Author - jim@blankenshipfinancial.com (Jim Blankenship)

1
Uncoupling File & Suspend
2
Social Security Filing Strategies for the Single Person
3
Where to Start With Retirement Savings
4
2015 IRA MAGI Limits – Married Filing Separately
5
2015 MAGI Limits for IRAs – Married Filing Jointly or Qualifying Widow(er)

Uncoupling File & Suspend

suspended bridgeBy now you should be somewhat familiar with the File & Suspend strategy, where an individual files for Social Security benefits and then immediately suspends them. This strategy is often used so that the individual can enable other dependents’ benefits (such as spousal or children) based upon his or her record, while delaying receipt of his or her own benefits in order to accrue delay credits on his benefit.

What you may not realize is that you don’t have to file & suspend at the same time. These actions can be decoupled – in other words, you could file for …

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Social Security Filing Strategies for the Single Person

You can listen to this article by using the podcast player below if you’re on the blog; if you’re reading this via RSS, there should be a “Play Now” link just below the title to access the audio. If you’re receiving this article via email, there should be a “Download Now” link within the text of the message to retrieve the audio file.

backwardsMost Social Security filing strategies are focused on married folks, or those who have been married and are now divorced or widowed. Single folks who have never been married seem to get short shrift – but it’s …

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Where to Start With Retirement Savings

choicesToday, we have so many choices for our retirement savings that it can be difficult to choose which sort of account to contribute to. If you are fortunate enough (as many are) to have more than one type of retirement plan available to you, in what order should you contribute to the accounts? Right now, at the beginning of a new year, is an excellent time to start with retirement savings.

Qualified Retirement Plans

First of all, many folks who are employed by a company have some sort of tax-deferred, qualified, retirement savings account available. These accounts go by many …

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2015 IRA MAGI Limits – Married Filing Separately

separateNote: for the purposes of IRA MAGI qualification, a person filing as Married Filing Separately, who did not live with his or her spouse during the tax year, is considered Single and will use the information on that page to determine eligibility.

For a Traditional IRA (Filing Status Married Filing Separately):

If you are not covered by a retirement plan at your job and your spouse is not covered by a retirement plan, there is no MAGI limitation on your deductible contributions.

If you are covered by a retirement plan at your job and your MAGI is less than $10,000, …

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2015 MAGI Limits for IRAs – Married Filing Jointly or Qualifying Widow(er)

jointsNote: for the purposes of IRA MAGI qualification, a person filing as Married Filing Separately, who did not live with his or her spouse during the tax year, is considered Single and will use the information on that page to determine eligibility.

For a Traditional IRA (Filing Status Married Filing Jointly or Qualifying Widow(er)):

If you are not covered by a retirement plan at your job and your spouse is not covered by a retirement plan, there is no MAGI limitation on your deductible contributions.

If you are covered by a retirement plan at work, and your MAGI is $98,000 …

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