For many retirees, even those who have meticulously planned their retirement income, the amount of taxes they are expected to pay may come as an unwelcome surprise. It's understandable. This is a new form of income that they may not be familiar with. "Sometimes they think that because they are retirees, they don't have to pay income taxes. Then they are surprised," says Chris Chen, a certified financial planner at [...]

I’m working on a budget for retirement. Could you tell me the expenses that people tend to miss or overlook after leaving work? I’m trying to avoid as many surprises as possible.Good question. “Stealth expenses,” as one retiree described them to me, are waiting behind any number of corners in retirement. The fact that you’re thinking about these possibilities now can help reduce pressure on your nest egg in the [...]

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.