Understand Your Social Security Retirement Benefits

For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. What's My FRA? Your full retirement age (FRA) depends on the year in which you were born. Year of Birth Full Retirement Age 1937 or Continue Reading

IRS Announces Various Tax Benefit Increases for 2016

For tax year 2016, the IRS recently announced many annual inflation adjustments. IRS Revenue Procedure 2015-53provides details about these amounts. Because inflation is low, many of the amounts for 2016 will not change from 2015. For example, the elective deferrals to 401(k) and 403(b) plans will remain $18,000 next year. Other retirement plan contribution limits also will not Continue Reading

IRS and Social Security Announce Increased Benefits for 2015

With the 2015 tax year right around the corner, there is good news coming from the IRS. According to a recent announcement, the tax agency has increased several tax breaks due to inflation adjustments. Social Security Checks to Increase Too Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 64 million Americans will increase 1.7 percent in Continue Reading