Retirement Watch Weekly
Social Security Still Shortchanging Beneficiaries
You don’t ask the IRS to help you pay the lowest taxes possible, and you shouldn’t rely on the Social Security Administration (SSA) to ensure you receive the maximum benefits. I’ve heard many anecdotal reports over the years from readers and financial advisors about Social Security representatives giving incorrect answers or different reps giving different […]
Some Surprises in a New Tax Law
Congress recently passed, and President Trump signed into law, the longest legislation ever passed by Congress. The Consolidated Appropriations Act was more than 5,000 pages. Most of the media attention was on the fiscal stimulus provisions, but there was a lot more in the law. Some tax law changes were overlooked by most of the […]
Proving Where You Live Is More Important Than Ever
Proving your state of residence or domicile became more important in 2020, and the importance will grow in 2021 and beyond. Many workers transitioned to re-mote employment during the pandemic, toiling from home or some location other than their employer’s facilities. Initial indications are that remote working will be common-place after the pandemic, though perhaps […]
Congress Extends One CARES Act Provision, Lets Another Expire
Some special tax and retirement plan rules were created in 2020 in response to the COVID-19 pandemic. Congress recently extended one of them with some modifications but let another expire. One provision gave taxpayers more than 60 days to roll over IRA distributions to the original IRA or to another qualified retirement plan. The provision […]
What You Need to Know About RMDs in 2021
Over the last few years, there have been a lot of changes in required mini-mum distributions (RMDs) for IRAs and other retirement plans. It is important to know the current rules, so you don’t pay more income taxes than you need to or incur the highest penalty in the tax code. The penalty for not […]
How to Handle Three of the Toughest Estate Planning Decisions
Some estate planning decisions are more difficult than others. Some of those decisions have the potential to cause problems, even tearing a family apart after the decisions are revealed.There are three especially difficult decisions that have the potential to cause long-lasting problems. Who inherits the personal items? Most estates have a lot of what the […]
Understanding the Last Will and Testament
The terms “last will and testament” and “will” often are used interchangeably and today mean the same thing. Both refer to a legal document that outlines a person’s final wishes regarding the distribution of assets and property after death and often other matters, such as the guardianship of minor children. Will is often used as […]
Beware of Social-Media-Hyped Stocks
****************************************************************** Publisher’s Note: Are you looking for a great Valentine’s Day gift? We were going through some areas of our office and found a box of beautiful rose pendants that were widely popular a few years ago. These are 24K gold and pure silver — a hard combination to find in any jewelry store. Click […]
