The Do’s and Don’t’s When Signing Up for Medicare

By |2022-06-13T11:37:11-04:00June 13th, 2022|Financial Planning, Retirement|

Happy Birthday! You’re turning 65. There’s cake and ice cream, presents, and your application for Medicare. Yep, this is when you sign up for the federal health insurance program you’ve been paying for all your working life. Signing up isn’t difficult, but there are things you need to know to get the most out of Medicare and avoid penalties (yes [...]

Preparing for Diminished Capacity—Just in Case

By |2022-06-13T11:35:18-04:00June 13th, 2022|Estate Planning, Financial Planning, Retirement|

It’s been pounded into us that having a successful retirement requires advance planning—financial planning, Social Security planning, retirement income planning, and estate planning. And now, there’s another component to be considered—planning what happens in the event you have a decline in mental capacity. The Administration for Community Living estimates there are 54.1 million Americans who are 65 years old or [...]

Sky High Inflation May Mean Another Hefty Social Security Increase in 2023

By |2022-06-06T13:57:42-04:00June 6th, 2022|Financial Planning, Retirement|

In 2022, Social Security recipients got a 5.9% cost-of-living adjustment (COLA). That was the largest increase in 40 years. The COLA coming in 2023 may be even bigger. Social Security calculates cost-of-living increases based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from September to September each year. According to the Bureau of [...]

Ask Bob: Getting IRA Money Without Paying the Early Withdrawal Penalty

By |2022-05-31T23:37:50-04:00May 31st, 2022|Financial Planning, Retirement|

1975 was a big year in financial annals when Americans were given a brand new way to save for retirement in something called an Individual Retirement Account—an IRA. You could put money into the account before taxes and the money got to grow tax-deferred. You didn’t have to pay taxes until you started taking money out, theoretically after you retired. [...]

The Changing Landscape of Retirement Savings

By |2022-05-30T23:30:25-04:00May 16th, 2022|Financial Planning, Retirement|

It’s not often that politicians agree about anything, but in a rare vote in the U.S. House of Representatives, men and women, Republicans and Democrats, liberals and conservatives voted 414 to 5 in favor of the Secure Act 2.0, a series of changes to retirement savings plans. You can see the entire list of changes here. The bill builds on [...]

Retirement Income That Isn’t Taxable

By |2022-04-05T13:45:38-04:00April 5th, 2022|Financial Planning, Retirement|

One of the questions that have to be answered when planning for retirement is, “Where’s my income going to come from.” Identifying the income is a necessary first step when you’re planning. But people often miss the second step—how much of that income will be taxed? Uncle Sam doesn’t give you a pass on taxes just because you’re retired. Most [...]

New RMD Tables Mean Less Taxes

By |2022-03-22T07:51:35-04:00March 22nd, 2022|Financial Planning, Retirement|

Every little bit helps, especially in the worst inflationary period in 40 years. But for people who have to take Required Minimum Distributions (RMD) from Traditional IRAs, Inherited IRAs, and Retirement Plans, there’s good news. Beginning in 2022, the amount you’re required to withdraw goes down meaning your tax bill on those distributions goes down, too. People are living longer, [...]

Baby Boomer Retirement at Risk

By |2022-03-15T09:15:47-04:00March 15th, 2022|Financial Planning, Retirement|

The seven deadliest words in the English language—We’ve never done it this way before. And that certainly applies to Baby Boomers whose prospects for retirement are different than any preceding generation.   Many Boomers, those born between 1946 and 1964, have made their retirement plans based on their parent's generation. The World War II crowd retired with income from Social [...]


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