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Category: Finance
Finance

The SECURE Act of 2019 & IRA/401(k) Inheritance(s)

Don’t leave your beneficiaries with a large tax burden due to the new 10-Year Rule. Look into cashing gains out in retirement, and gifting cash to them. Losing a loved one is an extremely emotional time, executors have a tough responsibility to wrap up the deceased(s) finances, file their final tax returns, and close out the estate. Unfortunately, with all of the stress, the tax implications are often overlooked until it’s too late. Estate planning for 401(k)’s and IRAs completely changed after 2019, this article will help explain the tax implications of the changes to those of you leaving or

2021- Social Security Changes Tax Increase of 3.7% and 1.3% Benefit Increase

The Social Security Administration (SSA) has announced the changes for 2021. The Maximum Social Security wage base has increased by 3.7% ($142,800 from $137,700 in 2020) Of the changes reported the SSA is giving a 1.3% Cost of Living Adjustment (COLA) for the new year. An increase in the full retirement age by an additional two months ( to 66 years and 10 months) for people born in 1959. Higher taxes for retirees who are high earners, and increased maximum benefit payouts to $3,148/month from $3,011 in 2020. A 3.7% higher increase in the wage base will subject an estimated