Raj's Blog

Taxing Problem: Working and Collecting Social Security

budwal — Tue, 22 Mar 2011 16:28:30 +0000

Taxing Problem: Working and Collecting Social Security

When it comes to retirement, the average American age 65 and older generates nearly two-thirds of their total income from a combination of earned income and Social Security, with the rest coming from pensions and personal assets

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2011 vs 2010 401k, 403b Contribution and Catch-up Retirement Plan Limits

budwal — Thu, 02 Dec 2010 19:30:42 +0000

Updated Nov 2011] The IRS has now released the official 2011 401k, 403b and other retirement plan contribution limits. These have been updated based on 2010 cost of living adjustment (COLA) figures. With COLA remaining unchanged again this year, retirement plan limits have also remained unchanged for the third year in a row. This is good news for many who had feared that the limits would be reduced. Each year in October these limits are adjusted according to a formula based on the inflation rate (linked to COLA) in the third quarter vs. the previous year’s quarter.

What this means for your 401k, 403b and other retirement plans: The maximum amount an employee can contribute to a 401k in 2011 will remain at $16,500 and for individuals over the age of 50, their catch-up contribution will also remain unchanged at $5,500 (see table). The Federal government’s Thrift Savings Plan and other retirement-savings plans – like 403(b) and 457(b) plans – are subject to the same limits.

The Million-Dollar Retirement Plan

budwal — Wed, 01 Dec 2010 18:49:28 +0000

Achieving millionaire status is a noteworthy financial goal. But saving $1 million doesn’t necessarily mean you are ready to retire or that you will be able to afford a lavish retirement lifestyle. Here’s what it takes to save that amount over a working career and how much income you can expect a $1 million nest egg to provide in retirement.

Avoid the Social Security Tax Trap

budwal — Wed, 24 Nov 2010 21:20:39 +0000

In the good old days Social Security was tax free. But times have changed, and now many taxpayers can expect to see at least a portion of their Social Security income make its way onto the taxable income line of their 1040s

Policy Valuation: The Key to a Thriving Secondary Market Business

budwal — Wed, 10 Nov 2010 17:27:20 +0000

The secondary market for life insurance was responsible for transferring more than $12 billion in face value in 2008 according to industry estimates. Every one of these transactions began with a simple policy valuation recommended by a proactive advisor.

Happy Halloween everybody

budwal — Fri, 29 Oct 2010 16:09:00 +0000

Happy Halloween everybody

Best Cities to Move to in America

budwal — Fri, 29 Oct 2010 01:55:33 +0000

As Foreclosures Keep Coming, Renters Are Threatened Once Again

budwal — Thu, 28 Oct 2010 18:44:13 +0000

But Lukes notes that, legally, the renter is obligated to pay their landlord, ” even through this whole, awful awful process. “We get that question a lot,” he says.

Sell Or Refinance in 2011?

budwal — Thu, 28 Oct 2010 18:41:51 +0000

Still, selling is much more risky and difficult than refinancing. You’ll have to weigh the pros and cons for yourself. The bottom line? Find out what type of refinance loan you qualify for. Find out what your home would sell for. Then check out the local real estate marketplace and see if you can save more by moving to a new place or refinancing.

Top 6 Ways to Increase Your Tax Refund Now

budwal — Tue, 26 Oct 2010 16:25:01 +0000

For many Americans, an income tax refund is a windfall — a chunk of money that can be used for many different purposes.

Charitable Donations, Retirement Plan Contributions, Education Expenses, Organization, Miscellaneous Deductions, Capital Losses.Read More The Bottom Line