November 9th, 2015 by Kim Chen
With the initial pilot phase of the program concluded, the Treasury has announced that myRAs (my Retirement Accounts) are now available nationwide. A myRA is a Roth IRA with Roth IRA annual contribution limits ($5,500 for 2015, $6,500 if age 50 by 12/31/15) and income eligibility limits [i.e., available to those with annual taxable income […]
November 6th, 2015 by Kim Chen
The Bipartisan Budget Act of 2015 (the Act) also eliminates the restricted application method (sometimes called the claim some now, claim more later method ) for claiming Social Security benefits by married couples. Under this strategy, a spouse reaching full retirement age who is eligible for both a spousal benefit (based on his or her […]
November 6th, 2015 by Kim Chen
The Bipartisan Budget Act of 2015 (H.R. 1314—the Act), signed by President Obama on 11/2/15, eliminates the file and suspend method, a popular strategy used by married couples to maximize their lifetime Social Security benefits. Under this approach, a higher earning spouse claims benefits at his full retirement age (currently age 66) but suspends the […]
November 3rd, 2015 by Kim Chen
The Social Security Administration (SSA) recently announced some important news. Rumors about a benefits freeze had surfaced in the summer. Finally, on October 15, the SSA formally announced that the consumer price index it uses to gauge inflation wasn’t high enough to trigger cost-of-living adjustments (COLAs) for the upcoming year. Although the announcement is generally […]
February 10th, 2015 by Kim Chen
Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $15,720 in 2015, you lose $1 in Social Security benefits (up from $15,480 in 2014). In the year you reach full retirement age, a higher earnings threshold applies. Your benefits will be reduced by $1 […]
November 17th, 2014 by Kim Chen
As the name implies, the “Roth 401(k)” is a hybrid retirement plan that an employer can provide to its employees. This type of plan combines several elements of traditional 401(k) plans with Roth IRA features in designated accounts. Now, the IRS has issued new guidance on rolling over funds from a traditional 401(k) account to […]
May 13th, 2014 by Kim Chen
Written by Terri DiSciullo We realize that we are all faced with complex decisions regarding our tax liabilities, healthcare costs, changing tax laws, and retirement issues. At Rogers Wood Hill Starman & Gustason, we are committed to excellence, integrity and your success, and we hope to work with you to help you navigate these important […]
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