Emily Brandon

Oct 12, 2024 | money.usnews.com | Kate Stalter |Emily Brandon |Katy Marquardt |Susannah Snider

When planning for retirement, even if that’s a decade or two down the road, it’s essential to keep track of certain milestones along the way. If you miss key deadlines, you could incur penalties. In addition, it’s critical to have a strategy for claiming Social Security at the right time to maximize your retirement income. Here are some important retirement dates to keep in mind. Max out retirement accounts at age 49 or younger. Take advantage of catch-up contributions beginning at age 50.

Oct 11, 2024 | money.usnews.com | Rachel Hartman |Emily Brandon |Tracy Stewart |Susannah Snider

Key Takeaways Roth IRAs allow you to contribute after-tax dollars that grow tax-free and can be withdrawn tax-free in retirement. For 2024, the maximum contribution to a Roth IRA is $7,000, with an additional $1,000 catch-up contribution allowed for those aged 50 and older, totaling $8,000. Unlike traditional IRAs, Roth IRAs don't have required minimum distributions so you can let your savings grow and potentially pass them to heirs.

Oct 11, 2024 | money.usnews.com | Emily Brandon |Rachel Hartman |Tracy Stewart |Susannah Snider

Key takeaways You may qualify for the saver's credit if you have a low to moderate income and contributed to a 401(k) or IRA in the past year. The saver's credit reduces your overall tax bill by a certain amount, depending on your level of income and savings. There are eligibility requirements for the saver's credit, and those who are dependents and students will not qualify. The saver's credit will become the saver's match in 2027.

Jun 4, 2024 | money.usnews.com | Rachel Hartman |Emily Brandon |Katy Marquardt |Tracy Stewart

Key Takeaways Married couples may find opportunities to claim more tax breaks by contributing to their respective retirement accounts. Each spouse can contribute up to $23,000 in their 401(k) account for 2024, or up to $46,000 as a couple. If both are over 50, they can contribute an additional $7,500 each, potentially deferring taxes on up to $61,000 annually. The saver's credit offers tax breaks for low- and moderate-income couples saving for retirement.

Apr 19, 2024 | money.usnews.com | Rachel Hartman |Susannah Snider |Tracy Stewart |Emily Brandon

Key Takeaways: If you have a defined benefit pension with your company, it may be insured by the Pension Benefit Guaranty Corporation, which covers certain pension plans. Along with pension payments, the PBGC provides basic guaranteed benefits including survivor's annuity benefits, disability benefits and some early retirement benefits. If the PBGC takes over your pension, your plan records will be reviewed, and benefits will be determined.