How Taxes Can Impact Retirement Savings Accounts

How To Factor Taxes Into Your Retirement Planning 

Retirement planning is not just about saving money — it’s about surviving on the money you saved and may receive in retirement, such as Social Security benefits. Tax considerations are easy to overlook when establishing a retirement plan, and various forms of retirement income are taxed differently.

The 2024 tax season is approaching, so be prepared for any changes that could affect your return. As credits, deductions, and tax laws change frequently, it pays to plan ahead to get all the tax breaks you deserve and take advantage of deductions and credits you qualify to receive.

Each year when tax season rolls around, it comes with the burden of figuring out how to file your taxes correctly. The good news is that there are several ways to prepare and file your taxes, depending on your needs and the complexity of your taxes.

When it comes to planning for retirement, there are a myriad of strategies and options available. One often overlooked method is making after-tax contributions into retirement savings vehicles. This approach to investing after-tax dollars may significantly increase one's retirement savings and help reduce taxes in retirement.

The end of the year is not just a season for celebration and reflection but also a perfect time to ensure that our finances are in order. This includes crucial aspects such as wrapping up all financial contributions before the year-end for retirement savings plans such as Keogh, Solo 401(k), and 401(k) and making strategic decisions about selling stock to realize gains or losses.

When inflation is high, holiday traditions like decorations, family gatherings, and gift-giving may feel like burdens. Rising prices may leave you wondering how to maintain your spirit without breaking the bank. Learn how inflation affects seasonal spending and some tips to keep your celebrations merry and bright.

Year-end charitable giving is often associated with the spirit of doing good during the holiday season. It gives the donor a feeling of satisfaction and, in some cases, a substantial tax write-off. However, one question that often comes regarding charitable donations is: should you spread out your donations throughout the year or give a donation all at once?

Black Friday and Cyber Monday are great times to find amazing deals, but they’re also a prime time for scammers. While you’re hunting for bargains, stay alert to avoid getting caught in a scam. Here are some common tricks to watch out for so you shop safely.

Your credit and Social Security number are two of the most important pieces of personal information that you have when it comes to safeguarding your finances and even your identity. Having compromised credit significantly limits your options for everything from buying a car or home to being approved for a loan, and even getting certain jobs.