taxes

New rules for Required Minimum Distributions (RMDs) – Changes affecting retirees in the second half of 2024

by
Joe Biden

Saving for retirement through an IRA or 401(k) allows you to build a solid financial future while deferring taxes on your contributions. However, once you reach a certain age, the government mandates that you begin withdrawing funds from these accounts through Required Minimum Distributions (RMDs). These withdrawals are subject to ordinary income taxes, and failing … Read more

Social Security – States Where You Might Lose Part of Your Benefits

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Social Security is a cornerstone of retirement planning for most Americans. According to the Center on Budget and Policy Priorities, nearly 40% of Americans aged 65 and older would fall below the federal poverty line without this benefit. Knowing the tax implications of Social Security in various states is crucial for effective financial planning. This … Read more

Social Security Benefits Discontinued in These States – Full List of Retirees at Risk

by
Joe Biden

Many Americans rely heavily on Social Security benefits for their retirement plans, with the Social Security Administration reporting that at least 50% of household income for those 65 and older comes from government programs. Thus, losing a portion of that monthly benefit check could seriously jeopardize many people’s retirement plans. If you currently qualify for … Read more