Retirement

Projected Depletion of the Social Security Trust Fund

The Social Security Board of Trustees released its annual report.  In this report, the Board projects that the reserves in the ‘Old-Age and Survivors Insurance and Disability Insurance Trust Funds (commonly called Social Security) will be depleted by 2034 if steps are not taken to strengthen the Social Security Program.  The report also predicts that […]

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Social Security Benefits to Increase

Due to the 2018 Cost of Living Adjustment (COLA), Social Security benefit recipients will see a 2% increase in their Social Security benefits in 2018. Other changes for 2018 are based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax will increase […]

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Long Term Care Premiums

Thinking of getting a Long Term Care policy? There is a limit to the amount that can be deducted on your tax return. For Federal return purposes the limit is based on age and ranges from $410 to $5,110 per person for 2017. This amount gets added to the rest of your Qualified Medical Costs […]

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2018 Inflation Adjusted Amounts

Here are the updated amounts for some Hot Items for 2018 Health Savings Accounts Contributions For those with an Individual High Deductible Health Plan : $3,450 For those with a Family High Deductible Health Plan: $6,900 Extra $1,000 for those age 55 and older IRA Contribution Limits $5,500 plus $1,000 if over 50  

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Updated amounts for retirement for 2017

Here are the 2017 allowable amounts for some popular retirement savings accounts: Employer Plan Deferral Limits (401ks, 403(b) and most government plans): No change. $18,000 and a $6,000 catch-up for those 50 and older. IRAs (both Traditional and Roth):  $5,500 with a $1,000 catch-up.   This has been the same for 5 years. Allowable contributions […]

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Year-End Tax Tips

Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]

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Planning to work after you start receiving Social Security?

You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits.   If you are under full retirement age for the entire year, […]

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City tax considerations!

Starting in 2016 the tax code regarding cities had quite an overhaul.   City taxes can be challenging!  Did you know that Ohio is one of few states where cities impose an income tax?   Well, it’s true. RITA (Regional Income Tax Agency) and CCA (Central Collection Agency) are two organizations that handle the city tax filings […]

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Free money with Employer Pension Plans

There are a lot of good reasons to participate in an Employer Sponsored Pension Plan! Examples include: 401K, SIMPLEs and 403Bs. Many times your employer will make a matching contribution of up to a certain percent that you have contributed.  That’s like getting a raise!!!! The typical match is your employer putting in 3% if […]

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Social Security Wage Base & Earnings Limits

WAGE BASE: same in 2016 as in 2015 The maximum wage an employee will pay social security on for 2016 is $118,500.  The rate is 6.2% on up to that amount. There is no limit on the amount of wages for the 1.45% of Medicare tax withheld. If you end up paying on more that […]

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