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Category: Personal Finance Management

Health Savings Accounts(HSA): The Ultimate Retirement Account

It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will likely have substantial expenses for health care after you retire. Personal financial experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement. You may need more. The time to save for these expenses is before you reach age 65. And the best way to do it may be a Health Savings Account (HSA). After several years, you could have a fat HSA balance that will help pave your

Self-Employed Or Employee Taxes What’s Better?

Perhaps you get a check, or you receive cash for the services you provide your employer or customers.  If you get a paycheck have you ever looked at your paystub? Do you understand what your paystub tells you? It breaks down gross pay, net pay, withholding, pre-tax and post-tax deductions. You probably get something called a W-2 sometime in January following the new year. Does this ring a bell?  Perhaps you get paid with cash, are you an independent contractor? That’s someone who works odd hours on call or does special one-off jobs for a business. If so, you probably
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