Interesting Strategy

Are Gifts to Children Tax-Deductible? Introducing CLATs

I am often asked if someone can take an income tax deduction for money they gift to their children. Unfor­tu­nately, gifts to individuals are not tax deductible: tax deduc­tions can only be taken for gifts to organi­za­tions on the IRS list of approved charities.

Surprise, Surprise…

Social Security won’t be able to pay full benefits by 2034

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program’s long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

Help! I need to take an RMD! RMD’s Pt2

Required Minimum Distribution Calculator

IMPORTANT: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act of 2020 contains provisions providing a temporary waiver of RMDs for IRAs, 401(k)s and other employee-sponsored retirements plans for 2020.

Help! When do I take RMD’s?

Retirement Plans FAQs regarding Required Minimum Distributions | Internal Revenue Service

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020.

How Returning to Work Impacts Social Security Benefits

How Returning to Work Impacts Social Security Benefits

If you return to work before reaching your FRA, $1 in benefits will be withheld for every $2 you earn above the annual limit ($18,240 for 2020). For example, if you retire early and go back to work before your full retirement age and earn a salary of $30,000, you’ll be $11,760 over the annual limit.

Allianz Social Security and Medicare Guide

Gier-ALZ-Medicare-SSec-Guide-2020

If people could see the fears I have witnessed in those left behind over nearly 3 decades…

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