Category Uncategorized
Did HR1 (known as the One Big Beautiful Bill Act) – Actually Cut Taxes On Social Security?
Perhaps you saw the headline on the White House’s press release: “No Tax on Social Security is a Reality in the One Big Beautiful Bill” Or maybe you saw the e-mail that the Social Security Administration released (at the best of new head, political appointee Frank Bisignano) which claimed “The new law includes a provision […]
Your Mileage May Vary – Federal and State tax rules differ
THIS IS A WORK IN PROGRESS. PLEASE BE PATIENT. AND PLEASE CONTRIBUTE IF YOU KNOW OF MORE EXAMPLES! See *update log* at the bottom for details. Most of us are subject to several set of tax rules (income and otherwise!). The biggest two, however, are the Federal Income Tax — and, if you live in […]
Updated Tax Numbers for 2024
We have just posted an updated Tax Reference for 2024. This is not a comprehensive set of tax tables, but rather mainly a handy reference for various thresholds such as maximum 401k contributions, gift tax exclusions, etc. Many (not all) are indexed for inflation. We hope you find this helpful. If you notice any errors, […]
There is no such thing as a Back-door Roth IRA or a Back-Door Roth Conversion
There is, however, a technique which is referred to as a “Back-Door Roth Contribution“. There are Roth IRAs. And there are Roth conversions. But “back-door” is a two-step technique, not an account, and not just a conversion. And, no, this is not just picking nits. This is a very important distinction and if you try […]
Can My Ex-Spouse Go After Some Of My Social Security?
Note the inflammatory phrasing – this was intentional because, unfortunately, we’ve seen people worried that an ex-spouse will somehow take some social security benefits, costing you some of your own benefits. And, sadly again, sometimes people aren’t too happy with their ex-spouse. But here’s the deal: Your ex-spouse can’t “go after” your benefit. Your ex […]
Social Security COLA (Cost Of Living Adjustment) Revisited for 2023
We have a more detailed note about computation of COLAs here: https://meyersmoney.blog/2022/08/10/what-is-the-social-security-cola-cost-of-living-adjustment-and-how-is-it-computed/ However the example computation in that article was the 2022 COLA (computed in late 2021). This is just an update showing the computation for the 2023 COLA — which couldn’t be computed until several months after that previous note was written because it […]
It’s not the plan. It’s the planning.
Plan may be a noun. But to us, it’s always a verb. It’s action and change, response and recalculation. “If you don’t know where you are going, you’ll end up someplace else.” – Yogi Berra “It does not do to leave a live dragon out of your calculations, if you live near one.” – J.R.R. […]
Terms and Acronyms
(This is a work in progress. We are adding to it and cleaning it up as we go. Please feel free to make suggestions!) Agencies SSA == Social Security Administration CBO == Congressional Budget Office BLS == Bureau of Labor Statistics IRS == Internal Revenue Service DOL == Department of Labor (regulates a lot of […]
What is the Social Security COLA (Cost Of Living Adjustment) and How Is It Computed?
How is the COLA for Social Security Computed? It’s important to recognize how big a deal this is. Social Security benefits automatically increase with inflation. Almost no other product or pension available to the public does that. This is huge. If you were getting a fixed dollar amount every month forever, when prices go […]
“Mutual Funds” – open, closed, ETF – what’s the difference?
“Mutual Fund” – a pooled investment structure, with professional management and typically holding a diversified portfolio allowing multiple share holders to own a slice of such a portfolio easily. But we often hear people talking about mutual funds and comparing them to Exchange Traded Funds (ETFs) and Closed-ended funds (CEFs). First, note that ETFs and […]
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