Rates are Down

No, we aren't talking about mortgages! Federal income tax rates are at least 2 percentage points lower across the board for all taxpayers. The highest rate is now only 35%, which is a drop of 3.6 percentage points from last year. These are the lowest income tax rates in almost 10 years.  The "marriage penalty relief," or help for married taxpayers filing jointly, has been accomplished by both an increase in he standard deduction and a widening of the income limits within each tax bracket.

Take Three Steps

Developing a financial plan to meet your needs from pre-retirement all the way through your retirements years can be complex. We've broken it down into three important steps that you can use to create your personal financial roadmap. First, find and work with an investment professional. He will evaluate your financial situation by taking a close look at variables that include your age, the impact of inflation and taxes, and your existing savings. Ultimately, he will help you establish a retirement spending budget that is realistic. We will explore the next two steps in future months - stay tuned.

Abacus Turns 20!