2017 Recap of Tax Provisions for Individuals

Many of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end of this year while others were extended through 2019. With that in mind, here’s what individuals and families need to know about tax provisions for 2017.

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SIMPLE IRA Plans for Small Business

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know.

Tax Implications of Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know.

Retirement Contribution Limits Announced for 2017

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017 have been announced by the IRS. Here are the highlights:

Tax Implications of Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know. 

Did You Hear What Just Happened With Social Security?

Congress just eliminated two popular strategies used to get greater retirement benefits. So our friend, Todd Pouliot, AIF, at Gateway Financial provided this great information to share with you.

If you want to claim Social Security benefits soon, keep a date & a number in mind. The date is April 30, 2016. The number is 62.

Going Solo?

Today’s blog post for Lahrmer and Company, LLC is provided by Todd Pouliot at Gateway Financial:

It’s estimated that more than 53 million Americans are now part of the nation’s growing freelance workforce; this figure includes small-business owners, contract workers, consultants, and others who work on a project basis.  Self-employed workers may enjoy the flexibility and control, but without help from an employer they often must take extra steps to strengthen their financial positions.

Is America Prepared to Retire?

This week we would like to feature an article published by our good friend Todd Pouliot from Gateway Financial. In his post, Todd asks the critical question: Is America Ready to Retire? You may be surprised at the answer.

Are You Retiring Within the Next 5 Years?

Today’s blog post for Lahrmer and Company, LLC is provided by one of our new additions to our office space: Todd Pouliot at Gateway Financial:

What should you focus on as the transition approaches?

You can prepare for your retirement transition years before it occurs. In doing so, you can do your best to avoid the kind of financial surprises that tend to upset an unsuspecting new retiree.

How much monthly income will you need? Look at your monthly expenses and add them up. (Consider also the trips, adventures and pursuits you have in mind in the near term.) You may end up living on less; that may be acceptable, as your monthly expenses may decline. If your retirement income strategy was conceived a few years ago, revisit it to see if it needs adjusting. As a test, you can even try living on your projected monthly income for 2-3 months prior to retiring.

Are Americans Growing More Optimistic About Retiring?

Today’s blog post for Lahrmer and Company, LLC is provided by one of our new additions to our office space:Todd Pouliot at Gateway Financial.  Retirement comes up often in tax planning and accounting, and we thought you would appreciate the insight.

Pragmatism seems to be replacing pessimism, at least.

Is it okay to retire today? Many baby boomers shelved notions of retiring during the past few years. Layoffs, the decline in home values, the crushing bear market of 2007-09 – those memories were just too fresh, and their economic effects were still being felt by many households.

In 2015, boomers seem a bit less hesitant to begin their “third acts.” In this year’s CareerBuilder retirement survey, 53% of workers older than 60 indicated they are postponing their retirements. That may not seem a statistic worth celebrating, but five years ago 66% of respondents to the survey said they were putting off leaving work.