Tag Archives: Financial Planning

There was dancing in the streets when Social Security announced that 2022 checks will go up by 5.9%, the biggest Cost of Living Adjustment (COLA) in 40 years. But now, the streets are empty and the cheering is gone. Most of that Social Security COLA will be eaten up by increases in Medicare. Medicare Part B, which covers doctor services and outpatient care, will go up by 14.5% which is the largest Medicare increase ever. This year the monthly premium for Medicare...

2021 isn’t over yet. So here are 10 smart money moves to make right now. Saving money should be a year-round endeavor, but life gets in the way just like anything else. So with 2021 coming to a swift, thankful end, take advantage of the fourth quarter to accelerate your financial acumen, bolster your balance sheet and successfully springboard into the new year. Tip One: Max Out HSA Contributions for 2021. A Health Savings Account is a pre-tax savings miracle...

Alhambra’s Bob Williams answers the question, “What do I do if I choose the wrong Medicare Plan?”. [embedded content] [embedded content] You Might Also Like Weekly Market Pulse: Perception vs Reality 2021-10-18 It was the best of times, it was the worst of times… Charles Dickens, A Tale of Two Cities Some see the cup as half empty. Some see the cup as half full. I see the cup as too...

[embedded content] [embedded content] You Might Also Like SNB Sight Deposits: Inflation is there, CHF must Rise 2021-07-19 Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars. RRP No Collateral Coincidences As Bills Quirk, Too 2021-07-12 So much going on this week in the bond market, it actually...

Hey! It’s just an IRA. What is there to know? You put money in and it’s a tax deduction, you get to take it out after 59 ½ without paying a penalty, and at 72 the IRS makes you take some out. What else could there be? In reality, there’s a lot more. Besides being able to contribute $6,000 every year, or $7,000 if you’re over 50, IRAs make up one of the major sources of retirement savings in the United States. The Investment Company Institute says there was more than...

Social Security is an important part of almost every retirement plan, whether you’ve saved enough or not. That’s why it’s important to know as much about your Social Security situation as possible. And you don’t want to wait until you’re about to retire to gather the facts and take appropriate steps. Social Security planning needs to start 5 years before your target retirement date. Check your estimated benefit amount The easiest way to check Social Security’s...

First, it was 10%, then 20%, and today more than 50% of U.S. retirees pay taxes on their Social Security benefits, and the number is expected to go even higher. The cause seems to be that one government hand doesn’t know, or care, what the other government hand is doing. The rub comes because income tax brackets are adjusted for inflation each year. But income thresholds determine if you pay taxes on Social Security, and how much, haven’t been adjusted for inflation...

May you live in interesting times. Although that sounds like an ancient blessing, it’s believed to be a Chinese curse casting instability and uncertainty on the person who hears it. Blessing or curse, it’s a great description of the year we’ve just come through, and in spite of all the turmoil, there are some things you can do before the end of 2020 to take advantage of all the madness. Strauss Attorneys PLLC has come up with a list of estate planning insights,...

Planning for retirement. We spend most of our working career preparing for it, saving for it, covering every contingency. When you finally wave goodbye to the company, you’re ready for all that planning to take over. But does your planning take into account the taxes you’ll have to pay on your retirement income? It’s one of the biggest retirement planning mistakes people make. Anqui Chen and Alicia H. Munnell at the Center for Retirement Research at Boston College...

Death tax, inheritance tax, estate tax—call it what you will, they all mean that some government entity wants to put its hand in your pocket or your heirs’ pockets, after your demise. On the federal level, the estate tax issue is not as big a deal as it was back in the day. Today individuals can pass on more than $11 million and couples can pass on more than $23 million before Washington comes after your money. 17 states, on the other hand, have not moderated their...