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]
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]
We’ve all seen the studies – one seems to land on my desk once or twice a week. “Americans are living longer.” “Fewer have defined benefit pensions.” “The value of Social Security is shrinking.” “Boomers don’t have enough money to retire comfortably.” “A retirement crisis is looming.” Just a couple recent data points: –Working American [...] [...more]
Ultra-low interest rates brought on by the 2008 financial crisis have been great for borrowers, but they’ve been a nightmare for retirees who depend on low-risk yield on savings to meet living expenses. Over the past several years, many retirees living on fixed incomes have been forced to cut expenses, eat into principal or rely [...] [...more]
Retirees counting on low-risk interest rate investments for income could get some relief over the next 12 to 24 months, argues Barry Glassman, president of Glassman Wealth Services. Pointing to the recent jump in interest rates, Glassman thinks rates could continue rising over the next 12 to 24 months, setting the stage for much more [...] [...more]
