The departure of Sen. Max Baucus as Senate Finance Committee chairman has set back efforts to achieve comprehensive tax reform.
Future cost-of-living adjustments applied to larger base benefit
Can both spouses file and suspend their benefits?
Taking benefits early means permanent reduction – but sometimes that's OK.
Advisers must know whether clients who have worked for federal, state or city governments may be affected by pension rules that can reduce or even eliminate certain Social Security benefits.
Major changes that kicked in this year, thanks to the American Taxpayer Relief Act of 2012, likely will result in increased interest in charitable giving by clients interested in softening the bite of even higher brackets on income and capital gains taxes. As a refresher, the highest income tax rate rose in 2013 to 39.6%, while the highest capital gains rate is now 20%. To make things even more interesting, ATRA has also established a net investment income tax of 3.8%.
They're a great way to save on federal taxes, but state treatments differ widely.
Financial planning practices are on a collision course with skyrocketing retirement health care costs, which could lead to higher-than-expected health care costs during retirement.
To qualify for survivor's benefits, spouses must have been married nine months, except under certain conditions.
Roth conversions came in at $64.8 billion in 2010, above an expected $26.5 billion.
But each spouse can chose only one tactic.
With the estate tax exclusion being set at $5.25 million per person, it's easy for affluent clients whose estates don't quite hit that level to write off creating estate plans or building trusts. But even those in-between clients benefit from establishing trusts in select scenarios.
Married couples can't double-dip and claim spousal benefits, too.
Trying to get up to speed on Social Security-claiming strategies? Check out these go-to resources.
I love when readers with whom I consult about tricky Social Security-claiming strategies report back to me with results.
Advisers need to watch that clients do not inadvertently inflate their income and Medicare costs
Investors who surrender or let policies lapse risk big tax bills for so-called phantom income.
High-net-worth investors increase appetite for risk, poll shows.
