IRA

How will 2024 Midterm Elections affect Retirement?

The midterm elections of 2022 were among the most controversial in recent memory, with voters weighing in on crucial economic topics like inflation and taxes. While rising prices catch the attention of many voters, the upcoming Election could result in significant changes for retirees and those nearing retirement, given that the Republicans have pledged to cut Social Security and Medicare.

And would Democrats, as they did in 2021, attempt to amend Roth IRA restrictions and estate taxes? These two main concerns and others could appear on the forthcoming legislative agenda when the new term begins, mainly if there is a shift in the congressional power structure.

Here is what individuals planning for retirement must focus on and how they can better secure their future.

How To Lower Taxes, Helpful Tips That Can Save You Money

The choices you make now and at the end of the year can significantly affect the taxes you have to pay next April. This is especially true for those who save for retirement, itemize deductions, or have investments outside of a retirement plan.

You Need To Know That Your RMD Might Be Changing In 2023

For seniors or those nearing retirement concerned about mandated retirement account distributions, this entails familiarizing oneself with the six potential RMD amendments contained in the two bills. Check them out now, so you’re not taken off guard in 2022 if RMD reform is enacted. Both measures would make substantial modifications to RMDs.

Is Your Portfolio a Retirement Tax Bomb?

A word of caution to high earners and supersavers: Your gigantic 401(k) or conventional IRA, which you worked so hard to accumulate, might become a significant problem in retirement, resulting in enormous tax payments and Medicare surcharges.

Baby Steps For A Secure Financial Future

We all want a worry-free retirement so that we may fully appreciate our senior years. The journey, however, requires much preparation, and the earlier you get going, the better.

The Google Effect – Why you need to be Aware

Of course, financial literacy has been alarmingly low for years, so this need is not new. Nonetheless, our collective financial literacy looks to be attacked by a new and very modern threat: the internet. The internet is causing you to be a poor investor.

Social Security and Your Expenses

Your Social Security benefits may not cover as many of your expenditures as you believe. Many Americans are eager to receive Social Security benefits so they will no longer have to rely on work to supplement their income. However, if you expect government retirement benefits to support a secure future, you will certainly be disappointed. While Social Security will be a significant source of retirement income, it will not be adequate. You must clearly understand …

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How the Great Resignation Changed Retirement

While it was a good year for launching businesses, it was a lousy year for hiring. By 2021, more than 47 million Americans will have left their jobs willingly, according to the Bureau of Labor Statistics. This reflects an unequaled workforce mass exodus prompted by the pandemic, known as the Great Resignation.

Why Traditional Investing Still Works

Today, it appears that fewer individuals prefer to discuss managing investing portfolios. In truth, for many people, “investing” means choosing which mutual funds to buy.