Tax Warrior Chronicles

GUEST BLOG - Are Most of Your Retirement Eggs in the Same Tax Basket?

Posted on Wed, Feb 12, 2020

By: Jeremy Gussick, MBA, CFP

 

As the busy tax season gets into swing, we like to tap friends in the financial planning world to help our clients and subscribers with their planning. Jeremy Gussick of LPL Financial is no stranger to our subscribers.  Today, he talks about taking distributions from various types of retirement accounts in the most tax-efficient manner.

 

Did you know that the vast majority of assets currently saved for retirement in this country are all in the same tax-structured account type?  And by saving in this fashion, you may be placing some significant limitations on your ability to grow and distribute your assets during retirement in the most tax-efficient manner? 

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How to Maximize Your Social Security Retirement Benefits

Posted on Mon, May 18, 2015

This week, we continue with our series of guest bloggers as The Tax Warriors® take a break from busy season.  Today, we help you understand and maximize your Social Security benefits, and we’ve brought in an expert to guide you.

 

Jeremy Gussick, CFP, of Levin, Aromando, Gussick & DeGerolamo, LLC, offers some ideas to consider to make the most of your Social Security.  

 

Don’t Follow the Herd

Did you know nearly 7 out of 10* retirees filing for Social Security today are filing for their benefits “early” – meaning before their full retirement age (FRA)?  FRA is 66 for baby boomers born between 1943-1954.  By doing so, these retirees are unfortunately locking-in reduced benefits for the

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SSA's Post-Windsor Guidance May Provide Clues About IRS's Position

Posted on Wed, Aug 21, 2013

In its landmark Windsor decision, the Supreme Court struck down Section 3 of the Defense of Marriage Act (DOMA), which required same-sex spouses to be treated as unmarried for purposes of federal law, as an unconstitutional deprivation of equal protection. This decision carries significant tax consequences for same-sex married couples, but it also leaves a host of issues to be resolved by the IRS. Although the IRS hasn't yet issued its promised post-Windsor guidance, the Social Security Administration (SSA) has perhaps provided some clues about what to expect.

Background

In 1996, Congress enacted, and President Clinton signed into law, DOMA. Section 3 of DOMA defines marriage for purposes

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Retirement Planning - How to Access Your Social Security Statement

Posted on Thu, May 03, 2012

Last year Social Security suspended the mailing of the annual benefit estimate Statements due to Federal budget considerations. Recently they resumed sending the Statement, but only to people who are age 60 and older and who are not yet on benefits; people younger than 60 will not have a Statement mailed to them, but can now access the information on-line.

 

This week Social Security set up an on-line service that allows anyone age 18 and older to register and create a personal My Social Security account. Your My Social Security account can  provide:

  • Estimates of the retirement and disability benefits you may receive;
  • Estimates of benefits your family may get when you receive Social
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