The Maryland Retirement Tax Elimination Act of 2022 represents a landmark victory for retirees across the state. Signed into law by Governor Larry Hogan, this legislation delivers the largest tax cut package in Maryland’s history specifically designed to benefit seniors and make Maryland more retirement-friendly.
The numbers tell a concerning story: Many surviving spouses see their household income drop by 25-50%, yet find themselves paying higher tax rates on what remains. Medicare premiums can spike by thousands of dollars. And Social Security income that once supported two people must now sustain one.
As a successful retiree or pre-retiree who has worked hard to build your wealth, you deserve to enjoy the fruits of your labor without unexpected Medicare costs eroding your retirement income. Yet many financially successful individuals are surprised when they discover that their Medicare premiums can be significantly higher due to IRMAA surcharges.
If you’re retired or approaching retirement, you’ve probably seen headlines asking whether President Trump will cut Social Security benefits, raise the retirement age, or eliminate taxes on benefits.
If you’re approaching retirement in Maryland with $1,000,000 or more saved, you’ve probably realized the game has changed. This isn’t about growing your portfolio anymore—it’s about making sure your money lasts 30+ years while minimizing taxes, optimizing Social Security, and navigating Medicare’s income-related premium surcharges.
If you’re charitably inclined and over age 70½, you may be overlooking one of retirement’s most powerful—and underused—tax planning strategies. A Qualified Charitable Distribution (QCD) allows you to donate directly from your IRA to charity, satisfying your required minimum distribution while keeping that money out of your taxable income entirely. For many retirees, this isn’t…
What is FERS? Understanding the Federal Employees Retirement System If you’re a federal employee hired after December 31, 1983, you’re likely covered by the Federal Employees Retirement System (FERS)—a comprehensive retirement plan designed to provide financial security through three integrated components. Unlike the older Civil Service Retirement System (CSRS), FERS combines a modest pension with…
DISCLAIMER: This case study is based on a real client scenario encountered in our practice. All names, figures, and identifying details have been changed to protect client confidentiality. The results shown are specific to this hypothetical situation and should not be considered a guarantee of future performance or outcomes. Past performance, including historical market scenarios,…
The short answer is: it depends on the type of retirement income. Maryland does tax some forms of retirement income, but also offers various exemptions and exclusions. In this comprehensive guide, we’ll break down how different types of retirement income are taxed in Maryland and provide insights to help you plan your retirement finances effectively.
Most people assume their 401(k) is protected, diversified, and grounded in long-term fundamentals. But this policy shift introduces a dangerous blind spot: complex, opaque, and often unregulated private equity products that can lock up your money, charge sky-high fees, and fail to deliver. This post explores the real risks behind this policy, the ugly truth about private equity returns, and why retirees should think twice before embracing Wall Street’s next big pitch.