Filing for Social Security and starting to receive your benefits can be a stressful decision for people to make. One of the rules that taxpayers need to be aware of when choosing to decide when to file for their benefit is the Earnings Test. This article will discuss the Earnings Test and provide some examples to help illustrate how the rule works and give you an idea of whether it will impact you or not.
Changes are coming to the Thrift Savings Plan and that is a good thing! Whenever I talk to someone with a TSP account, they are usually pretty positive with the exception of one area, withdrawals. The TSP is behind most other defined contribution plans with regards to flexibility in withdrawal options. Luckily the Thrift Savings Board recognized this and forwarded some proposed changes to Congress and in 2017 the TSP Modernization A
Financial planners and the services they offer continue to evolve. In the current financial planning environment, there are three main ways a financial advisor gets paid. They can be paid a commission on a product they sell; they can be paid a fee based on a percentage of the assets they are managing for you (referred to as Assets Under Management or AUM); or they can charge a fee for comprehensive financial planning. This last fee can be
Your Thrift Savings Plan account is an important part of your retirement income plan. As with most retirement accounts, a lot of the responsibility for success will be on you and how much time, energy, and of course money that you put in to making it successful. This article will provide some suggestions on what you can do on a yearly basis to put yourself in the best position to succeed.
There are no shortage of people calling themselves financial planners or financial advisors, so as a consumer it can be tough to decide which one is right for you. In this article, I will talk about the different kinds of planners that are out there, why I chose to be a fiduciary, and finally what I as a financial planner can do for you.
As we move towards the end of the year, you should have a good idea of what your income for the year should be. For those who have contributed to an IRA or a Roth IRA throughout the year, you will want to make sure that your final income does not make those contributions ineligible. For the 2018 income phaseout limits for both traditional and Roth IRAs and the rules around them, please take a look at a
A key provision of the 2017 Tax Cuts and Jobs Act (TCJA), Section 199A, commonly referred to as the Qualified Business Income (QBI) deduction, allows non-C Corp business owners the opportunity to deduct a percentage of their net business income to lower their overall taxable income. This deduction, when combined with the lower tax brackets put in place by the TCJA could make this the right time for you to do a Roth conversion.