income Archives - DR News - News, Retirement, Finance

Retirement Income: Boost Your Social Security Benefits by Waiting Until Age 70

Many retirees in San Francisco, California rely heavily on Social Security benefits for income in retirement. Deciding when to claim these benefits can significantly impact the amount of money received over a lifetime. While some may choose to claim benefits as early as age 62 to receive smaller monthly payments, others may opt to delay until age 70 for larger payments. It is essential to consider one’s unique financial situation and retirement goals when making …

Income Generation Strategies for Retirees Amid Shifting Bond Yields

Washington, D.C. – Retirees seeking to generate income from their investment portfolios may need to reassess their strategies in light of current market conditions. In today’s environment where bond yields exceed dividend yields by 300 basis points, investors focused solely on income generation may find their equity allocation needing adjustment, according to financial experts. Certified financial planner David Blanchett emphasizes the importance of balancing income and price returns in a portfolio for those looking to …

Tax Cut: West Virginia Lawmakers Approve Phasing Out State Income Tax on Social Security Benefits

Charleston, West Virginia – Lawmakers in West Virginia have passed a bill to gradually phase out state income tax on Social Security benefits, marking a significant development in ongoing efforts to provide financial relief to retirees. The initiative, proposed by Republican Governor Jim Justice in January, is part of a broader series of tax cuts aimed at boosting the state’s economy. The recent approval by the West Virginia House of Delegates signals progress towards the …

Fintech Firm LifeYield Releases Annuity Income Layer for Tax-Efficient Portfolio Management

Boston, MA – LifeYield, a fintech firm specializing in tax-efficient, multi-account portfolio management, has recently announced the launch of its Annuity Income Layer for annuity manufacturers and distributors. This enhancement to LifeYield’s Social Security+ benefits optimization tool aims to simplify the process for financial advisers to illustrate a manufacturer’s annuity products with minimal disruption and data collection. According to Mark Hoffman, chairman, CEO, and co-founder of LifeYield, tens of thousands of financial professionals use LifeYield …

Social Security Income Tax Phase-out Bill Passed by W.Va. House Delegates

CHARLESTON, W.Va. – West Virginia’s House of Delegates recently approved a bill seeking to gradually eliminate the taxation of social security income in the state. This move is a significant development in the effort to ease the financial burden on retirees and individuals receiving social security benefits. The bill, championed by Del. Larry D. Kump, aims to phase out the state income tax on social security benefits, a measure that has been in place for …

Navigating Retirement In 2023: Here Is What You Need To Prioritize

As we enter 2023, retirement planning has become more important. The aging population and increasing life expectancies mean that retirees must plan carefully to ensure a comfortable and secure retirement. With so many financial priorities to consider, it can be challenging for retirees to navigate their retirement planning. In this context, it is crucial to prioritize the most critical financial considerations that all retirees should consider. Doing so can increase their financial security and help …

West Virginia Lawmakers Consider Phased Elimination of State Income Tax on Social Security Benefits

Charleston, West Virginia – The House Finance Committee has made progress in moving forward with Governor Jim Justice’s proposal to eliminate the state income tax on Social Security benefits for middle and higher income West Virginians. However, lawmakers are proceeding cautiously, opting to phase out the tax over three years instead of implementing an immediate elimination that would cut an estimated $37 million out of state revenue. Committee chairman Vernon Criss (R, Wood) expressed concerns …

West Virginia Residents on Social Security May Receive Income Tax Cuts

CHARLESTON, W.Va. – Legislation proposing income tax cuts for Social Security recipients in West Virginia is gaining attention from lawmakers and citizens alike. The bill, which was introduced in the state legislature, aims to alleviate the tax burden on retirees living on fixed incomes. If passed, the proposed tax cut would bring relief to thousands of Social Security recipients in the state. Advocates for the bill argue that reducing or eliminating income taxes on Social …

West Virginia Senate Poised to Repeal Income Tax on Social Security Checks

CHARLESTON, West Virginia – West Virginians are anticipating the possibility of significant tax cuts, particularly for those collecting Social Security. The state currently imposes an income tax on these individuals, a practice not common in most states. However, there’s a potential for change on the horizon as the West Virginia Legislature considers repealing this tax. As it stands, 50,000 retirees in the state are affected by this tax, which adds up each year. Forty states, …

Social Security Income Tax Phase-Out Proposed by Gov. Jim Justice Advances in House Finance Committee

CHARLESTON, W.Va. – West Virginia’s House Finance Committee has advanced a bill that would phase out the personal income tax on Social Security over three years, in response to Gov. Jim Justice’s proposal. The committee leaders aim to provide a tax break for seniors while exercising caution regarding the state’s budget. House Finance Chair Vernon Criss, R-Wood, highlighted the importance of phasing in tax cuts as a matter of prudence. He emphasized the need to …