When you reach age 70½, the Internal Revenue Service instructs you to start making withdrawals from your traditional IRA(s). These withdrawals are called Required Minimum Distributions (RMDs). You will make them, annually, from now on. If you fail to take your annual RMD or take out less than the …
Retirement
Does Your Vision of Retirement Align with the Facts?
Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states levy taxes on some …
The 2020 Social Security Increase and What it Means for Beneficiaries
More than 67 million Americans will have another reason to celebrate heading into the holiday season. The Social Security Administration has announced that beneficiaries of the program will enjoy a raise of 1.6% starting in 2020. Estimated Average Monthly Social Security Benefits Payable in January …
