My Retirement Blog

My Retirement Blog

  • Saver’s Credit for Retirement Savings Contributions

    This credit used to be known as the “Retirement Savings Contribution Credit.” If you qualify you can claim a credit of up to $1000 for eligible contributions to qualified IRA, 401k, and certain other retirement plans. Since this credit is not refundable it can’t be larger than the tax amount the taxpayer would have had…

  • Obama Automatic IRA Proposal

    As part of Obama’s middle-class plan he includes a proposal for an automatic IRA. This has been proposed before but it has never been implemented. Here are a few details of this plan. Under the plan certain companies that do not currently offer a retirement plan would be required to enroll their employees in an…

  • How to Take Social Security Early and Still Receive the Full Benefit

    There has been a lot of speculation about how long Social Security will be around and in what form it will be in the future. Figures vary but it is reported that the trust fund will start running at a deficit in 2018 and will be unable to pay full benefits by 2040. I have…

  • 2010 Roth IRA Contribution Limits

    With a new year comes a new limit for contributions, however 2010 will have the same contribution limits as 2009. For 2010, the contribution limit for Roth IRAs will be $5,000 for Age 49 and Below; $6,000 for Age 50 and Above (to reflect the “catch-up” amount). If you are getting a jump on 2010…

  • Income Limits on Roth IRA Conversions Set to End

    Currently if you earn over $100,000 you are not eligible to convert your Traditional IRA to a Roth IRA. The Tax Increase Prevention and Reconciliation Act of 2005 abolished the income limit and the change will take effect as of Jan. 1,2010. The government has also included a one-time option to spread your tax payment…

  • How To Find A Stock Broker

    Every once and a while, someone emails me to ask how I find a good stock broker for my retirement assets. What do I look at when I compare stock brokers? My answer, almost always, is “it depends.” Ahhh I bet you hate that answer too. Well, unfortunately, it’s the truth. Who you decide to…

  • No COLA in 2010, Artificially High COLA in 2009

    While no one welcomed the news of no cost of living adjustment (COLA) in 2010 for Social Security recipients, I didn’t hear anyone complain about an “artificially high” 5.8% increase this year (2009). Artificially high is the term used in a NY Times article discussing the $250 Social Security bonus payment President Obama has discussed…

  • $250 Social Security Bonus Payment

    When it was revealed that there would be no cost of living adjustment for Social Security in 2010, people were livid. Just reading the comments on my blog revealed that people were furious there was no adjustment next year, so you can imagine how the broader public felt about it. It turns out the outrage…

  • Best Companies to Retire From

    Fortune has published a list of the best companies to retire from and the companies they list come as no surprise to me: IBM – They cite the 401(k) plan as a “gold-standard” with automatic contributions of 4% plus a match of contributions up to 6% of en employee’s salary. P&G – P&G has the…

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