Retirement Planning

The Disappointing Status of Social Security

December 22, 2010

As part of the recent tax deal, President Obama has proposed a 2% reduction of the payroll tax paid by workers to support Social Security. While that would mean savings for working families, a worker making $50,000 in wages would bring home an extra $1,000, it would also mean smaller revenue for the Social Security [...]

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401(k) and IRA Contribution Limits for 2011

October 31, 2010

The IRS recently released retirement savings contribution limits for 2011. These caps cover 401(k), 403(b), 457(b), and traditional IRA retirement accounts. For the most part, the limits are unchanged from 2010, although there are some small inflation adjustments with respect to qualifying income limitations. So here are the 2011 401k and IRA contribution limits: Elective [...]

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Social Security Benefits Flatlined Until 2012

October 21, 2010

Social security, first passed in 1935 as part of Franklin Delano Roosevelt’s New Deal, encompasses a host of social insurance programs, including well-known federal benefits such as temporary assistance for needy families, unemployment insurance, Medicare, Medicaid, and the State Children’s Health Insurance Program. In common parlance, however, Social Security is usually used to refer to [...]

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How Much Dough Does A Roller Need to Retire?

August 12, 2010

A simple question, with such a complicated answer. Just how much money do you need to retire?  The short answer is that you should certainly have enough in savings to bridge the gap between your retirement income and expenditures. Trouble is, that it can get complicated pretty quickly. First, you’ll need to figure out an [...]

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What is a Social Security Statement

July 22, 2010

I just received my Social Security Statement in the mail and thought it would be a good time to cover this important document. Mailed once a year to workers and former workers 25 and older, a Social Security Statement provides information that can help you plan for retirement. It also provides information about disability and [...]

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How to Uncover the Secret Fees of Your 401(k)

February 4, 2010

Do you know how much your 401(k) is costing you? Chances are the answer is no. Because a 401(k) does not send out a monthly or quarterly bill, it’s easy to forget about the fact that these retirement accounts can cost plenty. Most employers absorb some of these costs, but many of them are passed [...]

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2010 IRA Contribution and Deduction Limits

February 2, 2010

The IRS recently released the 2010 IRA contribution and deduction limits. IRAs (Independent Retirement Accounts) are a great way to save for retirement, even if you already have a 401k at work.  Figuring out how much you can contribute and whether your contributions are deductible can be a bit daunting at times. In fact, to [...]

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SEP IRA Contribution Limits (2010 & 2011)

October 22, 2009

I recently met with my tax accountant to discuss, among other things, setting up an SEP IRA. An SEP IRA is a retirement account designed for self employed individuals and owners of small businesses. An SEP IRA works similar to a traditional IRA or 401(k). Contributions are generally 100% tax deductible and investments grow tax [...]

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401k Layoff Trap

June 29, 2009

I was surpirsed at the “Borrow from your 401k” suggestion. While it’s true that it’s better than cashing out, so many people are being laid off unexpectedly. When this happens, it must all be paid back or considered a cash-out, which comes at a time when people are least able to repay because they just [...]

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