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” This enduring statement was penned by Benjamin Franklin in 1789, and rings true…