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Archive for the ‘Retirement Plan Contribution’ Category

Are You Saving for Retirement?

While retirement plan contribution limits have not increased for 2016, taking full advantage of allowable contributions and any amounts your employer matches is still a good idea. Contributions you make to employer-sponsored retirement plans reduce your taxable income because your employer deducts the amount you specify from […]

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Women and Retirement

  Women need to save more for their retirement than men do. Statistics show that women live longer than men, but earn less than men during their working years (which are often fewer due to time taken off for child rearing). According to the Census Bureau, 57% […]

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Over 70½? Don’t Forget to Take Your Required Minimum Distributions

Did you celebrate your 70½th birthday in 2014? Do you have a traditional or rollover IRA? If both answers are yes, the deadline for taking the initial required minimum distribution from your retirement account is April 1, 2015. Required minimum distributions are the smallest amount you can […]

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Have You Changed Your Mind about a Roth Conversion?

    It turns out you can go back after all – at least when it comes to last year’s decision to convert your traditional IRA to a Roth. The question is… do you want to? You might, if your circumstances have changed. For example, say the […]

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Tax Surprises for Newly Retired: Five Surprises to Know About

Here are five events that can upset your retirement finances: 1. Health emergency and Long-term Care. When a simple procedure could cost thousands, health care costs can put a huge dent in your plan. Long-term care can cost thousands per month. Have you planned for this? If […]

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Are You Maximizing Your Retirement Account Tax Benefit?

    2013 marks a watershed year for contribution limit increases in many of the core retirement savings programs. Many of these contribution limit increases are established using a federal formula. While most annual limits stayed the same from 2011 to 2012, this is not the case […]

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Important Tips Regarding Your Individual Retirement Arrangement

  The IRS has Important tips for you about setting aside money for your retirement in an Individual Retirement Arrangement. You must be under age 70 1/2 at the end of the tax year in order to contribute to a traditional IRA. You must have taxable compensation […]

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Tax Rules on Early Withdrawals from Retirement Plans

  Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Here are five things you should know about early withdrawals from retirement plans.  An early withdrawal normally means taking money from your plan, such as a 401(k), before you […]

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2013 Retirement Plan Contribution Limits

As we approach the end of 2012, we feel it would be meritorious to discuss the impending tax  law changes with regard to the 2013 Retirement plan contributions. The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s […]

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