Financial Planning

About one year ago I wrote “The only thing permanent in Congress is increased complexity and taxes. The taxes are part and parcel to much of the complexity in government. Over the last three years we have had two major tax law changes with
Earlier this year, the IRS issued guidance concerning how the once a year limit applies to rollovers between IRAs; this reflected a decision by the U.S. Tax Court in the January 2014, Bobrow vs. the IRS
As most people are aware, Social Security retirement benefits make up a significant amount of retirement income. Current projections are that 90% of individuals 65 and older receive Social Security benefits that make up 38% of their
The year is 1990 and you have been an investor in Fidelity’s Magellan mutual fund off and on for 13 years. Looking at the mutual fund performance over that time is astonishing; the fund produced 29% average annual return! But to your dismay, you actually lost money over that time!
Barack Obama announced the new MyRA retirement savings vehicle during his State of the Union address that was put into action the very next day. Here’s a preliminary look at these new accounts, what the rules are, and how they will work.
At the beginning of 2008, I wrote this piece and was surprised at the positive responses that I received from clients. As usual, I have added a few new items for 2014 but have kept the fundamental framework the same because the basics really never change. So here we go again, back by popular demand!
The only thing permanent in Congress is increased complexity and taxes. The taxes are part and parcel to much of the complexity in government. Over the last three years we have had two major tax law changes with implementation of both permanent and temporary measures.
As we head into the final stretch of 2013, there are several retirement planning opportunities and deadlines to consider before year-end.
Every fall, the Social Security Administration (SSA) and the Centers for Medicare & Medicaid Services (CMS) announce limits and costs for the following year. This year the SSA has announced that beneficiaries will receive a 1.5% COLA adjustment
Flexible spending accounts are funded by employee salary reduction contributions. These contributions are tax-exempt for federal, state, FICA, FUTA, and typically state unemployment tax and workers’ compensation. Funds inside the FSA plans can be utilized to pay for certain qualified medical related expenses.

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