Examining the Future of Social Security, Medicare, and Your Taxes

The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. [...]

By |2021-09-20T12:31:38+00:00September 20th, 2021|Medicare, Social Security, Taxes|0 Comments

Three Eroding Forces on Your Retirement Savings

Over 60% of Baby Boomers are more afraid of running out of money than of dying, according to a recent survey.[1] Even retirees who have saved a substantial amount for retirement may be worried about outliving their savings, and there may be good reasons for this. The potential for higher taxes, inflation, and healthcare costs [...]

By |2021-09-07T01:41:10+00:00September 7th, 2021|Economy, Healthcare, Retirement Income, Taxes|0 Comments

How a Financial Advisor Can Help You Pursue Tax-Smart Strategies

They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to help minimize your overall tax burden before and in retirement. An advantage of going to one professional for all of your financial planning needs is that [...]

By |2021-08-09T05:17:37+00:00August 9th, 2021|Taxes|0 Comments

Retirement Has Changed – Have Your Plans?

People are retiring differently today than in the past – just think, will you retire exactly like your parents did? Probably not. Retirement is no longer about the end of a career; it's about the beginning of a new, often quite active phase of life that could last decades. And while this is something to [...]

By |2021-07-12T03:30:32+00:00July 12th, 2021|Healthcare, Retirement Planning, Taxes|0 Comments

Where Could Interest and Tax Rates Be Headed?

Are you aware of the latest news that could affect your money? We recently heard from Federal Reserve Chairman Powell regarding interest rates, plus the Biden administration released a “Green Book” outlining some potential tax-increasing measures. There are several big changes proposed, and if they come to fruition, you may need to review your tax [...]

By |2021-06-28T11:42:15+00:00June 28th, 2021|Estate Planning, Federal Reserve, Taxes|0 Comments

Prepare for Taxes On Your Retirement Accounts

  The Biden administration has already spent $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may think you won’t have to worry as much [...]

By |2021-05-03T03:23:03+00:00May 3rd, 2021|Retirement Income, Retirement Planning, Taxes|0 Comments

More Time to File Taxes and Review Your Retirement Plan

Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to do that! As you go through important documents, make sure to review [...]

By |2021-04-12T20:00:52+00:00April 12th, 2021|Financial Planning, Retirement Planning, Taxes|0 Comments

Watch Out for Scams During Tax Season

Return prepare fraud can be very common during tax season[1] and scammers tend to target older adults. Digitization has made tax preparation easier but has also opened up a whole new world of criminal activity. While there’s not much we can do to stop these threats entirely, there are certainly ways that we can all [...]

By |2021-04-09T17:41:38+00:00April 9th, 2021|Fraud Protection, Taxes|0 Comments

4 Types of Retirement Income and How They’re Taxed

Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 types of retirement income [...]

By |2021-04-05T13:17:08+00:00April 5th, 2021|Financial Planning, Retirement Income, Taxes|0 Comments
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