Here come the holidays and everything that goes with them – traveling, cooking, buying gifts, and of course, spending time with the people we love. Even though it’s a busy time of year when finances can end up taking a back seat to decorating and wrapping presents, it’s important to take the time to review [...]
When you think of your major expenses, you might think of housing, healthcare, travel, or something else. But have you considered that taxes could be your biggest expense, even in retirement? There could be ways to reduce your tax burden today and tomorrow, including a Roth IRA conversion. What is Roth IRA vs. a Traditional [...]
Do you ever feel like you live in a completely different world than you did 20 years ago? It’s worth thinking about how different it will be in another 20 years. Beyond cultural and personal changes, we could see major economic changes that could affect us in retirement. It’s always worth knowing what’s going on [...]
The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. [...]
Over 60% of Baby Boomers are more afraid of running out of money than of dying, according to a recent survey.[1] Even retirees who have saved a substantial amount for retirement may be worried about outliving their savings, and there may be good reasons for this. The potential for higher taxes, inflation, and healthcare costs [...]
Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources which can be taxed. And while we know what the tax rates are now, we don’t know what they’ll be in 10 or 20 years – or even one year from now. This is why it's [...]
They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to help minimize your overall tax burden before and in retirement. An advantage of going to one professional for all of your financial planning needs is that [...]
Although you may not have ever struck oil, you’ve already won the retirement lottery by working hard to save and benefiting from market growth and home appreciation. Now the question is how you'll make your small fortune last the rest of your life. We can learn three important lessons from The Beverly Hillbillies as to [...]
Are you aware of the latest news that could affect your money? We recently heard from Federal Reserve Chairman Powell regarding interest rates, plus the Biden administration released a “Green Book” outlining some potential tax-increasing measures. There are several big changes proposed, and if they come to fruition, you may need to review your tax [...]
The Biden administration has already spent $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals.[1] You may think you won’t have to worry as much about [...]