Everybody likes getting something for free, and taxes are no different. If you invest in securities such as municipal bonds (munis) or municipal bond funds, you can generate tax-free interest income. Here is what you need to know. Advantages of municipal bonds You pay zero federal tax on municipal bond investment income. This makes [...]

Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach age 73, the trigger requiring minimum distributions (RMDs) from qualified retirement accounts is initiated, potentially causing unwanted tax obligations. RMDs explained [...]

The Social Security Administration announced a 3.2% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2024, a big drop from last year's increase of 8.7%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2023. For those contributing to [...]

You can begin receiving your Social Security retirement benefit as early as age 62. But by putting off your benefit start date you can receive a check that is approximately 8 percent higher for each year you delay receiving your benefit. The basics Full retirement age. Those born between 1943 and 1954 reach their full [...]