Tag: earned income

Traditional IRA vs. Roth IRA: Which Retirement Plan is Right for You?
September 27, 2024 Off

Traditional IRA vs. Roth IRA: Which Retirement Plan is Right for You?

By The Admiral Staff

This article explains traditional IRAs, a retirement savings option available since 1975. Unlike Roth IRAs, traditional IRAs allow for upfront tax deductions on contributions, lowering your taxable income, but withdrawals in retirement are taxed as ordinary income. Contributions are limited to $7,000 annually (or $1,000 extra for those 50+), and anyone with earned income can contribute regardless of income level. While early withdrawals typically incur a 10% penalty

Survivor Benefits & Working: Why Your Spousal Payments Might Be Zero
February 4, 2024 Off

Survivor Benefits & Working: Why Your Spousal Payments Might Be Zero

By The Admiral Staff

A woman inquired about receiving survivor benefits from her late husband’s Social Security record, but was told she earned too much to qualify. The article explains that while survivor benefits are available, claiming them before full retirement age (67 in her case) results in a reduced benefit, and that benefit can be further reduced or eliminated if earned income exceeds certain limits ($19,560 in 2022 for those not yet at full retirement age). The author advises her to continue working