Social Security was established in 1935, due to so many elderly people going hungry during the Great Depression. President Roosevelt felt people were losing hope. The Welfare Department was established and Social Security began. In the past, FICA tax paid into the...
Most employees do not know what their Social Security benefits will be. They don’t know what their 401(k) will provide for them at retirement, nor when they will be out of debt. Few employers provide disability insurance if you get hurt or sick, so what will happen...
You work hard to save money on a tax-deferred basis so you will have more money after tax. Then you go to retire and have to pay tax on 100 percent of the money you take out of the 401(k). So if you thought paying taxes on your annual income was horrible, wait until...
Healthcare costs are much higher because older workers are not retiring. They stay on and keep their health insurance and take up a place of employment that would normally go to a younger person. This is why younger folks are having a harder time finding employment...
If the Trump administration ends up getting taxes lowered, consider converting all IRA and 401(k) savings over to a Roth IRA. The tax hit today will allow all future growth to be taken out as tax free! Here are two observations about this advice: First, when you...
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