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As retirees, it is crucial to have a clear understanding of the various sources of income that may be available to you, including Social Security, pensions, retirement plans, and other financial resources. Managing these income streams effectively requires careful planning to ensure compliance with IRS regulations and avoid potential penalties. For the year 2024, retirees
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Former President Donald Trump and Vice President Kamala Harris have unveiled their economic agendas, both calling for tax changes that could impact millions of Americans. The Tax Cuts and Jobs Act (TCJA) enacted by Trump includes provisions such as lower federal income tax brackets, a higher standard deduction, a bigger child tax credit, and more
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The federal minimum wage has remained stagnant at $7.25 per hour for the past 15 years, providing little relief for the workers it is meant to support. This lack of increase in the minimum wage has left many workers struggling to make ends meet as the cost of living continues to rise. **The Need for
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As retirement nears, investors need to be aware of a potential threat known as the “sequence of returns risk.” This risk, also called “sequence risk,” arises when poor investment returns are coupled with withdrawals, particularly in the early years of retirement. The combination of these factors can gradually diminish a retiree’s nest egg over time.
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As investors grapple with economic uncertainty, financial advisors are providing guidelines on the appropriate amount of cash that should be set aside for emergencies. Despite the second-quarter economic growth, a significant number of Americans still believe that the U.S. is in a recession. The opinions are divided, with some experts projecting a recession while others
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Former President Donald Trump and Vice President Kamala Harris have both expressed their desire to end taxes on tips. Harris recently voiced her support for this idea at a rally in Las Vegas, following Trump’s earlier comments on the matter. This proposal is particularly important in states like Nevada, where the hospitality sector plays a
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The Social Security Administration is currently facing a significant challenge due to a “record-breaking backlog” of open cases, which has led to approximately $1.1 billion in projected improper payments to beneficiaries. According to a recent report from the Social Security Administration Office of the Inspector General, the backlog of pending actions has reached an all-time
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