6 Ways to Supersize Your Nest Egg After Age 50

If you are past the age of 50 and stressed about your retirement savings, you don't have to worry. The following tools will help you maximize your retirement even at your current age. If you are 50 or over, you are eligible to take advantage of catch-up provisions in the tax code. For example, if you [...]

Town of Plymouth’s “COVID-19 Daily Update” – June 29, 2020

In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that the IRS approved some relief last week. If you were 70 1/2 in 2019 and were required to take distributions from a retirement plan like a 401(k) or IRA, the question has been what would happen if [...]

Savings Tips for Building an Emergency Savings Fund

As the events of the past few days have shown us, life can be extremely unpredictable. This inevitably affects our finances as life seems to spiral at times. This is a prime example of the importance of an emergency fund. An emergency fund is a financial safety net that is used to cover unplanned expenses so [...]

Here’s What People Should Know about Taking Early Withdrawals from Retirement Plans

The following article was published by the IRS. Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. Here are a few key things for taxpayers to know: Early withdrawals. An early withdrawal normally [...]

Contribute to an IRA by April 15 to Claim It on 2018 Tax Returns

The following article was published by the IRS. It’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019. [...]