If your household income last year was $57,500 or less, you could be leaving money on the table this tax season. Uncle Sam offers a tax credit that can be worth up to half of what you contribute to a traditional individual retirement account (IRA), Roth or workplace retirement plan. The Retirement Savings Contribution Credit [...] [...more]
Unemployment can throw a wrench into even the best retirement plan — especially for older workers in their peak earning and retirement saving years. Now that the employment picture finally is starting to improve, older workers who have been through the wringer of joblessness face the task of getting those plans back on track. More [...] [...more]
Ed Slott is one of the nation’s top experts on IRAs and retirement saving. An author, public speaker and CPA, he emphasizes the importance of strategies for minimizing the tax burden on retirement saving. Ed recently published a brief book laying out fundamental principals for young retirement savers, called Fund Your Future: A Tax-Smart Savings [...] [...more]
When the Internal Revenue Service talks, Americans generally listen. But many will ignore the message the agency sent last week: You can save more in your tax-qualified retirement accounts next year. The IRS announced a $500 cost-of-living increase for the maximum tax-qualified contributions for 2013: $17,500 for 401(k) accounts and $5,500 for IRAs. Most retirement [...] [...more]
Seventy may be the new sixty — but not where the Internal Revenue Service is concerned. People who turned 70-1/2 last year must begin taking required annual withdrawals from their tax-deferred retirement accounts no later than Friday. Yet it seems that some of these seniors didn’t get the memo. Fidelity Investments reports that nearly half [...] [...more]
