Check out the link below and pick up a valuable lesson. We offer a free consultation and you can see if you are ready for retirement or not in a matter of minutes.  We have helped people save thousands on their retirement planning.  Check out the story and come back to us for your personal no obligation review.

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Here are some items I pulled off the social security web site. As you are gearing up for the new year, some items to check out for the new year.

Remember to tell your coworkers, family and friends about the free resources available to them on the Social Security website at www.socialsecurity.gov. Social Security’s online Retirement Estimator at www.socialsecurity.gov/estimator is a great financial planning tool that gives an immediate and personalized estimate of your Social Security retirement benefits at age 62, age 66, age 70 or any point in between.

When it’s time to retire, Social Security’s online Retirement Benefit Application makes it easy to apply for benefits. Apply for retirement benefits from your PC in as little as 15 minutes at www.socialsecurity.gov/planners/about.htm. There’s no need to drive to your local Social Security office or wait for an appointment. In most cases, after you click the “Sign Now” button and submit the application electronically, that’s it. There are no forms to sign, and usually no additional documents are required. Social Security will contact you directly if more information is needed.

If you are uncertain about when to retire, you can check out the online fact sheet, “When to Start Receiving Retirement Benefits” at www.socialsecurity.gov/pubs/10147.html.

If you have any further questions of if you like this post, please let me know.

]]> http://savemoretaxes.com/blog/general/social-security-tid-bits/feed/ 1 http://savemoretaxes.com/blog/taxplanningpreparation/2009-year-end-tax-tips-401k-plans/ http://savemoretaxes.com/blog/taxplanningpreparation/2009-year-end-tax-tips-401k-plans/#comments Fri, 11 Dec 2009 21:48:57 +0000 admin http://savemoretaxes.com/blog/?p=81 401(k) Plans

A 401(k) plan allows you to allocate a portion of your salary to an account where the funds can grow on a tax-deferred basis.  In addition, your company may provide matching contributions based on a percentage of your salary.

Year-end strategy: Adjust your 401(k) plan contributions to increase your retirement nest egg.  For instance, you might defer more dollars to your 401(k) account after you clear the 2009 Social Security wage base of $106,800.  This will result in little or no reduction in your take-home pay.  As with other tax-qualified retirement plans, a 401(k) plan must meet strict nondiscrimination requirements to maintain its tax-favored status.  There is also an annual dollar cap on elective deferrals.  For 2009, you can defer a maximum of $16,500 to your account.

Tip:   If you’re age 50 or over, you can add a “catch-up contribution” of $5,500.  Thus, the total maximum annual deferral for taxpayers age 50 or over is $22,000.

Stay tuned for more 2009 Year End Tax Tips

Related articles on Retirement Funding

• 3 easy ways to start saving now (money.cnn.com)

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