Financial Planning

Ask Bob: What Do I Do About Long-Term Care?

By |2021-11-22T12:41:33-05:00November 22nd, 2021|Financial Planning|

Healthcare during the senior years, especially the topic of long-term care, has been talked about and analyzed ad nauseam. And from all the research, one thing is clear. If you need long-term care, it will be expensive in both dollars and emotions.   Here are a few of the most recent statistics about long-term care in America: 70% of people [...]

2022 401(k) and IRA Contribution Limits

By |2021-11-11T11:44:34-05:00November 11th, 2021|Financial Planning, Retirement, Taxes/Fiscal Policy|

The maximum contribution limits to tax-deferred savings accounts have been set for 2022. You can put more into employer-sponsored plans, but not individual accounts. IRA contribution limits, whether Traditional or Roth, will remain the same as it has been since 2019. You can contribute $6,000 and if you are age 50 or higher, you can make a $1,000 catch-up contribution. [...]

11 Steps to Complete Your Own Financial Checkup

By |2021-11-09T08:32:49-05:00November 9th, 2021|Financial Planning|

Finances, just like your body, can be sick or healthy. Both are important to your life and you need to pay attention to both. So, how do you take the temperature of your finances? Here are 11 steps to complete your own financial checkup from our friends at The Penny Hoarder.   Update Your Budget Budgets should not be static. [...]

Does Your Estate Plan Cover Your Bank Accounts?

By |2021-10-21T15:18:17-04:00October 21st, 2021|Estate Planning, Financial Planning|

You just got the final draft of your estate plan. You’ve been thinking about this for a long time—how you want your estate distributed, who you want to take care of, who you want to benefit. As you scan the document, it includes your exact wishes for disposition of all the major assets; stocks and bonds, property, business ownership. But [...]

Medical Expenses Retirees Can Deduct

By |2021-10-20T13:51:30-04:00October 20th, 2021|Financial Planning, Retirement|

Like most people, I don’t want to pay more taxes than necessary. That common-sense approach to money began when I got my first job at the age of 13. I was paid $1.50/hour, slightly above the $1.30 minimum wage. I calculated exactly how much my first paycheck would be. But when I got it, somebody must have used new math, [...]

The Medicare Star Rating System—Help to Choose the Right Plan

By |2021-10-19T09:07:08-04:00October 19th, 2021|Financial Planning, Retirement|

Talk to anyone who’s about to go on Medicare and they’ll tell you that figuring out what plan to choose will make you pull your hair out (which is probably not covered by Medicare). There are so many things to consider, from drug coverage, to copays and coinsurance, emergency room visits, hospital stays, the network of available doctors, the network [...]

Estate Planning Review

By |2021-10-11T12:16:35-04:00October 11th, 2021|Estate Planning, Financial Planning|

We’ve been focused on Covid for so long that a lot of things have taken a back seat. We’re still regrouping, trying to find the new normal. Estate planning is one of the things that’s easy to forget in this new normal. Why not? You did the estate planning, you listed your wishes, and you put the document in a [...]

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