Retirement

The whole premise behind tax deferral is we know we’re going to have to pay income tax on this money eventually. We just want it to be less in retirement than what we’d pay during our working years. However, it’s not unusual for retirees to find themselves in the same or an even higher tax bracket in retirement. How so?

There are many tools that you can use to save for retirement, but employer-sponsored plans like 401(k)s and 403(b)s are some of the more standard options. It’s important to understand how they will fit into your long-term plan before deciding to perform a rollover. Unsure of your options with early retirement plan rollovers? Schedule a free consultation with one of our financial professionals today!

Social Security is much more than retirement income. Along with providing a small income to millions of seniors, Social Security also provides life insurance as well as survivor benefits.

How to Avoid Retirement Woes

According to the American Institute of CPAs (AICPA), the top concern of retirees is running out of money. While it’s a known fact that many of us don’t begin to save for retirement when we should, it appears that nearly half of all current retirees are concerned about outliving their retirement funds. However, there are some things you can do now to help mitigate the very real risk of outliving your retirement funds. These include the following:

Created as a result of the Great Depression, The Social Security Act was signed into law by President Roosevelt in 1935; mainly due to the rise in poverty of the nation’s elderly population. The act was designed to provide retired workers ages 65 and older with a continuing income after retirement. The first Social Security card was created in November of 1936, with the numbers assigned by geographic region. To date, more than 450 million Social Security numbers have been issued since the program started.