The SECURE Act

Posted by Creekmur Wealth Advisors on 4:31 PM on May 7, 2020

The SECURE Act - What you actually need to know. . .

This act intends to improve retirement security for Americans, with many new provisions for those saving for retirement. Of course, SECURE is actually an acronym: Setting Every Community Up for Retirement Enhancement. This act will affect most Americans eventually, and it is important that you understand its implications for your retirement. Here are four things you should know about the SECURE Act:

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Topics: Financial Planning, Tax Benefits, Taxes in Retirment

A Retirement Fact Sheet

Posted by Creekmur Staff on 11:45 AM on January 30, 2020

Some specifics about the "second act."

Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. 

Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states currently levy taxes on some or all Social Security retirement benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. (West Virginia, incidentally, is phasing out such taxation.)1

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Topics: Wealth Management, Financial Planning, IRA, Retirement, Saving, Social Security, Tax on Social Security Income, Taxes in Retirment

Traditional vs. Roth IRAs

Posted by Creekmur Staff on 8:15 AM on March 5, 2019

 

Perhaps both traditional and Roth IRAs can play a part in your retirement plans.

 

IRAs can be an important tool in your retirement savings belt, and whichever you choose to open could have a significant impact on how those accounts might grow.

 

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Topics: Investments, IRA, Roth IRA, Tax Benefits, Taxes in Retirment

Retirees, Check Your Withholding

Posted by Creekmur Wealth Advisors on 11:07 AM on September 25, 2018

It may need to be adjusted due to the 2017 federal tax reforms.

The Internal Revenue Service has a message for you. You may need to adjust the amount withheld from your paycheck or the size of your estimated tax payments because the agency is using new withholding tables this year. Should you underpay your taxes for 2018, you could be hit with a tax penalty in 2019.1

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Topics: Uncategorized, Required Minimum Distributions, Retirement, RMD, Tax withholding, Taxes in Retirment

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