States with the Biggest and Smallest Retirement Tax Bite
Remember that sage financial warning, “It’s not how much you make. It’s how much you keep.” Truer words were never spoken when it comes to retirement income. And taxes, federal and state, are one of the biggest determinants in just how much retirees have to live on. Here are some taxes you’re likely to see in retirement, who’s doing the [...]
The Biggest Mistake of Having a Living Trust
Your estate planning is complete. A living trust was created because it was the best vehicle to accomplish what you want to do. Now you can breathe easily. Or so you think. Over the years, I’ve had new clients come to me who had invested lots of time and money to set up a trust. But when I asked if [...]
Medical Expense Deduction Tax Relief
It’s only taken Congress 34 years, but the threshold for claiming a medical expense deduction has finally been made permanent. For 2021 and forevermore, medical expenses above 7.5% of Adjusted Gross Income (AGI) is the law of the land if you itemize on your federal tax return and your total itemized deductions are greater than the standard deduction. For the [...]
Retirement Exit Strategy Checklist
Retirement. It’s a magic word and it’s supposed to be a magic time in your life. You’ve planned for it, worked for it, anticipated it, and expected a great life that comes after it. Today, people are retiring at a rate 27% higher than 10 years ago. Much of the increase is because of unplanned, early retirement due to declining [...]
The Insatiable Appetite to Tax Social Security Benefits
First, it was 10%, then 20%, and today more than 50% of U.S. retirees pay taxes on their Social Security benefits, and the number is expected to go even higher. The cause seems to be that one government hand doesn’t know, or care, what the other government hand is doing. The rub comes because income tax brackets are adjusted for [...]
Cutting Healthcare Costs in Retirement
Planning for retirement. There’s a lot of work that goes into it. You want to make sure you’ve saved enough, got things paid off if possible. You certainly want to know what your expenses will be so your retirement budget doesn’t blow up. One of the line items with the biggest possibility of throwing your budget into turmoil, and one [...]
Stay In Touch