The Social Security Administration announced key numbers that affect workers and retirees today—a substantial increase in the wage base for workers and a modest increase in benefits for retirees. First the wage base news. The maximum amount of earnings subject to Social Security tax will rise 3.6% to $137,700 in 2020. That means a significantly bigger tax bill for about 12 million high-earning workers. Why the substantial increase? The increase in [...]
Don’t wait until late in the year to take actions in your IRA or 401(k). You might be too late. It can take a while to analyze your choices and determine the best action to take, especially for actions with a lot of variables such as converting part of a traditional IRA to a Roth IRA. More importantly, IRA custodians often need time to take certain actions, and at the [...]
For the better part of 40 years, I spent a great deal of time helping thousands of workers prepare for retirement. We ran seminars for workers and spouses on topics like retirement income, insurance, lifestyle, relocation and more. I think it’s fair to say that, if someone took advantage of the programs offered, they would have been well prepared financially and emotionally for retirement. Sadly, relatively few workers utilized all [...]
As a growing number of Americans reportedly are behind in saving for retirement, state-level lawmakers representing Kenosha County said they are hoping to be a part of forward-thinking solutions. State Treasurer Sarah Godlewski held her first listening session Friday at the Northside Public Library to hear residents’ challenges in saving for retirement. Joining Godlewski were state Sen. Robert Wirch, D-Somers, and state Reps. Tip McGuire, D-Kenosha, and Tod Ohnstad, D-Kenosha.
There are plenty of charts on the internet and in books about financial planning that suggest how much someone needs to save to retire with millions of dollars — but there’s not as much explanation as to how that money will grow. Calculating future savings requires numerous factors, including current age and predicted retirement age, any current assets, how the portfolio is invested and at what rate a person can [...]
A contentious city council meeting lasting nearly three hours Wednesday night ended with a 5-2 vote in favor of reinstating the Maine Public Employees Retirement System, a savings program that hasn’t been available to city employees since 1996. For months, Presque Isle’s first responders have pressed city officials to adopt the program, which law enforcement personnel have said would improve their employee retention rates, keeping officers on the force longer.