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There are many factors to understanding whether you are on track to meet your financial goals for retirement. These not only include what you have set aside in savings and investments, but your rate of return, and inflation. If factors you can’t control such as the market or inflation have undermined where you thought you were, we may have a new option to help you get back on track. Check out this Forbes Investment Calculator, it may help.
With tax season approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes, if your annual income is above a certain amount when you’re receiving those payments. And because that income threshold is relatively low, it’s likely that some of your benefits will be taxed. The percentage of tax is calculated off of your combined income if married and filing jointly, or as a single filer. The question then becomes: What is combined income? Combined income includes your adjusted gross income, nontaxable interest, and one-half of your annual Social Security benefits.
We often think of retirement in terms of years. We think about how there isn’t enough time left in our lives to do all the things we planned on doing. That same thought of ‘not enough time left’ also comes to mind when we lose some of our life savings. Those who were handling it will respond by saying “Over time, things will change, and you will probably get it back.” But, just how long is “Over time?” When does that timeline begin, when will you have “Probably” made back those losses? And how much can you depend on that
We are often asked, “When is the best time for a widow or widower to collect the social security survivor benefits, they have become entitled to?” If you or someone you know have questions about this, we may be able to help. There is a process of applying for those benefits, and we can help educate you on the information you need to gather. Determining the best timing for you to begin to collect is very important. We recognize that it’s likely already a stressful time for you, and want you to know that we’re here to help. Schedule a
We’ve all read so many articles reminding us to start early with our retirement savings. But, considering all of the different financial obligations that seem to happen along the way, some of them expected and some not, sometimes retirement sneaks up on you. Before you know it, you may realize you’re only five to ten years away from it. What should you do? Two recommendations certainly come to mind: 1) Meet with a financial professional 2) Adjust your asset allocation We are financial professionals, and are here to help you, no matter your stage of planning. Reach out to us.
A new year often means a fresh start! Reevaluating your financial needs, budget, and savings is also often done now. Building a budget or adjusting the one you already have is one step, as is looking honestly at any debt. Another important step is making sure that your emergency savings are secure, and that your insurance is not only up to date but still consistent with any circumstances that may have changed. We can help you sort through your financial documents and let you know of any options we think you might want to explore. Reach out to us. We’re
With 2022 just beginning, we thought we’d share with you some of the changes to Social Security. The Social Security Administration has issued a 5.9% cost-of-living adjustment (known as a “COLA”) for 2022, the largest COLA in nearly 40 years. How much of a difference this will make in your life really depends on your overall financial needs and situation. The increase in Social Security benefits can help offset inflation. However, it will not reduce the amount of Required Minimum Distributions (RMDs) you will still be required to take from your retirement accounts (for example, your IRA.) It’s possible you
Over the past few weeks we’ve made posts regarding some of the things to think about when providing for your family’s future and protecting what you’ve worked for. As we enter the New Year, there are also strategies you can think about putting in place to pass on your legacy. Just as your life changes over time, so do tax laws and regulations. It’s important to review your beneficiary designations and life insurance policies to ensure everything is up-to-date and aligned with your goals. You don’t need to have purchased these products with us. We’re more than happy to discuss
A recent article in the Wall Street Journal states “Last April, economists thought inflation would be around 2.5% right now. Instead, it’s over 6%. Even by the forgiving standards of economic forecasting, that’s a miss of epic proportions.” So, what’s the cause of this increase, and what does it mean? Some blame President Biden and the Federal Reserve for administering too much stimulus, others blame pandemic-related bottlenecks and supply chains. However, it’s becoming clear that neither supply nor demand is individually to blame. It’s a combination of both. This inflation was caused by strong demand interacting with restricted supply. The
As a recent article indicates, Government data shows “nearly 70% of individuals who reach age 65 will need long-term care at some point.” Further, “while the median cost of an assisted living facility was $4,300 a month as of 2020, what most Seniors don’t realize is that Medicare doesn’t pay for most long-term care costs.” “It only covers 100 days of care at a skilled nursing facility, and only if it was preceded by a hospital stay of three days or more.” This was stunning to read. Even in cases where individuals have surgery, it’s rare that a hospital will
