Financial Planning

9 Medicare Potholes That Can Cost You Big Time

By |2022-12-13T10:24:55-05:00December 13th, 2022|Financial Planning, Retirement|

So, you’re almost eligible for Medicare. For many who have struggled with health insurance since Congress passed Obamacare in 2010, going on Medicare is a step up from the expensive, high deductible, limited option plans available to them. But Medicare can be problematic too if you don’t know what to look for. Here are 9 of the most common Medicare [...]

It’s Time to Tackle the Year-End Financial Checklist

By |2022-12-07T09:19:56-05:00December 7th, 2022|Financial Planning|

Here we are again in the final quarter of the year when thoughts turn to Thanksgiving and Christmas and… reviewing your financial house. Oh, that’s not on your list? Well, let’s put it there because financial issues cannot be on automatic pilot. Things change and you need to keep current. Here are 16 items you need to review before the [...]

The IRS Will Tax Less of an Estate in 2023

By |2022-11-16T11:54:21-05:00November 16th, 2022|Estate Planning, Financial Planning|

In 2012, the American Taxpayer Relief Act (ATRA) established, for the first time, a permanent estate tax and gift tax exemption. The exemption is the amount an individual can pass on at death without paying estate taxes. The legislation set the exemption at $5 million per person, indexed for inflation. Five years later, Congress decided the exemption was not large [...]

2023 Retirement Plan Contribution Limits

By |2022-11-14T14:22:37-05:00November 14th, 2022|Financial Planning, Retirement|

Worried about saving enough for retirement? You can put away more next year. The IRS has just announced the new retirement plan contribution limits for 2023. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increases to $22,500, up from $20,500. For individuals 50 and older, the catch-up contribution [...]

Social Security Announces 8.7% Cost of Living Adjustment for 2023

By |2022-10-13T14:53:58-04:00October 13th, 2022|Financial Planning, Retirement|

As expected, the Social Security Administration has announced that the 2023 Cost of Living Adjustment (COLA) will be the largest COLA in 42 years, brought on by rampant inflation not seen in more than four decades. Social Security benefits increase automatically if the Consumer Price Index (CPI-W) which measures price inflation for urban workers is more in the third quarter [...]

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