Tag: retirement

What to do if you’ve earned more than the yearly Social Security limit in the months before you retire

Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year...

SR Client Question: How do I handle taxes for my Health Savings Account (HSA)?

If you have a high deductible health insurance plan (HDHP), then you qualify to make contributions to an HSA up to the maximum limit for the year.  Many times, an employer will also fund some of an HSA as well,...

There’s more than just taxes to consider when choosing a retirement location

If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans.  While lists of the "best" places to retire and rankings based on how states tax retirees are plentiful, and can be...

Guest Author Dan Bolda: New legislative changes to 401(k) provisions offers COVID-19 relief

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a host of provisions providing relief for both individuals and businesses with respect to retirement plans, including expanded availability of hardship withdrawals and plan loans.  Plan sponsors must...

Understanding the key elements of the SECURE Act

Recently signed into law, the Setting Every Community Up for Retirement Enhancement (SECURE) Act is landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the...

New limitations for retirement plan funding

The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of changes for 2019 The contribution...

IRS announces 2018 pension plan limitations; 401(k) contribution limit increases to $18,500 for 2018

The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Highlights of Changes for 2018: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans,...

IRS announces 2018 pension plan limitations

The Internal Revenue Service issued the annual cost of living adjustments Thursday for 401(k) contributions, pension plans and other retirement-related matters. The contribution limit for workers who are enrolled in 401(k), 403(b), most 457 plans, and the federal government’s Thrift...

Is your tax-free IRA really tax-free?

According to a recent article in The Wall Street Journal, taxpayers should beware that as IRAs grow in size, so does the potential for taxes on these accounts if they have investments in alternative assets such as hedge funds, private-equity...

Getting retirement benefits abroad: What you need to know

If you plan on retiring overseas, it may still be possible to receive your retirement benefits while living abroad. Here's what the Social Security website advises: If you’ve worked in both the United States and another country, it may be possible...