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Now’s the time to talk about the future of Social Security
The InvestmentNews staff plans to ask policy and financial experts in the coming months about their vision for the future of Social Security in the 21st century.
Biden to urge 25% billionaire tax in budget proposal
The proposal, which has little chance of passing Congress, would also raise the top tax rate for Americans making $400,000, to 39.6% from 37%, reversing one of Trump's tax cuts.
Biden proposes tax hike on income over $400,000 to fund Medicare
The president's proposal, which would also give the government new power to negotiate drug prices, would extend the solvency of the Medicare trust fund beyond 2050, the White House says.
States with the highest property taxes in 2023
The taxes people pay on their homes can pose a major burden, but it depends on which state they live in.
Hello, I must be going
Advisors and clients will see a flurry of coveted tax breaks come and go in the next three years. Here’s how to keep track.
A billionaire tax? Don’t bet on it
The political makeup doesn’t bode well for passing major tax legislation — and a bill that imposes a specific levy on billionaires would be substantial.
HSA participants fail to take full advantage of tax trifecta
A study by the Employee Benefit Research Institute shows that relatively few account holders invest their funds in assets other than cash, although the number who do so is increasing.
Anxiety over tax refunds on the rise, Bankrate.com study shows
Thirty-four percent of Americans surveyed fear their tax refund won’t make as big of an impact as a result of rising costs, while 33% worry the refund will be smaller than they expect.
The joy of eliminating write-offs
A change in cash flow meant it temporarily wasn't worth it to itemize donations of goods and money, a development that provided an unexpected bonus.
Advisors recommend solo 401(k) to sole-proprietor clients
Some business owners are able to accumulate more retirement savings in the vehicles than in a SEP IRA, and such funds can also become part of a Roth IRA rollover strategy.
Retirement experts advise staying nimble regarding 4% rule
While the popular guideline is a good starting point, inflation and rising interest rates are factors that change the game when it comes to retirement withdrawals.
Thank you, SECURE 2.0, for 529-to-Roth IRA rollovers
While the legislation provides an attractive option for families who end up not needing the money in a 529 plan, it's not clear how many will be eligible to use it.
Helping clients apply for survivor benefits
If a surviving spouse is collecting their own Social Security retirement or disability benefit when their spouse dies, or is not yet collecting Social Security, they will have to apply for survivor benefits.
Crypto investors had their funds frozen. Now they may have to pay taxes
Even though investors can't access their accounts with bankrupt crypto lender Celsius Networks, they still owe taxes on the interest income they earned from the accounts last year.
Retirees remain anxious despite decline in inflation
A survey by the Senior Citizens League shows a majority of older consumers remain skeptical that the 8.7% Social Security COLA for 2023 will keep pace with rising costs this year.
White House criticizes proposed GOP commission as ‘death panel’ for Social Security
House Republicans had suggested negotiations on the debt limit could include an agreement to set up a commission to negotiate later changes to Social Security and Medicare to extend the programs' solvency.
SECURE 2.0 gives fintechs opportunity to help advisors navigate tax season
eMoney Advisor and FP Alpha have tools to help advisors with Roth conversions.
Advisors skeptical about replacing income tax with national sales tax
The House Republican bill is likely to hit a wall in the Democratic-majority Senate. There might be a better chance to extend some 2017 tax cuts set to expire in 2025,
How advisors can help the ‘unretired’ with their return to the workforce
The convergence of low bond prices, high inflation and market volatility has boosted the number of retirees being forced to go back to work.
What’s new for Social Security and Medicare this year
Not only did Social Security benefits increase in 2023, but Medicare Part B premiums declined for the first time in more than a decade, resulting in larger net Social Security benefits for most retirees.
