2 New Required Minimum Distribution (RMD) Rules Everyone Must Know Before 2025
Traditional IRAs and 401(k) plans allow workers to save pre-tax dollars for retirement. Any contributions can be deducted from gross income, provided modified adjusted gross income does not exceed limits imposed by the IRS. That results in a smaller tax bill at the time, but taxes cannot be delayed indefinitely. Required minimum distributions (RMDs) are […]
Social Security Changes Proposed by President-Elect Donald Trump Could Be Bad News for Retirees, According to a Recent Report
In November, Republican presidential nominee Donald Trump won a decisive victory over Democratic rival Kamala Harris. With Trump officially returning to the White House for a second term, many retired workers on Social Security are undoubtedly hoping he can bring about much-needed change. Trump during his campaign wrote on social media, “Seniors should not pay […]
Some People Could Pay More Social Security Payroll Taxes in 2025 Because of This Change
There are few social programs more important to Americans than Social Security. After decades of paying federal wage taxes, U.S. retirees will enjoy a guaranteed income stream through their golden years — one that a majority of them rely on to stay financially afloat. Although many people gripe about paying those taxes, they’re a necessity […]
Will You Qualify for Social Security’s Biggest Paycheck of $5,108 in 2025?
Getting the most you can out of Social Security can be a great goal for many retirees. The government program provides the backbone for many seniors’ budgets, often supplementing private retirement savings. The average Social Security retirement benefit in November was $1,925.46. But those who do everything they can to maximize their earnings during their […]
Donald Trump Pledged to Eliminate Social Security Benefit Taxes. Here’s Why That Could Turn Out Badly for Retirees.
President-elect Donald Trump is set to retake office in a little over a month after winning the election over Vice President Kamala Harris in November. Trump’s campaign made many promises, but one particularly interesting promise to retirees was his pledge to eliminate Social Security benefit taxes. To be clear, these aren’t the same as the […]
How Much Is the Required Minimum Distribution (RMD) if You Have $100,000 in Your Retirement Account?
While Social Security remains a large part of the majority of Americans’ retirement incomes, most also rely heavily on personal savings. Tools like traditional IRAs and employer-sponsored plans like 401(k)s are powerful tools to help people build their nest eggs over a lifetime, as they allow you to invest money pre-tax. The tax man never […]
Here’s the 1 Thing Trump Plans to Do About Social Security That Should Concern Retirees the Most
Donald Trump hopes to accomplish a lot in his second term. He intends to implement “the largest mass deportation program in history.” He wants to end birthright citizenship. Trump seeks further tax cuts. He supports cutting regulations. The president-elect plans to impose steep tariffs on all imports to the U.S. What about Social Security? Trump […]
1 Big Piece of Advice From Warren Buffett to Keep in Mind About Estate Planning
This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer. Warren Buffett is known primarily for his incredible investing record. He’s led Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) for close to 60 years and has increased the stock’s value over that period […]
Social Security Is Facing a $23 Trillion Funding Shortfall and Possible Benefit Cuts in 9 Years: Here’s How We Got Here
In October, more than 51 million retired-worker beneficiaries took home a check averaging $1,924.35. While this is a relatively modest monthly payout, surveys show that it’s a necessity to support the financial needs of an aging workforce. Over the last 23 years, Gallup has polled retirees to gauge their reliance on Social Security income to […]
Your 2025 Social Security Cost-of-Living Adjustment (COLA) Might Not Go as Far as You Expect. Here’s Why
All Social Security beneficiaries are getting a 2.5% cost-of-living adjustment (COLA) next year — or at least they are on paper. This will increase monthly benefit amounts for all recipients, including those claiming spousal Social Security. At the same time, a crucial retiree expense is set to rise in 2025. It likely won’t eat up […]
