Yep, Medicare is Going Up in 2024 Too

By |2023-11-06T13:26:03-05:00November 6th, 2023|Financial Planning, Retirement|

Well, it’s that time of year again when leaves change color and the federal government tells you how much more Medicare will cost you next year. The Bureau of Labor Statistics (BLS) says that 13% of spending by the typical senior goes to healthcare. For 2024, folks with Original Medicare will see increases to all premiums and deductibles.   Medicare [...]

Retirement Account Contribution Limits for 2024

By |2023-11-02T12:24:03-04:00November 2nd, 2023|Financial Planning, Retirement|

You get to save more in your retirement accounts in 2024. The IRS has made its inflation calculations and announced the new adjusted contribution limits.   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 $23,000, up from $22,500 in 2023. For individuals 50 and older, the [...]

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, [...]

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 [...]

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 [...]

HSA Health Plan Deductibles Going up in 2024

By |2023-07-18T07:37:45-04:00July 18th, 2023|Financial Planning, Retirement|

It’s going to cost you more. What this time? Health Savings Account Plan deductibles. They’re driven by IRS rules for automatic inflation adjustment. And with inflation continuing to go up, so will next year’s HSA deductibles. In 2024, the minimum deductible for employee-only coverage will be $1,600, up from $1,500 in 2023, and the family coverage deductible will be $3,200, [...]

What to do Before the Tax Cuts and Jobs Act Sunsets

By |2023-07-11T07:45:09-04:00July 11th, 2023|Estate Planning, Financial Planning, Retirement|

Officially it’s called the Tax Cuts and Jobs Act (TCJA). More commonly it’s known as the Trump tax cuts. No matter what you call it, the provisions of the Act created in 2017 are set to expire on December 31, 2025.   The TCJA made massive changes for businesses and individuals. A tax cut on corporate profits A restructuring of [...]

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