The average IRA balance, for a person approaching retirement

If you are wondering how your retirement savings compare with your peers as you approach your retirement deadline, the Federal Reserve Bank of St. Louis publishes economic research, which might surprise you. In 2016, the average Social Security benefit for retirees was $1,294 per month. For many, this benefit amount is only part of their retirement income and in order to create an additional income, they have been saving in Individual Retirement Accounts (IRAs) for many years. According to the Transamerica Center for Retirement Studies, in 2016, the top 10 percent of retirement savers had $274,000 put away for retirement.

... Read More

Christmas Bonus vs. Year-End Bonus, Is there a taxable difference?

Some small businesses give personal gifts of food or gift cards, while others mimic larger businesses who customarily give the equivalent of one or two weeks salary to their employees at this time of year. According to the IRS, bonuses of money and of gift cards (considered a monetary equivalent) are considered taxable income and must be reported. They should be included on your W-2.

... Read More