The maximum contribution limits to tax-deferred savings accounts have been set for 2022. You can put more into employer-sponsored plans, but not individual accounts. IRA contribution limits, whether Traditional or Roth, will remain the same as it has been since 2019. You can contribute $6,000 and if you are age...
Like most people, I don’t want to pay more taxes than necessary. That common-sense approach to money began when I got my first job at the age of 13. I was paid $1.50/hour, slightly above the $1.30 minimum wage. I calculated exactly how much my first paycheck would be....
It’s one of the most obscure taxes in the IRS code, but it can be one of the most devastating at a time when you can least afford it. It’s called the Widow’s Penalty Tax—a stealth tax you never see coming—that can cause a widow or widower to struggle...
In 1983, the United States changed the rules of engagement when it unveiled the first Stealth Aircraft—the F-117 Nighthawk. The goal was to make a plane that was undetectable to the enemy. The new design didn’t make it completely invisible to radar, but it made detection much more difficult. It’s...
There’s an old axiom that says, “All good things must come to an end.” And unless Congress makes some changes, that’s what will happen to the current level of the federal estate tax exemption. As it stands now, every individual can give away $11.7 million of their estate free...
59% of American adults are worriers. You probably know some of them. You might even be one. Worry doesn’t attack just young or old, rich or poor, young adult or retiree—it’s found in all demographics. But for retirees specifically, there are six key financial worries that scare them, according...
Congratulations! You’ve started taking Social Security. You worked long and hard to build up that addition to your retirement income. Now, enjoy it. Oh, by the way, there is that small matter of… taxes. What you receive from Social Security has been called a benefit, a payment, and a deposit....
Customer service is mostly dead. It’s probably housed in the Smithsonian along with the T-Rex and TV rabbit ears. As technology has progressed and Millennials have come of age, we have been pushed, sometimes kicking and screaming, to conduct personal business online. The Social Security Administration is no exception. Call...
Mom and Dad told us working was a good thing. It may not have seemed like it as kids when they were trying to turn us into fully functioning, responsible adults. But later in life, we discovered it was true. Working gives a sense of pride and accomplishment. It makes...