Want to borrow money from your retirement plan? Not so fast. Retirement plan loans can be a viable way to get money in a crunch, but you need to follow the rules about repaying them. If you don’t, it could lead to unfavorable tax consequences, as two taxpayers recently learned the hard way in U.S.
Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $18,960 in 2021 (up from $18,240 in 2020), you lost $1 in Social Security benefits. In the year you reach full retirement age, a higher earnings threshold applies. Your benefits will be reduced by $1 for
If you’re nearing retirement, you’ve likely paid into the Social Security system your entire career. It’s only fitting that you finally cash in on the Social Security benefits that are rightfully yours.
To have a health saving account (HSA), you generally must be covered by a high-deductible health plan (HDHP) at work. HDHPs have become popular in recent years as employers have struggled to keep health benefit costs down.
Compounding of earnings and starting to save early have a tremendously positive effect on how much you accumulate for retirement. But to make the most of compounding, you also need to be smart about taxes.
