by Leif Jensen | Jan 15, 2025 | Retirement |
The average retirement age in the United States has been rising in recent years. While some people are able to retire relatively early, even in their 40s, others work well into their 70s and 80s. Currently, the average retirement age is 65 for men and 63 for women....
by Leif Jensen | Dec 4, 2024 | Retirement |
I am getting more and more questions on the taxation of Social Security. One taxpayer who waited till 70 to collect has been hit with a huge tax bill because of the taxable amount of Social Security. The federal taxation of Social Security benefits can be complex....
by Leif Jensen | Nov 20, 2024 | Retirement |
Retirement seems to be a topic on many people’s minds lately. I have a doctor who is retiring next year, and several clients have asked me about the tax implications of their own upcoming retirements. I’ve even been asked about my own retirement plans,...
by Leif Jensen | Feb 5, 2024 | Retirement |
There is a trick available to those who are not eligible to make a Roth contribution for whatever reason. I strongly recommend that you use a financial advisor to assist with this trick. It starts by making a contribution that is nondeductible to your IRA, you can see...
by Leif Jensen | Oct 18, 2023 | Retirement |
Each year when talking about tax planning for the next year, I get a lot of frustration from some clients, they are reaching 72 and they don’t need or want to start taking their RMD’s. Well, I finally have some good news for them, granted it’s not great news but good...
by Leif Jensen | Oct 16, 2023 | Retirement |
Finally, some changes are coming to SIMPLE IRAs, starting in 2024. This change is thanks to SECURE 2.0. The dollar limits on annual employee contributions and catch-ups to SIMPLE IRAs will rise 10% for employers with 25 or fewer workers. A firm with 26 to 100...
