Tax

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New retirement guide focuses on longevity, inflation
RETIREMENT RETIREMENT PLANNING MAR 07, 2022
New retirement guide focuses on longevity, inflation

J.P. Morgan Asset Management says that advisers should plan for 35 years in retirement for clients, rather than the previous 30 years, as average life expectancy continues to increase.

IRS backlog frustrates advisers, clients
RETIREMENT TAX MAR 07, 2022
IRS backlog frustrates advisers, clients

In February, the agency continued to retain 17.6 million tax returns from the 2020 filing season and about 5.9 million pieces of taxpayer correspondence that required manual processing.

A taxing situation
RETIREMENT PRACTICE MANAGEMENT MAR 07, 2022
A taxing situation

Last year’s attempt to raise taxes on the wealthy has catalyzed conversations between advisers and clients about tax strategies this season.

Arguments for raising Social Security’s full retirement age
RETIREMENT RETIREMENT PLANNING MAR 02, 2022
Arguments for raising Social Security’s full retirement age

Increased longevity makes it likely that future reforms will mandate a higher retirement age, according to a new report from the American Academy of Actuaries.

SALT alternative takes shape as Democrats move past Biden plan
RETIREMENT REGULATION AND LEGISLATION FEB 24, 2022
SALT alternative takes shape as Democrats move past Biden plan

Bill would raise deduction cap for most and exclude millionaires. However, the plan is unlikely to be taken up in Congress anytime soon.

Avantax focuses on bigger advisers as head count continues to drop
RETIREMENT PRACTICE MANAGEMENT FEB 17, 2022
Avantax focuses on bigger advisers as head count continues to drop

The firm reported a 9.4% decline in the number of advisers last year, but said it had 2½ times more recruited assets in 2021, at $929 million, compared to $363 million in 2020.

Divorce complicates Social Security claiming options
RETIREMENT RETIREMENT PLANNING FEB 16, 2022
Divorce complicates Social Security claiming options

The length of the marriage, whether the individual claiming benefits has remarried, and the age at which they're claiming all affect benefit amounts.

Confusion about 2022 required minimum distributions
RETIREMENT RETIREMENT PLANNING FEB 11, 2022
Confusion about 2022 required minimum distributions

Should a client use old tables, new tables, both tables or no tables to calculate their RMDs this year? It depends ... and advisers need to know the answer.

Workers show interest in Social Security bridge strategy
RETIREMENT RETIREMENT PLANNING FEB 10, 2022
Workers show interest in Social Security bridge strategy

A study by the Center for Retirement Research finds that a third of 401(k) participants would choose to delay collecting benefits if they could use 401(k) assets as a temporary substitute.

Social Security faces a customer service backlog
RETIREMENT RETIREMENT PLANNING FEB 01, 2022
Social Security faces a customer service backlog

Expect delays as the Social Security Administration's field offices reopen to the public after closing in March 2020 amid the pandemic.

Sudden market volatility has advisers preaching calm to newer investors
RETIREMENT RIAS JAN 26, 2022
Sudden market volatility has advisers preaching calm to newer investors

As the next generation of investors comes on board, advisers are repeating the age-old mantra about not panicking in response to market swings.

Social Security Administration and unions reach pact on reopening
RETIREMENT RETIREMENT PLANNING JAN 20, 2022
Social Security Administration and unions reach pact on reopening

Social Security's 1,200 field offices have been closed since March 2020 in response to the pandemic.

Public slow to embrace Social Security's online tools
RETIREMENT RETIREMENT PLANNING JAN 11, 2022
Public slow to embrace Social Security's online tools

Financial advisers could fill the void when it comes to clients' questions about when to claim benefits.

Ahead of tax season, Treasury says be ready for frustration
RETIREMENT TAX JAN 11, 2022
Ahead of tax season, Treasury says be ready for frustration

Many of the processing delays and customer service shortages that have plagued the IRS for years will persist this year, Treasury officials warn.

Build Back Better stall could complicate tax planning
RETIREMENT REGULATION AND LEGISLATION JAN 07, 2022
Build Back Better stall could complicate tax planning

If Congress finally comes to an agreement on the bill, some provisions could be retroactive. The state and local tax deduction hangs in the balance.

RIAs see M&A momentum gaining steam in '22
RETIREMENT RIAS JAN 06, 2022
RIAs see M&A momentum gaining steam in '22

As firms chase scale with bigger and bigger deals, RIA sellers are enjoying the ride of record-level valuations.

Widow’s dilemma: When to claim Social Security
RETIREMENT RETIREMENT PLANNING JAN 05, 2022
Widow’s dilemma: When to claim Social Security

Survivors are subject to an earnings limit if they claim the benefit before reaching full retirement age.

Social Security offices to remain closed indefinitely
RETIREMENT RETIREMENT PLANNING DEC 23, 2021
Social Security offices to remain closed indefinitely

The agency has not set a reentry date for in-person appointments, although some executives have returned to their offices as of December.

2022 outlook for Social Security
RETIREMENT RETIREMENT PLANNING DEC 15, 2021
2022 outlook for Social Security

There's good and bad news on the horizon, including the biggest annual cost-of-living increase in 40 years, but also an offsetting rise in Medicare premiums.

Some Social Security checks to decline in 2022 due to IRMAA
RETIREMENT RETIREMENT PLANNING DEC 08, 2021
Some Social Security checks to decline in 2022 due to IRMAA

Medicare high-income surcharges combined with higher Medicare premiums will take a bigger chunk of retirement benefits in the new year.