After funneling money into pretax retirement accounts, retirees will eventually face mandatory withdrawals in retirement known as required minimum distributions, or RMDs. While RMDs can trigger higher taxes, they can also offer an opportunity to optimize your investment portfolio, according to experts. Certified financial planner Matthew Saneholtz, chief investment officer and senior wealth advisor at
Personal
Former President Donald Trump has made it clear that he intends to preserve the individual and business tax cuts that were enacted via the Tax Cuts and Jobs Act (TCJA). His campaign team stated that he plans to continue with these tax cuts and has even promised “big tax cuts for families and small businesses.”
The federal minimum wage has remained at $7.25 per hour for the past 15 years, causing many workers to struggle to make ends meet. While some states have enacted higher minimum hourly pay rates, there are still 20 states where the minimum wage is no higher than the federal level. This stagnation has led to
Vice President Kamala Harris recently unveiled an economic plan that includes an expanded child tax credit worth up to $6,000 in total tax relief for families with newborn children. This proposal aims to restore the higher child tax credit that was enacted through the American Rescue Plan in 2021, providing significant financial support to families
As investors approach retirement, it is crucial for them to be aware of the potential threat known as “sequence of returns risk.” This risk, also referred to as “sequence risk,” is a significant issue caused by poor investment returns combined with withdrawals, especially in the early years of retirement. This unfortunate combination can lead to
President Donald Trump recently proposed a bold idea for Social Security – ending taxes on benefit income. This proposal aims to ensure that seniors do not pay taxes on their Social Security benefits, allowing them to keep more of their monthly checks. While this may sound appealing at first, the plan has faced criticism for
In the midst of economic uncertainty, it is crucial for investors to have a solid emergency savings fund set aside. Despite conflicting opinions on the state of the economy, experts agree that having a financial safety net is essential to weathering any storm that may come your way. With the recent stock market volatility and
Former President Donald Trump and Vice President Kamala Harris have both expressed their desire to end taxes on tips, a move that has sparked a debate among policy experts. Harris recently voiced her support for tax-free tips at a rally in Las Vegas, echoing Trump’s similar sentiments at a previous event. Given that Nevada relies
The Social Security Administration is currently facing a significant backlog of open cases, leading to an estimated $1.1 billion in improper payments to beneficiaries. This issue has been identified in a recent report from the Social Security Administration’s Office of the Inspector General. The backlog of pending actions has reached a record high of 5.2
The recent resurgence of concerns about a potential U.S. recession has reignited debates surrounding the efficiency and effectiveness of unemployment insurance programs. Experts are warning that the existing system is ill-prepared to handle another economic downturn, citing various inadequacies that were exposed during the Covid-19 pandemic. This critical analysis delves into the shortcomings of the