On January 31, 1940, Ida May Fuller of Ludlow, Vermont, was the first person to receive a Social Security check. That historic payment amounted to $22.54. Before retiring in November 1939, she served as a legal secretary and contributed to Social Security for about 2½ years. Total taxes paid: $24.75. Before passing away in 1975, she had…
Under Social Security rules, if a person receiving a benefit becomes entitled to a different benefit, that person may switch to the new benefit if it’s higher. This switching is one of the most important ways people can maximize their benefits, but they don’t always know how or when or even if they can do…
If you are reaching your distribution phase, your high-balance retirement accounts can create some burdensome tax situations, particularly when it comes to legacy planning. Attached are five potential pitfalls you should be aware of. Questions? Please do not hesitate to contact us. Download here 5 Tax Gotchas in Retirement
