Inherited Health Savings Accounts—Not a Beneficiary’s Best Friend

By |2022-06-22T12:09:46-04:00June 22nd, 2022|Estate Planning, Financial Planning|

The Health Savings Account has been a wonderful addition to the financial landscape of people who are eligible for one.  They’re often thought of as a way to pay for qualified medical expenses with pre-tax money during your working years for things like deductibles, copays, and non-covered items—in other words, things not covered by insurance. You can’t make contributions to [...]

The Do’s and Don’t’s When Signing Up for Medicare

By |2022-06-13T11:37:11-04:00June 13th, 2022|Financial Planning, Retirement|

Happy Birthday! You’re turning 65. There’s cake and ice cream, presents, and your application for Medicare. Yep, this is when you sign up for the federal health insurance program you’ve been paying for all your working life. Signing up isn’t difficult, but there are things you need to know to get the most out of Medicare and avoid penalties (yes [...]

Preparing for Diminished Capacity—Just in Case

By |2022-06-13T11:35:18-04:00June 13th, 2022|Estate Planning, Financial Planning, Retirement|

It’s been pounded into us that having a successful retirement requires advance planning—financial planning, Social Security planning, retirement income planning, and estate planning. And now, there’s another component to be considered—planning what happens in the event you have a decline in mental capacity. The Administration for Community Living estimates there are 54.1 million Americans who are 65 years old or [...]

Sky High Inflation May Mean Another Hefty Social Security Increase in 2023

By |2022-06-06T13:57:42-04:00June 6th, 2022|Financial Planning, Retirement|

In 2022, Social Security recipients got a 5.9% cost-of-living adjustment (COLA). That was the largest increase in 40 years. The COLA coming in 2023 may be even bigger. Social Security calculates cost-of-living increases based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from September to September each year. According to the Bureau of [...]

Ask Bob: Getting IRA Money Without Paying the Early Withdrawal Penalty

By |2022-05-31T23:37:50-04:00May 31st, 2022|Financial Planning, Retirement|

1975 was a big year in financial annals when Americans were given a brand new way to save for retirement in something called an Individual Retirement Account—an IRA. You could put money into the account before taxes and the money got to grow tax-deferred. You didn’t have to pay taxes until you started taking money out, theoretically after you retired. [...]

HSA Contribution Limits Go Up in 2023

By |2022-05-23T12:51:02-04:00May 23rd, 2022|Financial Planning|

If you have a Health Savings Account (HSA), there’s good news and there’s bad news for next year. The good news—in 2023 you’ll be able to contribute more than you have in the past. The bad news—the higher contribution limits are because of the highest inflation rate in more than 4 decades. In 2023, an individual will be able to [...]

The Changing Landscape of Retirement Savings

By |2022-05-30T23:30:25-04:00May 16th, 2022|Financial Planning, Retirement|

It’s not often that politicians agree about anything, but in a rare vote in the U.S. House of Representatives, men and women, Republicans and Democrats, liberals and conservatives voted 414 to 5 in favor of the Secure Act 2.0, a series of changes to retirement savings plans. You can see the entire list of changes here. The bill builds on [...]

Revocable vs Irrevocable Trusts

By |2022-05-09T11:56:13-04:00May 9th, 2022|Estate Planning, Financial Planning|

My, how things have changed. When I was growing up, if you found out someone had a trust, well, that person must be rich—they must be a millionaire (that’s back when a million dollars was really worth something). Today, though, trusts of all kinds are a common planning tool providing specific benefits to a multitude of situations. But boil it [...]

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