Did mom file her tax return this year? Ask her if she wants some help with her tax return.
Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
At 59½ you can finally get at those dollars you have been stashing away for years in your retirement plans without paying a 10% penalty.
Age 55 seems to be a magical number. It’s the elusive goal for retiring early!
Congress increased the amount workers could contribute to their retirement plans but then realized that older workers closer to retirement were in rough shape.
Let’s start with the employer plans, 60% of employers offer some sort of retirement plan, but only about 50% of employees take advantage of the plans offered.
According to the Employee Benefit Research Institute’s latest study on borrowing, more than 20% of participants have outstanding loans from their retirement plans.
Mid-year is a good time to take stock of your retirement accounts.
There is tax planning for the recent graduate or their parents who want to give them advice.
At 60, retirement is so close you can actually taste it, but you haven’t saved enough and you know unless you win the lottery there will never be a million dollars in your bank account, so what can you do?