Planning For Retirement

How do you plan to spend your retirement? Traveling or spending more time with your family? Whatever your retirement dreams, you have to start planning and saving now in order to make those dreams come true.

Here are a few retirement savings tips and reminders:

1. Plan to save First, set a realistic retirement savings goal. Take into account how many years your retirement will last, what you want to do when you retire, and how much you will need for each year of your retirement. Next, schedule your savings. Depending on what works best for you, commit to saving a certain amount every year, every month or even every week for your retirement. Stick to your schedule. Lastly, regularly review your savings goal and schedule to make sure you’re still on track.

2. Start saving now It’s easy to put off saving for retirement to another day. The earlier you start; however, the more likely you will save enough for retirement. By starting sooner rather than later, you will also benefit more from compounding (earnings on previous earnings).

3. Participate in your employer’s plan Start participating in your employer’s retirement plan as soon as you can. If the plan allows you to contribute to the plan from your wages, contribute as much as you can up to the plan limits, which for 2016 are: • $18,000 to 401(k) or 403(b) plans • $12,500 to SIMPLE plans If you are 50 or older by the end of the year, your plan most likely will allow you to make additional (catch-up) contributions of $6,000 to 401(k) or 403(b) plans, and $3,000 to SIMPLE plans. If your employer doesn’t have a retirement plan, ask if one can be started.

4. Contribute to IRAs Contributing to Individual Retirement Arrangements is a simple way to save for your retirement. For 2016, you may be able to contribute to a traditional or Roth IRA the smaller of: • $5,500 ($6,500 if you are age 50 or older), or • your taxable compensation for the year. Some factors may limit or eliminate your ability to make IRA contributions while others may limit you from deducting your traditional IRA contributions.

5. Avoid early withdrawals Your retirement savings are for when you retire. To maximize the amount available when you actually retire, avoid taking money out early from retirement plans and IRAs. Remember that you usually have to pay an additional 10 percent tax on the amount of money you take out of your plans or IRAs before you reach age 59½, unless you qualify for an exception. ______________________________________________________________________
helpful resources on retirement topics on IRS.gov:

• Saving for retirement – information on saving for retirement, including how changes in your life can affect retirement planning.

• Types of retirement plans – information on various types of common retirement plans, including how much you can contribute per year.

• Retirement Plans FAQs – answers to common retirement plan and IRA questions.

• Retirement Saving Tips for Individuals – help on saving for retirement and understanding your employer’s retirement plan.

On Twitter?

• Find information about #retirement planning for every stage of your life https://go.usa.gov/rQyQ #IRS
• Get free tips on how to save for your #retirement https://go.usa.gov/rQye #IRS

TaxPayers Are In Tears Living Paycheck To Paycheck And Need To File For Free!!

i work with the Campaign For Working Families servicing low to moderate income families with their federal and state tax preparations and filing, some locations can assist with city taxes for entrepreneurs. i enjoy the service we provide to our working individuals and families because we are  assisting with financial empowerment. Some of our clients are the working poor and really cannot afford to pay a tax accountant. Heartbreaking are the tears we see from our clients who are living paycheck to paycheck and look forward to a lump sum via their tax refunds only to learn that they will not get as big of a return because all that overtime means their tax bracket changed and their refund is lower, or they were penalized for early distributions of their retirement plan. We are certified by the IRS to prepare returns for these taxpayers for free.

We at the Campaign For Working Families have great partnerships with United Way and Clarifi. United Way is the financial partner, who made this free tax filing season possible in Pennsylvania, New Jersey and Delaware. Clarifi offers financial empowerment to our clients free of charge.

For Small Business out of our scope check out 

For Artist out of scope check out 

Thursday, February 18 5:00 pm-7:00 pm

[ Leeway Office -1315 Walnut Street, Suite 832 ]

Click [here] to RSVP

Whether you’re getting grants, selling or performing art, self-employed or have an LLC, you still have to file taxes. But, what are the best filing options for your individual situation? With over 25 years experience working with artists and small businesses, Christianne Kapps will offer advice, handouts, and help explain some of the more confusing tax subjects for artists. In addition, Christianne will explain the City of Philadelphia’s Business Income and Receipts Tax and how it affects artists. Workshop is free, you must RSVP.

All attendees will receive a discount coupon to use Christianne's or her partner's services. Additionally, attendees who are Leeway grant recipients will receive a coupon for a free 15-minute individual session with Christianne.

ABOUT CHRISTIANNE KAPPS

Christianne Kapps has been working with small businesses for 25 years. Ms. Kapps has a BA in Art History from Tyler School of Art and an MFA from PennDesign and maintains a ceramics studio in Philadelphia while bookkeeping and consulting with very small businesses, start-ups and small not-for-profit organizations throughout the area. Ms. Kapps works with self-employed individuals preparing tax returns and helping to navigate the world of the IRS as well as state and local taxes.