Retirees face several unique challenges when managing their income, particularly when it comes to taxes. From understanding how taxes relate to Social Security and Medicare to determining when to tap taxable and tax-advantaged accounts, individuals must juggle a complicated mix of factors. Putting together a retirement-income strategy that strives to manage taxes is a complex task indeed. Investors may want to seek the help of a qualified tax or financial professional before making any final decisions
Read about the valuable opportunity for those age 50 and over who are still working to super-charge their retirement savings and manage their income tax liability. Catch-up contributions offer the chance to invest additional amounts over and above the standard annual limits in IRAs and workplace retirement plans. Discuss the tax benefits associated with traditional IRAs and Roth accounts, as well as the potential penalties for distributions prior to age 59 1/2.
On October 13th, the Social Security Administration announced a 5.9% COLA. A 5.9% COLA will increase the average Social Security payment for a retired worker by roughly $92 a month, making the average monthly benefit worth $1,657.
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