It’s a tiny little gift from the IRS, but it’s still a gift. Beginning January 1, 2022, Required Minimum Distributions on IRAs, qualified retirement plans, and annuities will be less. It’s your reward for living longer. RMDs have to be taken by people turning age 72 after 2019. Older taxpayers...
It’s not uncommon to see the flashing lights and hear the blaring siren of an ambulance rushing to someone’s aid or transporting them to the hospital for emergency treatment. And no matter whether the ambulance is operated by a private company or a government entity, they are an important...
The checklist when preparing for retirement is a long one. But you need to be aware of one item in particular if you intended to start taking Social Security before your Full Retirement Age (FRA) and continue working—the Social Security Earnings Test. It can suck Social Security dollars out...
Planning for retirement. There’s a lot of work that goes into it. You want to make sure you’ve saved enough, got things paid off if possible. You certainly want to know what your expenses will be so your retirement budget doesn’t blow up. One of the line items with the...
Social Security, although originally intended to be a supplement to Americans’ retirement income, has become a major source for many. The Center on Budget and Policy Priorities found that half of senior citizens get 50% of their income from Social Security and that 1 in 4 seniors receive 90%...
Happy Birthday! You’re turning 65. There’s cake and ice cream, presents, and your application for Medicare. Yep, this is when you sign up for the federal health insurance program you’ve been paying for all your working life. Signing up isn’t difficult, but there are things you need to know...
It's that time of the year again! RMD's! Many retirees love to hate their required minimum distributions, or RMDs. What to do? When to take it out? How much to pay in taxes? There's a myriad of questions. In this video, Morningstar discusses the topic with Maria Bruno, head...
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