Some people say that 50 is the new 30. Living longer and healthier lives might make you feel young if you are 50, but your retirement account begs to differ. Anyone who’s turning 50 or older on or before Dec. 31 is allowed to make retirement catch-up contributions starting that year. Catch-up contributions can yield…
According to a recent study by the Center for Retirement Research at Boston College, the following percentages represent how much the average American will need to rely on personal savings to provide income throughout retirement: Low-income households: 25 percent Middle-income households: 32 percent High-income homes: 47 percent These numbers reflect the contribution of Social Security…
At the end of last year, Congress was considering tying up a tax revenue loophole known as the Stretch IRA. Currently, a traditional IRA can be passed from one generation to the next, thereby extending tax-deferred growth to a non-spousal beneficiary. In recent months, Congress has been distracted by budget bills and healthcare legislation; but…
You can pay off your mortgage—never again seeing a bill from the bank for principal or interest—but you can never pay off your property taxes. Additionally, property taxes, unfortunately, only seem to go one way – UP! While you’ll never be able to get rid of your property taxes entirely, you can take steps to…
What year did you join Lewis & Knopf? I joined the firm in September of 2015 and currently work as a tax manager. I have been in public accounting for twenty six years. Tell me a little about where you attended college and the degree(s) you earned. I attended the University of Michigan and graduated…
