retirement - Herman & Co. CPA

Let Go of Frugality: How Baby Boomers Can Responsibly Invest in Enjoyment

Guest Article by Jim McKinley of moneywithjim.org. Baby Boomers were raised by parents of the Great Depression, so frugality is in our nature. It’s one thing to be responsible, and it’s another entirely to live as if we are fighting poverty daily. For many of us, we can afford to indulge ourselves and truly make…

Beat These 5 Financial Challenges

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate A number of signs indicate the U.S. economy is improving. They include soaring consumer confidence, highs for the stock market, and the low unemployment rate (most recently 4.5 percent). At the same…

Retirement investing through the decades

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate Investing to grow your retirement savings is a long-term project. The earlier you begin, the better, thanks to compounding interest. You don’t have to worry about saving a lot…

7 Milestones In Life That Trigger Taxes: Birth, Marriage, Work, Homeownership and More

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate You were blissfully unaware of it, but taxes became a part of your life on the day you were born. From that beginning as a spanking-new…

Plan would give retirement savers more time

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate I admit it. I’m thinking about retirement. Of course, I’ve been thinking about retirement since I was 30. Back then, my retirement thoughts were (mostly) about socking away money…

Baby boomers’ 2016 birthday gift to IRS

By Bankrate Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! Baby boomers reach a momentous tax birthday this year, but it’s the Internal Revenue Service that will be getting presents. The first baby boomer was born on Jan. 1,…

Retirement Planning Means Peace of Mind in Boca Raton

Boca Raton offers beautiful beaches, world-class shopping, amazing restaurants and warm weather all year round, what’s not to love? That’s why, when thousands of Americans retire every year, many move to sunnier climates in Florida to enjoy the relaxation that comes with retirement. In a fluctuating economy, however, retirement planning doesn’t end on your last…

Social Security and Medicare Amounts for 2015

The annual inflation adjustments have also impacted the various Social Security amounts and thresholds for 2015.

Seniors age 70 1/2+: Take your required retirement distribution

The tax laws generally require individuals with retirement accounts to take annual withdrawals based on the size of their account and their age beginning with the year they reach age 70½. Failure to take a required withdrawal can result in a penalty of 50% of the amount not withdrawn.

Retirement Plan Review

When you reach age 70 1/2 (or in some cases, retire), you must start withdrawing a minimum amount from your traditional IRAs and qualified plans each year. Severe penalties can result if required minimum distributions are not made on a timely basis. However, distributions from Roth IRAs are not required during your lifetime.