Financial Planning

2024 Social Security Cost of Living Adjustment

By |2023-10-24T09:44:51-04:00October 24th, 2023|Financial Planning, Retirement|

There are two important days every year for people on Social Security—the day they find out how much their checks will go up because of the annual Cost-of-Living-Adjustment (COLA), and the day they start getting the extra money. October is the month they find out how much.   Automatic Social Security Cost-of-Living Adjustments have been in effect since January 1, [...]

The Happiest Workers are 65 and Older

By |2023-10-17T09:17:07-04:00October 17th, 2023|Financial Planning|

If you’re 65 years old and still working, you may be part of an elite group of American workers. Pew Research Center, in its latest jobs survey, found that employees aged 65 and older are the happiest employees in the workforce. The survey found: Two-thirds of those 65+ are extremely or very satisfied with their jobs, compared with: 55% of [...]

Yes, Retirees Can Get Audited Too

By |2023-10-12T07:52:17-04:00October 12th, 2023|Financial Planning, Retirement|

You’d think retirees would get some consideration from the IRS. I mean, they’ve worked their entire adult life, paid their taxes (well, most of them), and paid them no matter what administration was in office or what stupid rules an administration put on the books. Now they’re retired. But it doesn’t mean retirees are exempt from IRS audits.   The [...]

Medicare Open Enrollment 2023 is Here

By |2023-10-05T09:20:55-04:00October 5th, 2023|Financial Planning, Retirement|

It’s fall—leaves are changing color; college football is underway and… it’s time to see if you want to carry your current Medicare plan into 2024. The annual Medicare Open Enrollment period runs from October 15-December 7.   During the Medicare Annual Enrollment Period, you can make changes to your Medicare Advantage and Part D prescription drug plans. Multiple changes and [...]

Student Loans

By |2023-10-02T08:49:43-04:00October 2nd, 2023|Financial Planning|

Ah, the college experience! There’s a lot of growing up that happens in those four years—finding out who you are, learning to be even more independent, and for some, learning to do their own laundry. But one thing is certain. No matter when you go to school or where, it’s going to be expensive.   What drives the cost of [...]

Charitable Donations: What to Know Before You Give

By |2023-09-20T11:53:09-04:00September 20th, 2023|Financial Planning|

Americans are generous people. According to the Lily Family School of Philanthropy, Americans give almost $485 billion dollars a year to charity. The reasons vary from paying it forward to giving something back or knowledge of the immutable universal law that if you give you will receive (although if that’s why you’re giving it probably won’t work). But, will your [...]

Qualified Charitable Donations (QCD) from Inherited IRAs

By |2023-09-18T11:31:05-04:00September 18th, 2023|Estate Planning, Financial Planning, Retirement|

At the very moment IRAs joined the retirement savings universe in 1974, so did Required Minimum Distributions (RMD). The government was more than happy to provide a tax-deferred way to save for the future, but it came with a future reckoning—paying taxes on all the contributions and on all future growth whenever an IRA owner began to take distributions. And [...]

2 Confusing IRA Designations

By |2023-09-13T08:30:14-04:00September 13th, 2023|Estate Planning, Financial Planning, Retirement|

“What in the world does that mean?”  I can’t tell you how many times I’ve been asked that question during more than 30 years in the financial industry. Clients naming beneficiaries on IRAs, 401(k) accounts, annuities or insurance policies stop dead-in-their-tracks when asked to decide whether they want beneficiaries to receive proceeds from their account Per Capita or Per Stirpes. [...]

Roth IRAs and Roth 401(k)s—What’s the Difference

By |2023-09-05T14:19:57-04:00September 5th, 2023|Financial Planning, Retirement|

Among savers and investors, the terms IRA, 401(k), and Roth are as common as drinking water, and sometimes the lines between them get blurred and the distinctions are lost. I’ve had multiple clients refer to their IRA as their 401(k) because that’s where the money was before it got rolled over. Many people haven’t been able to tell me whether [...]

Go to Top