Oh, for the old days when planning for retirement was simple and you knew what to expect, especially when it came to healthcare. There was Medicare. Add a good Medicare supplement to cover other costs and you were good to go. Those days are gone! For many retirees, healthcare has become Dracula and it’s sucking the blood out of their [...]
ESTATE TAX ALERT- IRS GRANTS REGULATORY ESTATE TAX RELIEF POTENTIALLY WORTH MILLIONS By Rafael A. Perez, Esq, Chief Compliance Officer The IRS has provided regulatory relief in the estate tax arena for surviving spouses whose partner died after 2010. While this relief applies to a very narrow set of persons, if it does apply you may substantially reduce future [...]
Medicare. The name is as recognizable as Kleenex®, KFC®, and Coca Cola®. But if asked what Medicare is, most people can only tell you it’s government health insurance for older people. If you’re going to do serious retirement planning you need to know more than that. If you don’t, you could miss sign up deadlines and that will cost you. [...]
What happens when you die? Whether you believe in an eternal after-life, or that you come back as Aunt Polly’s cat, in the world of money you choose the answer. Depending on your choice, as an old Eagles tune says, it could be heaven or it could be hell for the people that matter to you. Planning, or lack of [...]
To take, or not to take—that is the question: Whether ‘tis nobler to wait until 70 for the outrageous fortune of a larger Social Security check, or suffer the slings and arrows of a reduced benefit at age 62. Social Security is an important part of retirement income for many Americans and deciding when to begin benefits is a key [...]
Are my social security benefits taxable? That’s a frequent question when doing retirement planning. The simple answer is it depends on your income. But it wasn’t always that way. For almost 50 years, no one was taxed on Social Security benefits. Then, during a study of Social Security, a Senate Finance Committee Report said, “…by taxing social security benefits and [...]
By Bob Williams You’ve heard it said that the government giveth and the government taketh away. It’s happening again. This time retirement dollars for couples are being taken. With the passage of the Bipartisan Budget Act of 2015 Congress prohibited spouses from coordinating Social Security Benefits. Now, Americans on the brink of retirement are scrambling to see how much damage [...]
Courtesy of Bob Williams: As discussed in preceding articles, there are many factors to consider in deciding when to begin taking social security. For couples, there are additional considerations which make the decision a little more complicated but may help maximize benefits. File and Suspend Assume that John has reached his full retirement age (FRA) of 66. He plans on working [...]
Courtesy of Bob Williams: “When should I begin to take Social Security?” That is one of the most frequently asked questions by those on final approach to retirement. It’s not uncommon to hear people say, “I’ve paid into Social Security for years. I’m going to take it at 62 and get what’s mine!” To be sure, that’s an understandable sentiment although [...]
Courtesy of Bob Williams: To steal a line from William Shakespeare, Social Security—To be or not to be? Virtually everyone I talk to has the same opinion, “Social Security won’t be there when I’m ready to retire.” It’s an opinion bred by years of talk in Washington ABOUT the problem and pointing fingers at everyone else BECAUSE there’s a problem, [...]
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