Ira Contribution Limits

Retirees Should Know These 3 Facts About Required Minimum Distributions

Tim Kramer — Sun, 29 Mar 2020 13:00:05 +0000

There is an important rule that many in the retiree cohort should keep in mind in the coming tax season. If one does not withdraw funds from their IRA that meets the RMD or required minimum distribution there is fifty percent penalty of the RMD amount. This can be particularly painful for those on fixed […]

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9 real retirees share what it’s like to stop working and live the life you want

Tim Kramer — Fri, 21 Feb 2020 13:00:47 +0000

Nine retirees have expressed their opinions regarding their retirement scenarios. One unifying factor among the nine people was that they all needed to figure out what would happen next in their lives as they left their occupations in the past. Their solutions and reactions were varied, ranging from picking up new hobbies to literally travelling […]

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Retirees, Don’t Get Stranded Hunting Returns

Tim Kramer — Wed, 19 Feb 2020 13:00:03 +0000

More retirees have been investing in funds that are not mutual funds. These funds sometimes pay more than traditional mutual funds and can be from non-traded real estate investment trusts or from private placements. These funds can have much higher fees and can be difficult to withdraw from. A lot of these funds are exempt […]

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Opinion: 5 tricky retirement taxes boomers should watch out for

Tim Kramer — Mon, 17 Feb 2020 13:00:03 +0000

There are five areas that boomer retirees need to carefully consider. The RMD tax can be 50% of your tax distribution so it needs to be considered. Some state have no income tax but most tax retirement distributions differently. The Retirement Earnings Tax needs to be considered when taking Social Security income. There is an […]

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This Mother Of Three Had Ambitions To Retire By 40. Here’s Why She Quit That Goal To Invest In …

Tim Kramer — Thu, 13 Feb 2020 13:00:11 +0000

Jamila Souffrant was tired of the long trip that she had to take to work to get from Brooklyn to her job in New Jersey. She also knew that she was missing seeing her two young sons grow up. That is when she decided to attempt the FIRE plan. FIRE stands for financial independence retire […]

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Avoid the Tax Trap Most Couples Don’t Want to Think About

Tim Kramer — Tue, 11 Feb 2020 13:00:08 +0000

You might be blissfully married and have avoided any talk of a time when its a ‘then there was one’ situation but it is a fact of life. Another fact of life is that taxes become a huge enemy in this wrinkle in time. So how do you prepare for what lies ahead? One option […]

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The Most-Overlooked Tax Breaks for Retirees

Tim Kramer — Sun, 09 Feb 2020 13:00:05 +0000

If you are retired and especially if you are on a fixed income, then finding clever ways to save money on taxes is critical. First, be aware of larger standard deductions which are available after you turn 65. You can still invest in IRA’s and also remember that you can deduct your medicare payments. Although […]

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Don’t Let Unexpected Taxes Diminish Your Retirement Dreams

Tim Kramer — Fri, 07 Feb 2020 13:00:20 +0000

One of the unpleasant truths about retirement is that there are still taxes in retirement that can make up the bulk of your expenditures. It is possible to plan effectively to maximize the amount of income you keep. A good strategy will reduce the amount of tax exposure you have, and planning should begin well […]

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Social Security: The Basics of When to Claim Your Benefit

Tim Kramer — Wed, 05 Feb 2020 13:00:03 +0000

The decision on when exactly to take Social Security benefits can be one of the biggest decisions you make in retirement. There are many possible choices on when to begin withdrawals, and each person will have a different time that is ideal for their situation. If there are other streams of income, delaying the payouts […]

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New Pass-Through Tax Deduction Could Be a Bust for Business Owners

Tim Kramer — Mon, 03 Feb 2020 13:05:59 +0000

The tax breaks made earlier on in 2017 were meant to help small business owners pay less in taxes. But, as it turns out, small business owners actually aren’t going to benefit in the long run. If they are contributing to their retirement in an IRA they will end up paying more in taxes for […]

