A Simple RMD Mistake That Can Cost Retirees Thousands
It is fairly common for people taking required minimum distributions out of retirement accounts, such as IRAs, to pull out more than the...
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RetirementGuy
Nov 5, 20211 min
IRS Announces 2022 Retirement Plan Contribution and Benefit Limits
The IRS has announced contribution and benefit limits for qualified retirement plans for 2022. The contribution limit for employees who...
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RetirementGuy
Oct 14, 20211 min
The Downside of Delaying RMDs
It took more than four decades for congress to raise the age for required minimum distributions in 2019 from 70½ to 72. Less than two...
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RetirementGuy
Oct 14, 20211 min
Giant COLA: Mixed blessing!
Official confirmation that the January cost of living adjustment (COLA) for federal retirees will be 5.9% is good news. Up to a point! It...
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RetirementGuy
Sep 23, 20211 min
Is the Door Closing on Backdoor Roth IRAs?
The 'mega-backdoor Roth IRA' is on the chopping block, too, but neither is a done deal. On Sept. 13, Democrats on the House Ways and...
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RetirementGuy
Sep 16, 20211 min
7 Ways The New Tax Bill Could Impact Retirement Planning
The Ways and Means Committee released the first draft of a major tax bill this week. While it is mostly aimed at increasing taxes to pay...
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RetirementGuy
Aug 5, 20211 min
33 States with No Estate Taxes or Inheritance Taxes
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per...
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RetirementGuy
Jul 15, 20211 min
8 Retirement Distribution Strategies That Will Make Your Money Last
Saving money for retirement is only part of ensuring a financially secure future. The other half involves making smart decisions about...
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RetirementGuy
May 20, 20216 min
Biden Policies to Impact Stock Markets
While presidential policies matter, policies never move markets uniformly Will the policies of the Biden Administration have a negative...
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RetirementGuy
Apr 1, 20211 min
Easy to use Payroll Withholding Calculator
Use the 2021 W-4 Tax Withholding Calculator and optimize your paycheck tax withholdings and update your W-4. Input your information in...
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RetirementGuy
Mar 26, 20211 min
Now Is the Time to Convert Your Traditional IRA to a Roth
THE IMPACT OF THE pandemic along with low tax rates makes 2021 an opportune time to convert a traditional individual retirement account...
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RetirementGuy
Mar 11, 20211 min
How to Minimize Social Security Taxes
Retirees with low incomes or whose only source of income is Social Security generally don't pay income tax on their Social Security...
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RetirementGuy
Mar 4, 20212 min
Beware Scams at Tax Time
Here’s what to know and how to protect yourself. Identity thieves often swipe your bank or credit card account numbers, birth date...
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RetirementGuy
Feb 9, 20211 min
RMD Strategies to Help Ease Your Tax Burden
Many people who save money in traditional 401(k)s, Individual Retirement Accounts (IRAs) or other tax-deferred investment vehicles do so...
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RetirementGuy
Feb 4, 20211 min
How Are Revocable and Irrevocable Trusts Taxed?
For the most part, trusts don’t pay taxes on their income, instead passing the income through to the trust beneficiaries. But when they...
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RetirementGuy
Dec 24, 20201 min
Tax Management Tips for Investment Portfolios
One of the most effective avenues to a secure retirement is appropriate tax management. CIO John Cunnison points out strategies that...
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RetirementGuy
Dec 10, 20201 min
How to Turn Your Retirement Savings into Retirement Income
I have been working a long time on retirement planning that creates more and safer income for retirees. So long, in fact, that I...
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RetirementGuy
Dec 1, 20202 min
Caution: Four Tax Break Deadlines Rapidly Approaching
Thanksgiving is behind us, and the end of the year will be here soon. (Many of us are truly thankful for that!) This is a good time to...
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RetirementGuy
Oct 15, 20202 min
Social Security Taxes
As you likely know, every time you get a paycheck: 7.65% of your wages are subtracted from your paycheck and go to Social Security and...
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RetirementGuy
Oct 8, 20201 min
Lump Sum vs. Annuity: Which Should YouTake?
If you’re lucky enough to win the lottery or have a pension plan, you may need to decide whether you want to take your earnings in a lump...
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