2017 Social Security Benefits Update

2017 Social Security Benefits Update

– Better than nothing, but just barely… Regardless of whom our next President is, for 2017, Social Security recipients will be getting a .3% increase in their monthly checks.  (That is less than one-third of one percent, not three percent.) Individuals receiving SSI benefits will receive $735/month up from $733 in 2016.  The amount of earnings an individual can make before reaching substantial gainful activity is being increased from $1,130/month to $1,170/month.  The earnings levels are slightly higher for the blind. While benefits will be rising by the smallest of margins, the amount of income subject to Social Security taxation is rising from $118,500 in 2016 to $127,200 in 2017 ...

How Can I Minimize the Taxes  on My IRA Account?

How Can I Minimize the Taxes on My IRA Account?

 IRAs and qualified retirement plans like 401(k)s, 403(b)s, and 457(b)s are among the most tax-inefficient assets to leave your heirs.  Distributions from IRAs and qualified retirement accounts are taxed as ordinary income and can be taxed up to the highest marginal income tax rates.  For wealthy taxpayers, their IRA balances may be subject to the estate tax at 40%.  At their death, if the beneficiaries they have named are subject to the highest (39.6%) income tax bracket, the amount received by the next generation from the inherited IRA account may be only thirty-six cents on the dollar.  Fortunately, there is a strategy available that will help ta ...