Plan Ahead to Help Ease the Burden of Tax Season

Most U.S. taxpayers “completely agree” (68%) or “mostly agree” (26%) that paying their fair share of taxes is a civic duty.1 However, no one wants to pay more than his or her fair share. To help avoid doing so, consider addressing some important priorities before you begin filling out your tax forms.

Here are some steps that might help reduce stress when preparing your return. Continue reading “Plan Ahead to Help Ease the Burden of Tax Season”

Retirement Plan Limits on the Rise in 2022

Retirement savers have some reasons to celebrate in 2022.

Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase, including how much you can contribute to a work-based retirement plan and the phaseout thresholds for IRA deductibility and Roth contributions.  Continue reading “Retirement Plan Limits on the Rise in 2022”

Your Social Security Statement: What’s in It for You?

The Social Security Administration (SSA) provides personalized Social Security Statements to help Americans age 18 and older better understand the benefits that Social Security offers. Your Statement contains a detailed record of your earnings and estimates of retirement, disability, and survivor benefits — information that can help you plan for your financial future.

You can view your Social Security Statement online at any time by creating a my Social Security account at the SSA’s website, ssa.gov/myaccount. If you’re not registered for an online account and are not yet receiving benefits, you’ll receive a Statement in the mail every year, starting at age 60. Continue reading “Your Social Security Statement: What’s in It for You?”

Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2022 if you’re enrolled in Original Medicare Part A and Part B. Continue reading “”

401(k) and IRA: A Combined Savings Strategy

Contributing to an employer-sponsored retirement plan or an IRA is a big step on the road to retirement, but contributing to both can significantly boost your retirement assets. A recent study found that, on average, individuals who owned both a 401(k) and an IRA at some point during the six-year period of the study had combined balances about 2.5 times higher than those who owned only a 401(k) or an IRA. And people who owned both types of accounts consistently over the period had even higher balances.1

Continue reading “401(k) and IRA: A Combined Savings Strategy”

Year-End 2021 Tax Tips

Here are some things to consider as you weigh potential tax moves before the end of the year.

Defer Income to Next Year

Consider opportunities to defer income to 2022, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services in order to postpone payment of tax on the income until next year.  Continue reading “Year-End 2021 Tax Tips”

Is a High-Deductible Health Plan Right for You?

In 2020, 31% of U.S. workers with employer-sponsored health insurance had a high-deductible health plan (HDHP), up from 24% in 2015.1 These plans are also available outside the workplace through private insurers and the Health Insurance Marketplace.

Although HDHP participation has grown rapidly, the most common plan — covering almost half of U.S. workers — is a traditional preferred provider organization (PPO).2 If you are thinking about enrolling in an HDHP or already enrolled in one, here are some factors to consider when comparing an HDHP to a PPO.  Continue reading “Is a High-Deductible Health Plan Right for You?”