If you're like me, you haven't paid much attention. But I saw a clear and useful summary on my friend Jeremy Kisner's website, and so I thought I'd pass on the links -- for those who want an easy guide to the new rules.
The first reference guide is called 2020 Important Numbers. It provides all sorts of information, including the revised tax brackets, standard deductions for both single and married taxpayers, Social Security annual limits, retirement plan annual limits, estate and gift tax limits . . . and a raft of other numbers, all in a quick easy-to-read format.
The second guide, called 2020 Social Security Cheat Sheet focuses on everything you need to know about Social Security, including maximum benefits, how much benefits are reduced for retiring early, earning limits for people collecting Social Security.Anyway, don't rely on me. Check out the two guides. You might need to zoom in on the computer to see them better. You might also want to print them out for future reference -- for this is an information world we live in, and so it's information that gives us both prosperity and empowerment.
12 comments:
And for people like me who were all prepared to take their Required Minimum Distribution this year but were born in the later part of 1949, I get to wait a year for it. The new rule is to start the year you turn 72 not the year you turn 70 1/2.
All news to me THANKS!
Thanks for the links. Will check them out.
Thanks for the tips. David probably will look on this, being the accountant that he is.
I suppose I will have to check this out. My resolution is to be more proactive with money management.
The was a change in the law for beneficiary IRA accounts, like one you inherit from a parent or sibling. The change forces you to empty it in 10 years instead of over the course of your projected lifetime. With a big enough amount in that type of IRA there could be major tax ramifications.
Luckily, if you have such a beneficiary IRA already established (like I do from my dad) you are grandfathered in so the old rules apply. But, moving forward this small change could be a biggie for some people.
Thanks for posting these links. We are both retiring this year and look forward to reading the content.
Thanks for the info. I printed out the guide and cheat sheet...
Thanks for passing on this info! I think we are up-to-date with the changes, but you never know.
Thanks for the links. My husband is retiring this year and I am trying to get up to speed.
Juhli & Bob ... Thanks for the adds!
My husband reads up a bit on these sort of things. However, we do use a tax accountant to take care of our taxes.
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