Posted on March 22, 2011 by budwal
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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Posted on December 2, 2010 by budwal
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.
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Posted on December 1, 2010 by budwal
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.
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Posted on November 24, 2010 by budwal
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
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Posted on November 10, 2010 by budwal
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.
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Posted on October 29, 2010 by budwal
Posted on October 29, 2010 by budwal
Posted on October 28, 2010 by budwal
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.
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Posted on October 28, 2010 by budwal
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.
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Posted on October 26, 2010 by budwal
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
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