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The fix for a frequent client mistake: Ineligible IRA contributions

Tim Kramer — Sat, 01 Feb 2020 13:00:37 +0000

In order to contribute to any IRA you need to qualify. You must have compensation of wages or self-employment. Due to a new law recharacterization of ROTH conversions is not an option but you can recharacterize IRA contributions. Recharacterizations of either a ROTH or a Traditional IRA must be valid in their own right. If […]

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The $51000 mistake thousands of retirement savers have made

Tim Kramer — Fri, 31 Jan 2020 13:00:03 +0000

Many people take early withdrawals from their retirement accounts and this can cost you a lot of money in both penalties and earnings. Millenials are most likely to take retirement money out, with boomers being the least likely. Debt is the number one reason for the withdrawals. People have high credit card debts and student […]

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Should You Defer Your Taxes Until Retirement?

Tim Kramer — Wed, 29 Jan 2020 13:00:07 +0000

Deferring your taxes is a good way to save on your taxes today, and can be done by contributing to a tax-deferred retirement plan such as a 401K but it isn’t necessarily the best option for high-income earners. Tax deferred today means taxes are paid at retirement. Those individuals who are planning for the same […]

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Year-End Financial Planning Ideas

Tim Kramer — Mon, 27 Jan 2020 13:00:05 +0000

You need examine your retirement contributions and make them! Consider rolling bonuses to your retirement. Convert Traditional Roths to Roth IRA’s. The advantage of this is you will be able to pay taxes now and let them grow at a tax free level. Do some tax planning with your advisor to take advantage of any […]

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Taxes in Retirement: How All 50 States Tax Retirees

Tim Kramer — Sat, 25 Jan 2020 13:00:05 +0000

Taxes are one of the main expenditures during retirement. Family, career and other factors are less as important and pressing as earlier in life, and a move may be beneficial to your wallet. Changing zip codes could save you thousands of dollars in tax dollars. Each state has a different tax scheme, and the amount […]

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10 IRS Audit Red Flags for Retirees

Tim Kramer — Thu, 23 Jan 2020 13:00:19 +0000

Although it is exceedingly rare for IRS audits to occur, there are several red flags that can trigger an IRS audit. Individuals with higher incomes are generally more likely to be a target for audits. As well, any discrepancies in an individual’s reported income can lead to an audit. This includes earnings from all sources: […]

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Health Plans for Early Retirees

Tim Kramer — Tue, 21 Jan 2020 13:00:03 +0000

Many retirees are wondering how they can maintain a healthcare plan up until their Medicare coverage kicks in. For most individuals who have recently retired, their COBRA benefits should cover them for up to 18 months after they officially retire. Unfortunately, you will still have to pay the full premium which can sometimes be difficult […]

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These advisors help their clients tackle this unknown looming cost

Tim Kramer — Sun, 19 Jan 2020 13:00:03 +0000

Retirement is something we all look forward to. With the excitement of starting this new chapter, retirees are facing an almost inevitable financial burden of long term care. Insurance premiums covering such care can be somewhat exorbitant. For this reason, advisors are providing alternative options to those preparing to retire. Medicare does not typically cover […]

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10 Least Tax-Friendly States for Retirees, 2019

Tim Kramer — Fri, 17 Jan 2020 13:00:05 +0000

Having a heavy tax burden can hurt your retirement savings. Different states each have different tax codes and would affect your retirement income differently. New York is an example of a poor state for retirees tax bill (and everyone else’s tax bill as well). Illinois also has an expensive tax code with extremely high property […]

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Best States for Low Taxes: 50 States Ranked for Taxes, 2019

Tim Kramer — Wed, 15 Jan 2020 13:00:04 +0000

The state you live in can greatly affect the amount of taxes you pay. Each state uses different state and local tax codes to fund the government. Each state is ranked. Alabama, for example, is a tax friendly state and Alaska is the most tax friendly state. In Alaska, there is no income tax, and […]

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What are IRA Required Min. Distributions?

