Quick answer RMDs are mandatory withdrawals from certain retirement accounts after you reach a specific age. For married couples, each spouse takes their own RMD from their own retirement accounts. The RMD amount is calculated based on the account balance and your age, using IRS-provided life expectancy tables. If you inherit an IRA, you may…
Quick answer You have several options for your retirement funds from a previous employer, including leaving them in the old plan, rolling them over to an IRA, rolling them into your new employer’s plan, or cashing them out. Rolling over funds is often the most beneficial to avoid taxes and penalties, and to maintain investment…
Quick answer Understand your pension plan type (defined benefit vs. defined contribution). Locate your plan documents and recent statements. Identify key details like your benefit formula, years of service, and expected retirement age. Use your plan’s online calculator or contact the administrator for an estimate. Factor in potential early retirement reductions or survivor benefits. Remember…
Understanding how to calculate your taxable income is fundamental to filing your taxes correctly and planning your financial future. Taxable income is the portion of your earnings that is subject to taxation by the IRS and state governments. Knowing this figure helps you estimate your tax liability, determine if you’ll owe money or get a…
Quick answer You can file your taxes yourself using tax software, hire a tax professional, or use a combination of both. The best method depends on your financial complexity, comfort level with numbers, and budget. DIY software is often cost-effective for simpler returns. A tax professional is valuable for complex situations, significant life changes, or…
Understanding your state tax obligations is crucial for avoiding penalties and ensuring financial peace of mind. This guide will walk you through the process of determining if you owe state taxes, from reviewing your personal financial situation to understanding common pitfalls. Quick answer Review your income sources and filing status to determine state residency. Check…
Quick answer The Social Security Administration (SSA) does not offer a direct public email address for general inquiries. For most account-specific or personal matters, you must use your secure “my Social Security” account online. For general questions, the best methods are phone, mail, or visiting a local office. You can use secure messaging within your…
Quick answer PSERS (Public School Employees’ Retirement System) is a defined benefit pension plan for Pennsylvania public school employees. Your retirement benefit is calculated based on your years of service and average salary. You contribute a percentage of your salary to the plan, which is matched by your employer. Vesting typically occurs after 5 years…
Quick answer Social Security survivor benefits provide financial support to eligible family members after a worker’s death. Eligibility depends on the deceased worker’s contribution history and the survivor’s relationship and age. Spouses, children, and sometimes parents can qualify for benefits. The amount of the benefit is a percentage of the deceased worker’s primary insurance amount….
Quick answer Start by checking your old employment records and HR contact information. Contact the company’s HR department or benefits administrator. If the company no longer exists, look for the plan administrator’s contact details. You may need your Social Security number and dates of employment to identify your account. Consider rolling over the funds to…