Taxing Problem: Working and Collecting Social Security

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

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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The Million-Dollar Retirement Plan

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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Avoid the Social Security Tax Trap

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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Top 6 Ways to Increase Your Tax Refund Now

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

 

 

Berkshire Hathaway names Combs investment manager

OMAHA, Neb. (AP) — Billionaire Warren Buffett renewed speculation about his successor Monday by hiring a new investment manager to handle “a significant portion” of Berkshire Hathaway Inc.’s investment portfolio

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7 Lessons the World Cup Offers on the Stock Market

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