Tim Kramer — Mon, 13 Jan 2020 13:00:10 +0000

Individual retirement accounts (IRAs) are one of the most common forms of retirement accounts, and they are responsible for one-third of assets claimed by retirees. You can start to withdraw distributions that are penalty-free at age 59.5. Once you reach 70.5 years of age, RMDs must be withdrawn from your IRA by Dec. 31 each […]

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5 Surprising Facts to Know About Retirement

Tim Kramer — Sat, 11 Jan 2020 13:00:03 +0000

It’s important when preparing for retirement to have a plan. Information is key to having a good retirement plan. You can want to vacation after retirement, but if you haven’t planned for the travel expenses, you won’t be prepared. Did you know that once you turn 65, you are entitled to a a larger tax […]

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Go Ahead, Reach for Yield

Tim Kramer — Thu, 09 Jan 2020 13:00:05 +0000

Various financial vehicles and instruments have a broad and varying return. Some investors may be cautious because of the signs pointing to a recession. They may be wary of the danger of a 2008-like collapse, and cut their risk, or even settle for cash. However, there are multiple options available with a very high return, […]

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Quit the Rat Race Now?! 10 Cities That Put Early Retirement in Reach

Tim Kramer — Tue, 07 Jan 2020 13:00:49 +0000

Though the premise has been around for decades, the FIRE, or Financial Independence, Retire Early, movement has gained traction with the Millennial generation. The idea is to live frugally, earn extra income through side hustles, and save a large percentage of that income to invest. One way to accelerate the path to financial independence is […]

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9 Essential Practices to Make College Pay Off

Tim Kramer — Sun, 05 Jan 2020 13:00:04 +0000

With a mountain of college debt burdening graduates there are many families questioning the value of a college education. Is the investment worth it? Statistics say, yes. Despite the cost, college graduates still go on to earn 84% more over their working lifetime than high school graduates. With this statistic in mind, it them becomes […]

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Here’s how a couple with two kids saved enough money to retire at age 40

Tim Kramer — Fri, 03 Jan 2020 13:00:05 +0000

Christina and Amon Browning have two school aged children, hail from high cost of living, San Francisco, and thanks to the FIRE Movement have retired at age 40 in Portugal. The FIRE movement is about maximizing savings, earning extra income, and investing for passive income. This couple saved $2 million in 8 years through a […]

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Ask Larry: Can My Wife Still Get Full Spousal After Early Social Security Retirement Benefits?

Tim Kramer — Wed, 01 Jan 2020 13:00:09 +0000

Within this article, there are a total of five questions based upon a set of three facts. Age, marital status and the possibility of the retrieval of retirement benefits. However that is only part of the picture in question. The bigger picture in regards to the article is how soon can I receive the benefits […]

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Are Your Taxes Are Set to Explode in Retirement? (Strategies to Help Defuse the Problem)

Tim Kramer — Tue, 31 Dec 2019 13:00:04 +0000

401(k) retirement plans come with considerable tax advantages in the present, but taxes have to be paid when the money is withdrawn. With a high national debt and aging baby boomers straining Social Security, it’s not unlikely that US taxes may rise in the future. So what can you do? If you move retirement money […]

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Avoid the Obstacles of Long-Term-Care Claims

Tim Kramer — Sun, 29 Dec 2019 13:00:50 +0000

Long-term-care insurance may be vital for your, but can be a difficult process, especially if you have to file a claim. Although, there are ways to avoid the hassle of filing a claim. One of those techniques is to review the policy with your adult children to ensure it meets all your needs. Next, you’ll […]

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Should You Relocate to Trim Taxes in Retirement?

