Tax season reveals retirement trends, underscores changes to come

Tax 2021 information.
Photo credit Krystsina Yakubovich/Getty Images
By , KYW Newsradio

PHILADELPHIA (KYW Newsradio) — Monday brought the tax day deadline in America, a deadline extended by a month from the normal April 15 filing requirement.

This year, things were a little different for many of us because of the pandemic. A financial expert has seen new trends and things to look out for as the COVID-19 pandemic continues.

One trend Jeffrey Bush of Informed Financial Family Services has found involves how the pandemic led more people to finish off their careers a little earlier than expected.

"A lot of people are retiring earlier than originally anticipated, so that's causing a need for some additional planning, the whole dynamic of working through the new requirements for the pandemic," said Jeffrey Bush of Informed Financial Family Services.

"A lot of people were retiring in a much earlier time than anticipated."

Bush also said to be aware of uncertainty in what your tax rate will be.

"There is talk of there being changes in tax rates," Bush said.

"How it's going to affect tax payers is still unknown to a certain degree, how it's going to affect capital gains."

Bush also explained possible changes in what is called the "step-up basis" on death taxes.

"We're all watching very closely to see how this tax legislation is going to move through Congress," said Bush.

If you miss your tax day filing deadline, you can file for an extension, but it most be postmarked or completed online by the end of Monday.

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