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Max Out Your Retirement Accounts in 2014

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Here’s a great article by author  Emily Brandon featured in US News & World Report. The article details a variety of different ways to max out your retirement savings in the New Year. If you would like to open a retirement account in the new year call Manna at 703-533-0030 or visit Mannacapitalmanagement.com for a free […]

2014 IRA & 401(k) Limits

Virginia 529 College Savings Plan

IRS SETS 2014 IRA AND 401(k) LIMITS The Internal Revenue Service recently announced the following retirement plan contribution limits for the upcoming tax year.   IRA contributions Roth: Remains unchanged $5,500 Traditional: Remains unchanged $5,500 Catch-up:Remains unchanged $1,000 401(k) contributions Remains unchanged $17,500 Catch-up contributions Remains unchanged $5,500   Traditional IRA deductibility phase out –New for 2014 Single Filers […]

2013 Tax Reference Guide

2013 Tax Reference Guid

We’re nearly half-way through the 2013 calendar year and before you know it, it’ll be time to file for taxes. Whether you file yourself or work with a professional, it is important that you keep up to date on changes.   On January 1, 2013, the Senate and the House passed the American Taxpayer Relief […]

Five Retirement Tax Strategies for 2012

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1) Contribute the Maximum to Retirement Accounts Although the elective deferral limit for 401(k) and similar plans was increased to $17,000 for 2012, IRA contribution limits remain the same as 2011, at $5,000. IRA owners 50 or older by December 31, 2012 can contribute an extra $1,000 for a total of $6,000 and plan participants […]

Baby Boomers are you Worried about having enough saved for retirement?

Baby boomer

Here’s a simple approach: work just a few years longer. By accumulating more savings and shortening your withdrawal period, you’ll reduce the lump sum needed to generate the necessary income at retirement.  Surveys show that most baby boomers plan to work in some capacity during their retirement years. The question is, should you keep working […]