Tim Kramer — Fri, 27 Dec 2019 13:00:16 +0000

As you plan for retirement, you may be asking yourself if it makes sense to relocate for tax purposes. While moving to a lower tax state can be financially beneficial, it’s not as easy as it sounds. You have to figure in travel expenses, especially if you plan trips back to your hometown to visit […]

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3 Vital Financial Planning Stages for Gen X & Gen Y

Tim Kramer — Wed, 25 Dec 2019 13:00:04 +0000

With financial planning, it’s best to start small; simple changes can have a big positive impact on your finances, your lifestyle, and your future. When you’re young, as Gen X and Gen Y are, it may feel like you’re overloaded with debt. Learning how to minimize what you owe toward your student loans – and […]

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4 Strategies to Cut Your Taxes in Retirement

Tim Kramer — Mon, 23 Dec 2019 13:00:04 +0000

Retirement is a stressful financial topic for many people, since most Americans are struggling to save enough to be able to retire comfortably. One way to reduce this stress and to have enough money in retirement is to take advantage of possible and potential tax cuts in retirement. One way to reduce your tax burden […]

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Be the CEO of Your Retirement

Tim Kramer — Sat, 21 Dec 2019 13:00:04 +0000

The habits and tendencies of CEOs can be used as models for building a better retirement, as these tips show. First, one should delineate clear performance goals, and meet them. Second, one should be healthily cynical and ask necessary questions. Third, one should be willing and ready to adapt and change in order to use […]

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7 Reasons to Use a Roth IRA for Early Retirement

Tim Kramer — Thu, 19 Dec 2019 13:00:31 +0000

If early retirement if the goal, a ROTH IRA is an attractive option. One reason to invest using a ROTH IRA is that there are no penalties for withdrawing funds early, a bonus if you plan on retiring early and want funds before you hit retirement age. Even better, starting at age 59.5, all distributions […]

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3 Great Reasons to Consider After-Tax Contributions to a 401(k)

Tim Kramer — Tue, 17 Dec 2019 13:00:04 +0000

A lesser-known way to save money regarding 401(k) plans takes the form of after-tax contributions, and there are three good reasons why one should consider them. The first reason is that such a fund can be used as a source of funds for unforeseeable circumstances and emergencies. The second reason is if one’s income is […]

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3 Great Reasons Why You Should Start Saving Early

Tim Kramer — Sun, 15 Dec 2019 13:00:04 +0000

Oftentimes, the best time to begin saving money and building up funds for later is usually as soon as possible, and there are three particularly good reasons to save early on in life. The first reason is because compound interest, over time, can and often is a great way to multiply one’s savings provided that […]

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How to get an extra $100K or more for your retirement

Tim Kramer — Fri, 13 Dec 2019 13:24:21 +0000

When it comes to drawing Social Security benefits, waiting makes a massive difference. If you wait to begin receiving benefits until the age of 70, it could mean hundreds of thousands more dollars than if you start drawing at 62. Nonetheless, few Americans avail themselves of this option. For couples, just having the higher earner […]

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Financial planning after a divorce — The Reich Report

Tim Kramer — Mon, 09 Dec 2019 13:00:05 +0000

Divorce is difficult not only emotionally but financially as well. There’s the question of assets and money and how to divide those things up, but there’s also the issue of life insurance and retirement money. The spouse in most states will receive the retirement benefits automatically. If you remarry and forget to change life insurance […]

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How to Keep More Money in Retirement: Diversification That Minimizes Taxation

Tim Kramer — Sat, 07 Dec 2019 13:00:42 +0000

The news has been consistently reporting the possibility of an economic slowdown, and this potential downfall should be causing a lot of investors to start diversifying their portfolios. You can start by organizing your investments into three different categories: those that are taxed now, later, and rarely or never. Dividing them into groups will help […]

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How to know if a pension lump sum is right for you when companies like GE offer one

Tim Kramer — Thu, 05 Dec 2019 13:00:04 +0000

In a terribly unstable and hostile political and economical climate, it is more important than ever to start weighing your options with it comes to pension, social security and other potential sources of income for retirement. In her new blog post, Sarah O’Brien tackles GE’s proposition of a lump sum pension payout, a few tips […]

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3 Retirement Tax Mistakes You Can’t Afford to Make

Tim Kramer — Tue, 03 Dec 2019 13:00:25 +0000

Many retirees are financially illiterate about their retirement funds. In order for retirees to have a happy and healthy retirement, there are three common mistakes they should avoid. The first common mistake is not knowing how taxes affect retirement income, especially from especially from social security, capital gains, and distributions from IRAs. Next, they fail […]

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Retiring Early? Ways to Help Avoid Early Withdrawal Penalties on Retirement Accounts

Tim Kramer — Sun, 01 Dec 2019 13:00:05 +0000

You can retire early using a 72(t) payment to take early withdrawals but it is tricky and you must be willing to follow the advice of a competent accountant so you do not end up with early withdrawal fees for taking money out of a tax-deferred account sooner than age 59 1/2. There are exceptions […]

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What to do if your employer changes the terms of your retirement plan

Tim Kramer — Fri, 29 Nov 2019 13:00:05 +0000

General Electric’s recent announcement that they are freezing worker pensions raises the question of what to do if your employer alters the terms of your retirement plan. One option GE is offering is to take a one-time lump sum payment. This is something that should be discussed with a financial advisor. If a lump-sum is […]

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Social Security Is Letting Millennials Down

Tim Kramer — Wed, 27 Nov 2019 13:00:04 +0000

Originally, Social Security was meant to help aging and disable Americans, but with advances in medical technology and life expectancy increasing drastically, the system of Social Security is in disarray. Millenials for example, who have Social Security taken out of their paychecks, may never get to see a dime of this upon retirement. As of […]

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Avoid These 3 Potential Pitfalls to Help Protect Your Retirement Income

Tim Kramer — Mon, 25 Nov 2019 13:00:10 +0000

As you approach retirement, you have less time to recover from investment mistakes. Thus, it becomes even more important to avoid common errors. Mistake #1 is paying too much in fees. For someone with hundreds of thousands of dollars invested, fees can easily exceed thousands of dollars a year. A second mistake is taking unneeded […]

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Do You Save for College or for Retirement? What Parents Need to Know

Tim Kramer — Sat, 23 Nov 2019 13:00:04 +0000

Parents face a challenging set of competing priorities when deciding whether to save for their children’s college or their own retirement. Many would feel guilty if they didn’t put their children first, but the reality is, retirement savings should be the priority. If parents don’t don’t take care of their futures, then they will become […]

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14 Expensive Places to Retire That Are Worth It

Tim Kramer — Thu, 21 Nov 2019 13:00:05 +0000

Most people choose to retire close to their family, and to a place that is relatively cost, but there are a few places across the United States that may be worth living that are a little on the pricier side. For those that enjoy mountainous terrain, Denver, Colorado and Reno, Nevada, are two perfect destinations. […]

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Income annuities provide retirees longevity protection

Tim Kramer — Sun, 17 Nov 2019 13:00:36 +0000

As an individual who was lucky enough to encounter the concept of an annuity early in her life, understanding what this product is, is essential. In his new blog post, Wade Pfau takes a deeper dive into the types of long-term financial returns annuities offer, how they account for a set amount of spending per […]

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IRA Aggregation Rule: When Many IRAs Become One

Tim Kramer — Fri, 15 Nov 2019 13:00:03 +0000

Even if one has multiple IRAs, the IRS will treat them all as a single IRA. This is known as the aggregation rule, and this rule can make a significant impact. Yearly minimum distributions must be taken from IRAs, and depending on the specific circumstances, it may or may not be possible to withdraw from […]

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Here’s the salary you need to earn to save 15% of your income and retire with $1 million

Tim Kramer — Wed, 13 Nov 2019 13:00:52 +0000

$1 million in retirement savings may be unnecessarily large for some people and not enough for others, but it is still a useful guide to help develop one’s specific retirement strategy. A salary savings ranging from 10% to 15% is a typical recommendation from financial planners, and the specific savings percentage for a given year […]

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Health Savings Account Limits for 2020

Tim Kramer — Mon, 11 Nov 2019 13:00:04 +0000

A health savings account, or HSA, can save people considerable amounts of tax money via tax deductions and tax exemptions, but one should note the shortcomings and adjustments that occur due to the offset caused by inflation. Failing to comply with a given year’s explicit limitations and restrictions, then tax savings are nullified for that […]

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Here Are 3 Unique Social Security Benefits – Do You Qualify?

Tim Kramer — Sat, 09 Nov 2019 13:00:22 +0000

The concept of social security that was created decades ago was to have a source of income after your body is unable to physically work. In his new blog post, Bud Boland summarizes three special benefits that can be utilized through the social security program. He explains how taking benefits early works with regards to […]

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Avoid These 3 Potential Pitfalls to Help Protect Your Retirement Income

Tim Kramer — Thu, 07 Nov 2019 13:00:04 +0000

In order to best enjoy one’s own retirement, one should focus on preventing financial errors as one grows older, because later errors tend to have greater negative impacts than earlier ones. Some things to keep in mind are to ensure that one is not overpaying in terms of fees, trying out investment behaviors that are […]

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Retirement: How to turn nest egg into income stream for years

Tim Kramer — Tue, 05 Nov 2019 13:00:03 +0000

Unlike an earlier point in one’s adult life, in later points it becomes increasingly important as to how to properly reap the rewards of your early investments and enjoy a reasonable retirement. In order to not take out too much money too fast, one needs to calculate their projected expenses and take into account the […]

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Understanding Interest Rates – and Why You Need to Care

Tim Kramer — Sun, 03 Nov 2019 13:00:03 +0000

Interest rates have a significant influence on household finances. When rates increase, borrowers suffer and savers benefit. The Fed then began raising rates in recent years, only to turn around and cut rates twice in 2019 out of fears of a global recession. These fears persist, leading one to expect a flat or downward trend […]

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Avoid Going Broke In Retirement — Don’t Make These Mistakes

Tim Kramer — Fri, 01 Nov 2019 13:00:09 +0000

When going into retirement, some are financially irresponsible. There are a few ways to avoid going broke after stopping work. The first piece of advice is not to retire too early because you’ll want a high pension. Second, starting social security too early is another mistake. Third, never make the assumption that you can work […]

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Stop Fighting, Start Planning: How to Build a Retirement That Satisfies Both Spouses

Tim Kramer — Thu, 31 Oct 2019 13:00:05 +0000

Financial planning for retirement can be difficult to understand, but it’s even more difficult for couples who aren’t on the same page. It’s important for each spouse to compromise, and agree upon their financial future, but first, they must understand the basics of retirement planning. After they are each educated on the subject, both must […]

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Americans Sacrifice $3.4 Trillion by Claiming Social Security Too Soon

Tim Kramer — Tue, 29 Oct 2019 13:00:08 +0000

Social Security can be claimed any time between ages 62 and 70, yet there are benefits to waiting to claim it. People who do not claim Social Security until age 70 receive 24% higher benefits than those who claimed at their full retirement age (66 or 67), and 76% higher benefits than those who claimed […]

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How this 26-year-old Amazon employee saved $120000 in less than 4 years

Tim Kramer — Sun, 27 Oct 2019 13:00:18 +0000

Shanil Issa created a strategy after graduating from college that allowed him to save over $100,000 and become debt-free in 4 years. His first strategy was to truly evaluate needs vs. wants so that he wasn’t spending money on anything unnecessary. Another way to evaluate spending is to calculate the number of hours you would […]

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The Case For The Self-Directed IRA

Tim Kramer — Wed, 23 Oct 2019 13:00:03 +0000

Since 1974 the United States has used the IRA to save for retirement. IRA’s are tax deductible and grow tax-free, which make them a vehicle for savings that is very appealing. IRA’s are pretty much all self-directed but you will not see that on the IRS’s website. A self-directed IRA provides you with diversification benefits […]

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